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Economic Development usually takes three forms:
All three of the forms seek to create primary jobs that pay more than the average wage, increase the amount of income coming into the community from outside our market area, and create greater capital investment in our community. The goal is to attract a diverse group of industries and businesses to help insulate the community from economic shock in case specific sectors should fall on challenges.
The mission of the Lampasas Economic Development Corporation is to enhance economic opportunities and quality of life for our citizens through strategic business retention and attraction. The LEDC vision is to be recognized as a thriving community with diverse economic opportunities while maintaining our excellent quality of life.
The LEDC is funded by the monies collected through the 4B Sales Tax. This tax was designed to bring higher paying primary jobs and industries into communities and has very specific rules and guidelines for its usage and applications. We are governed by the guidelines found in the State of Texas Attorney General’s Handbook on Economic Development and we must adhere to Article 5190.6, Development Corporation Act of 1979.
The Lampasas Economic Development Corporation, or LEDC, is a group comprised of seven Board members appointed by the Lampasas City Council, who oversee the 4B sales tax proceeds brought into the City. The group consists of a variety of business people and Council members who review expenditures and revenues of the tax dollars.
Very stringent rules and regulations govern the usage of these tax monies, and only “projects” approved by the body, along with the City Council, can be funded with 4B dollars. The main goal, as defined by the State Attorney General, is the creation of “primary jobs.” Allowable projects under 4B that require creation of primary jobs include:
Additionally, 4B Corporations may provide land, buildings, equipment, facilities and improvements found by the Board to promote or develop new or expanded business enterprises that create or retain primary jobs, including:
Those endeavors not required to create primary jobs include:
More info on 4B Sales Tax can be found here – https://www.tml.org/legal_pdf/4A-4BSalesTax.pdf