The 4B Economic Development Tax Corporation board of directors was the audience to a special presentation from the Texas Comptroller’s Office last Monday.
Russell Gallahan and Ronald Gipson, economic development analysts, presented a slideshow to the board about Type A and Type B Economic Development sales tax.
The presentation provided information on tax corporations’ history, permissible projects, project expenditures, holding elections and the board of directors and training requirements.
Board members took great interest in the permissible projects topic, quickly learning 4B money could be used for a variety of projects located inside and outside the city limits.
Type B Economic Corporations are allowed to fund all projects a Type A Corporation can fund, including manufacturing and industrial facilities, recycling facilities, distribution centers, military facilities and operations of commuter, light rail and buses. Additional projects allowable under Type A Corporations are job training facilities, corporate headquarter facilities, career centers, telephone call centers and general aviation business service airports.
Gallahan said the city of Jasper funded the construction of an airport through its tax development corporation.
“You could land a 747 on it,” he said. “It’s really nice.”
Type B Corporations also has a slew of projects that it can fund, which Type A Corporations can not. Those projects include retail business incentives, sports and athletic facilities, entertainment, tourist and convention facilities, public parks, affordable housing and water supply and conservation programs with special voter approval.
Gallahan told the board it was on the right track with the projects it was currently funding and taking under consideration, which include the Riverwalk and possibly funding a theatrical dinosaur presentation at the ampitheater.