Proposition 1 authorizing the city to spend a portion of the municipality’s budget for the creation of an Economic Development Corporation, or EDC, passed resoundingly in Saturday’s election, prompting the question, "Now what?"
To find that out, the E-T asked City Administrator Pat Bridges several questions regarding what the next steps are now that voters have given the green light to use sales-tax revenue to form and fund an EDC.
“The decision on hiring an EDC director will be made down the road after these other steps have taken place first,” he said. “Council will have to decide how that hiring process is to happen, if the EDC director is an employee of the corporation rather than the city of Stephenville."
He said if the director is an employee of the city, then he will determine the hiring process. Normally, the EDC director is an employee of the corporation and answers to the board of directors. The board of directors is determined by and answers to the city council.
“Now that the sales tax election has been approved by the voters, the city secretary must send a certified copy of a resolution or ordinance declaring election results to the comptroller of public accounts by certified or registered mail along with a map of the city clearly showing its boundaries," Bridges said. “The comptroller notifies the city secretary within 30 days after the date the comptroller receives a certified copy of the ordinance or resolution that tax will be administered.
“The city council determines name of the corporation and initial board of directors. The city council will select seven (7) individuals to serve on the board of directors."
The sales tax allocation of 1/8 [cent] for economic development will begin Oct. 1, but the first payment to the city will not be until December.