Economic development corporations (EDCs) have the ability to financially assist new and expanding businesses in their community through the Development Corporation Act of 1979. The Littlefield Economic Development Corporation (LEDC) operates on the same founding principles today to serve the businesses and people in our community.
The LEDC is governed by an executive director and two boards, Type A and Type B. Type A EDCs focus on developing industrial projects such as business infrastructure, manufacturing, or research and development. Type B EDCs can assist with funds for all the projects listed under Type A, in addition to parks, museums, sporting facilities, and affordable housing.
While both corporations are designed to help the community grow, each has different parameters under which they can assist businesses.
The A Corporation focuses on industrial and manufacturing prospects interested in Littlefield. The B Corporation can focus on a much broader area, including community infrastructure, such as parks, and retail or service business ventures.
Both A & B Corporations are funded by sales tax revenues.
Local Sales Tax
Each of the EDCs is funded by a half-cent of the local sales tax. In September, they received sales tax funds in the amount of approximately $20,454.45.
The amount received varies from month to month and is reflective of the local economy. So far this year, sales tax collections have been up, allowing both EDCs to grow their funds. They are budgeted to receive approximately $245,000 this fiscal year, a figure which is considered conservative.
Use of EDC Funds
Both A & B Corporations are able to share the expense of employing an executive director. The Type A Corporation has funds available to provide economic incentives to eligible industrial and manufacturing prospects which would create new jobs in the community.
There is an application process to qualify for incentives from either of the EDCs. Information and applications can be obtained from the City Manager or Justin Balderas, Director of LEDC Type A. The Type A office is in the building located at 206 West 3rd Street (behind city hall). For more information, call 806-485-0021 or cell number 806-401-5294.