The Slaton Economic Development Board has retained legal counsel as it prepares for the Type B Election next May.
SEDCO Executive Director Barbara Hopper told the board that Underwood Law Firm in Lubbock is currently researching the parameters and language for the ballot initiative, which would allow the corporation to add a Type B designation.
Currently, SEDCO is a Type A corporation. According to the Texas Comptroller, sales tax for Type A corporations is primarily intended for manufacturing and industrial development. EDCs may use Type A revenue to fund land, buildings, equipment, facilities expenditures, targeted infrastructure for manufacturing and industrial facilities.
The Type B would be added on and will not result in increased taxes. Adding the Type B would shrink the revenue for Type A activities.
One of the items being researched is how to split that revenue, along with which type would pay the salaries of SEDCO employees, Hopper said.
Read more in this week’s edition of The Slatonite.