Creation of economic alliance OK'ed by councilFront Page - Published on: June 20, 2012
Creation of the Lamesa Economic Alliance Project (LEAP) and the appointment of its seven-member board was approved by the Lamesa City Council on Tuesday evening.
Council members approved a resolution authorizing creation of the Type B economic development corporation. Its creation will become effective when the Certificate of Formation is filed by the Secretary of State.
City Manager Fred Vera said the earliest that LEAP could start receiving sales tax revenue from the State Comptroller’s Office would be November. He said the sales tax for LEAP would be collected, beginning on Oct. 1, by the Comptroller.
“The sales tax for LEAP will not cause any increase in the total sales tax charged locally,” Vera said.
Instead, local voters approved a proposal on May 12 to reduce the current Type A economic development sales tax rate and adopt a Type B sales tax rate, leaving the total sales tax rate the same as it currently is for economic development.
Out of more than 950 voters, a total of 616 voted in favor of the change in the EDC sales tax rate and 345 voted against.
(See complete story in printed edition of Lamesa Press-Reporter on newsstands now.)