Economic Development Corporation (4A)
Ex Officio Member: City Manager Ben White
Council Liaison Member: Mike Hurst
City Staff liaison: Daphne Hamlin email@example.com
The Board meets the Third Thursday of each month at 6:30 P.M. at the City Council Chambers at City Hall, 205 S. Main. Visitors are welcome.
In 1996 Farmersville citizens approved the establishment of the Farmersville Economic Development Corporation (FEDC) to encourage the location of new businesses in the City and to foster the growth of existing local industries and businesses. Economic development goals are set by a local, five-member board appointed by the City Council.
The primary focus of the Board is the expansion of employment opportunities, both in terms of quantity and of quality. A secondary focus is improving the convenience and availability of retail shopping for local and area shoppers. Typically, FEDC project assistance addresses infrastructure and site development issues. However, the FEDC has ample flexibility when developing incentive packages to meet the needs of each specific client and can provide loans, subsidies, job training, and grant application assistance. Criteria used by the FEDC when structuring an incentive package:
*Types and numbers of jobs and payroll
*Real and business personal property value added to the tax roll
*Direct sales tax generated from purchases and sales
*Community and project investment in infrastructure
*Projected annual facility budget
*The impact on the environment that might impair air or water quality or increase noise levels.