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Development
Corporation Overview
Our Vision for Eastland
To be a community experiencing positive growth through improved economic
and job opportunities, increasing community wealth, while enhancing the
quality of life for all citizens. |
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Our Mission
 To facilitate the creation of new and better jobs and enticing capital
investment, while diversifying the tax base.
Building Eastland's Future
In 1989, the Texas Legislature amended the Development Corporation Act
of 1979 by adding Section 4A, which allowed the creation of development
corporations that could be funded by the imposition of a local sales and
use tax dedicated to economic development.
The Eastland Economic Development Corporation
(EEDI) was established and authorized by the Eastland City Commission
immediately following the August 1993 passage of a one-half of
one-percent sales tax dedicated to economic development by the citizens
of Eastland. EEDI was also incorporated in 1993 as a not-for-profit; tax
exempt Texas Corporation, which is a separate entity from any other
Board or Commission of the City of Eastland.
In accordance with state law a five-member Board of Directors appointed
by the City Council governs the EEDI. The EEDI meets in regular session
monthly to conduct the business affairs of the Corporation. The Board
meetings are subject to both the Open Meetings Act and the Open Records
Act. Directors serve a two (2) year term, without compensation and may
be removed by the City Commission at any time without cause.
The officers of the Corporation include a Chairman of the Board,
Vice-Chairman and a Secretary/Treasurer. The EEDI employs a Consultant
to manage the day-to-day business affairs of the corporation. The EEDI
Articles of Incorporation state the purpose of the Corporation is the
promotion and development of new and expanded business enterprises to
provide and encourage employment in furtherance of the public welfare.
The Corporations Bylaws establish the authority and responsibilities of
the Board of Directors and Officers.
The
Corporation’s fiscal year is October 1 to September 30. The Corporation
adopts an annual budget that is approved by the City Commission.
Corporate funds are maintained in separate accounts from City funds. The
EEDI Board of Directors approves all expenditures of the Corporation. An
accounting firm selected by the City Commission conducts a financial
audit of the Corporation’s funds and records annually.
An Economic Development Strategic Plan is prepared by the Corporation
and presented annually to the City Commission, which serves as a yearly
implementation plan of the Corporation. The plan is proactive in nature
and provides a mechanism to identify and pursue economic development
opportunities.
Additional Information about Texas Economic Development
Economic Development Law from the Attorney General of Texas 2004
Development Corporation Act of 1979
Recent
Changes in Economic Development Sales tax Law
A Summary
of Economic Development Terms
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