Economic Development Corporation Fund

Fund Description

Established in 1989, the Economic Development Corporation Fund accounts for revenues and expenditures associated with the Northlake Economic Development Sales Tax. The Northlake Economic Development Corporation (Type A) Fund administers a half-cent sales tax (on top of the state sales tax rate) to enhance development within or near its jurisdiction. The yield from this (Type A) tax must be dedicated toward particular economic development-related projects. These include the provision of land, buildings, equipment, facilities, expenditures, targeted infrastructure, or other improvements that are targeted towards the creation or retention of primary jobs for projects such as manufacturing and industrial facilities; research and development facilities; military facilities; recycling facilities; distribution centers; small warehouse facilities; primary job training facilities; and corporate headquarters facilities. It may also fund business-related air and seaport facilities, particular eligible career (training) centers, and infrastructural improvements that promote or develop new or expanded business enterprises.

FY 2022 Changes

Town Council added an Economic Development & Grants Coordinator position to the EDC and CDC funds. Each fund only partially funds this position. This is a 50% transfer from the grants fund. This position will help allocate and utilize the funds provided to the Town through the American Rescue Plan Act. The EDC and CDC also fund 25% of the Development Director and the Marketing & Communications Coordinator.

Economic Development Corporation Revenues by Type

Expenditures by Category

Expenditures by Department

Fund Data Table