Community Development Corporation Fund

Fund Description

Established in 2002, the Community Development Corporation Fund accounts for revenues and expenditures associated with the Northlake Community Development Sales Tax. The Northlake Community Development Corporation (Type B) Fund administers a half-cent sales tax (on top of the state sales tax rate) to enhance development within or near its jurisdiction more broadly. Type B Economic Development Corporations (EDC), unlike Type A EDCs, can fund initiatives and projects related to community development, such as land, buildings, equipment, facilities, expenditures, and improvements for professional and amateur sports facilities, park facilities, and events, entertainment and tourist facilities, affordable housing, and the development of water supply facilities or water conservation programs.

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.

Community Development Corporation Revenue by Category

Ending Fund Balance for the CDC Fund

Fund Data Table