Council OKs contract with TEDC
The Temple Daily Telegram reported that the Temple City Council unanimously approved Thursday a
three-year contract with the Temple Economic Development Corporation and adopted a $1.6 million
supplemental capital improvements program for city projects.The contract funds TEDC activities, such as
incentives to businesses, infrastructure improvements, or
acquiring land or buildings, which are used to promote economic growth in the city.The city commits 7.5
percent of the estimated sales tax revenues to TEDC, which
is equivalent to about $795,000 during the current year.The new contract increases the membership of the
TEDC Board of Directors from 11 to 15 voting members,
with the mayor, city manager, a council member and the board chairman of the Tax Increment
Reinvestment Zone No. One as the additional members.The council
appoints four members each from the Chamber of Commerce Board of Directors and the board of the
Temple Industrial Foundation, as well as three members of
the public at large.The Bell County Judge, the president of Temple College and the superintendents of the
Temple and Belton school districts are non-voting
members of the board, which will meet at least quarterly.