Quay Throgmorton 0

Change Commerce Texas from a 4A EDC to 4B

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To promote economic development along with "Quality of Life" initiatives within Commerce, Texas, we hereby petition the Commerce City Council to call a special election and let the Citizens of Commerce decide if we should remain a 4A Economic Development Corporation or change to a 4B Economic Development Corporation. Under Texas law, type 4B EDCs may use local sales tax for any project eligible under Type A rules AND several other project types, including quality of life improvements. Commerce EDC is currently a 4A corporation and cannot use funds for "Quality of Life" improvements. It is our desire that by going 4B the EDC Board will have the most options available to them by law on how to best use the local sales tax revenue. Economic Development Corporations in the State of Texas are funded by their local sales tax revenues and NO new tax will be implemented. It is the desire of this petition that if the Citizens of Commerce vote down changing to a 4B EDC that the 4A EDC will still remain. It is not the desire of this petition to do away with the Commerce's 4A EDC but to give their board members the most options possible to maximize the use of local sales tax revenue. We believe Commerce would be best served by becoming a 4B Economic Development Corporation.

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