What Is NEDC?
Texas offers local communities various resources to promote economic development. Of particular note are the two unique, locally-approved economic development boards communities can establish. Nocona leadership took advantage of both board opportunities, creating two independent corporations.
The Greater Nocona Area Economic Development Corporation was incorporated on October 22, 1996. A non-profit corporation specifically governed then by Section 4A of the Texas Economic Development Act, it allocated 1/2 of 1% of local sales tax and was approved by a vote of the citizens of Nocona on May 4, 1996. The corporation is administered by five Board of Directors appointed by the city council.
The Nocona Municipal Economic Development Corporation was incorporated on January 21, 1997. A non-profit corporation specifically governed then by Section 4B of the Texas Economic Development Act also allocated 1/2 of 1% of local sales tax and was approved by the same vote of the citizens of Nocona on May 4, 1996. This corporation is administered by seven Board of Directors also appointed by the city council.
Both boards are administered by the same full-time executive director. Sharing the same executive director assists in lowering administrative costs and assisting with a unified approach to projects benefitting Nocona.
The now Type A tax may be used to fund projects specifically related to manufacturing and industrial development such as industrial parks, land acquisition, advertising, marketing materials and business incentives. The tax can also be used to fund job training, job creation and retention, and educational facilities. Under new legislation for small communities like Nocona, the Type A Board may request permission from the City Council to also assist with Type B style projects.
In addition to the types of projects authorized by the Type A rules, the Type B monies may be used to pay for quality of life enhancements, such as parks and recreation facilities, and certain road and bridge improvements. Tourism development initiatives may also be funded with Type B funds. Recent legislation also defines project for cities of less than 20,000 population as expenditures for targeted infrastructure and improvements to promote new or expanded business development.
Whereas Type A projects can be approved immediately by majority votes of the Type A Board and the City Council, Type B projects require 60-days for public comment before the project can be approved by a majority vote of the Type B Board and the City Council. The new legislation allowing Type A Boards to consider Type B projects also requires the "60-day clock" before approval.
physical address: 1522 E Hwy 82, Nocona, TX 76255
mailing address: PO Box 494, Nocona, TX 76255
phone: (940) 825-3150
James Yohe, executive director
cell: (940) 867-4392