Look through our Frequently Asked Questions to find answers to your most popular questions fast.
The Watauga EDC does offer incentives to businesses seeking to locate or expand in Watauga. The Type B tax also can be used to fund the provision of land, buildings, equipment, facilities, expenditures, targeted infrastructure and improvements that are for the creation or retention of primary jobs for projects.
Texas Local Government Code Chapter 505, Subchapter D defines eligible projects.
The WEDC is a Type B Corporation governed by the Texas Local Government Code Chapters 501, 502 and 505.
The Corporation is funded primarily with a portion of the local sales tax collected for the City of Watauga.
In the 1991, the Legislature authorized a new type of sales tax, a Section 4B sales tax.
This legislation authorized a one-half cent sales tax to be used by certain cities to promote a wide range of civic and commercial projects. The legislation authorized 73 Texas cities to propose a Section 4B sales tax. Between 1991 and 1993, 19 cities adopted the new Section 4B sales tax.
In May 1994, a Special Election for Sales and Use was held and on May 23, 1994, the votes were canvassed, declaring the results of the Special Election as 528 votes cast for the adoption of one-half of one percent sales and use tax for purposes of economic development permitted by Section 4B of Article 5190.6 Vernon’s Texas Civil Statutes, as amended.
In May 2012, A Special Election for Sales and Use Tax was held to reduce the tax dedicated to Type B and create the new use as maintenance and repair of municipal streets. On May 21, 2012, the votes were canvassed, declaring the results of the Special Election as 454 for the proposition and 130 against the proposition. With the passage of the proposition, the Type B (economic development) funding was reduced from a rate of one-half of one percent to the current rate of one-fourth of one percent.
The Watauga EDC currently receives one-fourth of one percent of local sales and use tax for Type B economic development purposes.
The WEDC Board is required to comply with the Texas Open Meetings Act, thus all meetings of the Board are open to the public.
The WEDC offers free listing of your business in its business directory. The only requirement is the business must be physically located within the corporate boundaries of the City of Watauga. To have your business included in the online directory, please visit https://open.bludot.io to enter your business information.