Watauga Economic Development Corporation
Meetings
The Watauga Economic Development Corporation meets on the 3rd Tuesday of the month at 6:30 p.m. at City Hall Council Chambers, 7105 Whitley Road, when there is business to consider.
Overview
The Watauga Economic Development Corporation was created to encourage the development and advancement of City businesses, development and parks within the City. The Watauga Economic Development Corporation collects a 1/4-cent sales-tax and is an type B corporation. The WEDC contracts with the City for financial and other administrative services.
Per Section 501.062 of the Texas Local Government Code, a director of an EDC Board serves for a term of not more than six years but no limits on the number of terms a Director serves unless imposed by the City Council as a local rule. WEDC Bylaws only allows for two year terms but no limits on the number of terms. Per Section 505.053 requires the board of directors of a Type B corporation to appoint (1) a president; (2) a secretary; and (3) other officers of the corporation the governing body of the authorizing municipality considers necessary. Per Section 505.054 states a majority of the entire membership of the board of directors of a Type B corporation is a quorum. Section 505.052 requires each director of a Type B corporation authorized to be created by a municipality with a population of 20,000 or more must be a resident of the municipality.
