LEDCO OKs funds for armory purchase
POSTED: Thursday, November 29, 2012 - 7:30pm
UPDATED: Thursday, November 29, 2012 - 7:44pm
Longview, TX — The board of directors of Longview Economic Development Corp. on Wednesday approved allocating $300,000 to the city for use toward the purchase of the former Texas National Guard Armory — with concerns.
Keith Honey, president of the board of directors, said the money is in addition to $600,000 in LEDCO funds already budgeted to go to the city for infrastructure and related projects not directly connected to the entity’s primary mission of economic development.
The LEDCO board unanimously passed a motion by Joe Bob Joyce authorizing the allocation of the $300,000 with the stipulation a letter be sent to city officials expressing concern about future attempts the city might have to seek LEDCO funds.
“We want to be flexible and we realize this is public money,” Honey said. “But we also want to express our concern about the level of continuing LEDCO support for these 4B projects with declining sales tax revenues.”
While LEDCO was originally set up to support economic development under section 4A of the state code that established how sales tax revenues funding the entity could be spent, its scope was expanded in the 1990s to include other expenditures, such as water and sewer lines, streets, parks and more. Those projects are referred to as 4B under state code.
“We’ve been a good partner with the city on these 4B projects,” Honey said. But board members also want to ensure LEDCO has adequate funds available if opportunities become available to attract new industry.
Visit KETK newspaper partner the Longview News-Journal for more on this story.