Economic Improvement Corporation

PRIMARY DUTIES/RESPONSIBILITIES:

The Economic Improvement Corporation is organized exclusively for the purpose of benefiting and accomplishing public purposes of the City pursuant to the specific purposes for which the Corporation is organized, being any and all purposes permitted by Section 4B of the Act including, but not limited to, the promotion and development of industrial and manufacturing enterprises to promote and encourage employment and the public welfare, and financing the acquisition, construction and/or equipping, and/or the maintenance and operating costs of any “Project” (as defined in Section 4B of the Act).

The Corporation is a constituted authority and a public instrumentality within the meaning of the regulations of the United State Treasury Department and the rulings of the Internal Revenue Service prescribed and promulgated pursuant to Section 103 of the Internal Revenue Code of 1986, as amended, and the Corporation is authorized to act on behalf of the City as provided in these Articles of Incorporation. However, the Corporation is not a political subdivision or political corporation of the State of Texas within the meaning of its constitution and laws, including without limitation Article III, Section 52 of said constitution, and no agreements, bonds, debts or obligations of the Corporation are or shall ever be deemed to be the agreements, bonds, debts or obligations, or the lending of credit, or a grant of public money or thing of value, or by the City, or any other political corporation, subdivision or agency of the State of Texas or a pledge of the faith and credit of any of them.

The Board is comprised of seven members who serve two year terms. Meetings are scheduled on an as needed basis.