Job training programs at Del Mar College have received Type A Funding from Corpus Christi. Courtesy Photo
Voters may be asked to extend an economic development tax of one-eighth cent for 20 years as well as expand its scope. Known as the Type A tax, it is currently used to fund job creation by supporting businesses and educating workers. The fund could be expanded to include fixing some of the city’s crumbling infrastructure. Specifically, officials hope to use what would become Type B funds to pave roads that may otherwise discourage investment and development.
The Type A fund, which was established by voters in 2002 and is set to expire April 3, 2018, is administrated by the Type A Board. Board members are appointed by the city council. With the backing of the Regional Economic Development Corporation and the Corpus Christi City Council, the board is recommending the change.
The return on investment of Type A money is high says the Regional Economic Development Corp. Every $1 in the fund has resulted in $12.12 in new investment for a total of $109.5 million. That money has been used to help more than 300 businesses.
Since its inception, the money has gone to create 637 new jobs and retain 1,466 jobs, according to its website at typeafundcc.com. Grants have gone to improve the seawall, build the American Bank Center and Whataburger Field. It has funded programs at Del Mar College, including the recent construction of a pilot plant used to train workers in local industries.
The council has until August 16 to decide whether to put the issue on the November General Election ballot. If approved, any portion spent on streets could only go to arterial streets determined to have an impact on economic development.
