Type B funds can be used to pave arterial and collector streets that, if not fixed, would otherwise discourage investment and development. Photo by Nickie Snow Stillman
Corpus Christi voters will decide Nov. 8 on whether to dedicate a one-eighth-cent sales tax to street improvements. The Corpus Christi Regional Economic Development Corp. recommended the move, which extends an existing tax 20 years and expands its use.
A vote of approval also would change the tax’s current status as Type A funding to Type B, allowing a portion of the money to be spent on street repair.
“Type B is like Type A on steroids,” said Iain Vasey, EDC president and CEO, at a council meting July 21. “It allows for more flexibility.”
Currently, the money is used for economic development, funding job creation by supporting businesses and educating workers. It is also used for affordable housing. A downtown building that recently received a Type A grant to convert into an apartment building will include affordable units.
With the change in designation to Type B, funds can be used to pave arterial and collector streets that, if not fixed, would otherwise discourage investment and development.
The return on investment of Type A money is high, according to the EDC. 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 by voters in 2002, 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 and 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.
At the July meeting, council approved adding the Type B funding language to the ballot measure. The council has until Aug. 16 to grant final approval for inclusion with about nine other propositions on the November general election ballot.
