Sales tax revenue soars as community plans new businesses

In a recent meeting of the Groves Economic Development Corporation (GEDC), members gathered to discuss various community updates and financial reports, highlighting a significant increase in sales tax revenue. The meeting commenced with a prayer led by Mister Speed, emphasizing gratitude for community blessings and guidance in decision-making.

Following the roll call, the minutes from the previous meeting on May 20, 2024, were approved unanimously. The session then transitioned to business updates, where GEDC President provided insights into ongoing projects. Notable developments included the remodeling of a Mexican restaurant on 39th Street and the upcoming opening of Doxy Coffee on Lincoln, scheduled for July 13.

Financial reports revealed a record-breaking month for sales tax, surpassing previous totals by $50,000, marking a 25% increase compared to the highest figures from two years ago. Currently, sales tax revenue is 9.3% higher than the same period last year, with projections suggesting a strong year ahead, targeting total sales tax revenues between $3.1 million and $3.2 million.

The meeting also addressed previous motions regarding the painting of a business building, with members voting to untangle and approve reimbursement for the project, capped at $500 or 40% of the submitted invoices, as part of a $5,000 budget for such initiatives.

Overall, the meeting underscored positive economic trends and ongoing community development efforts, reflecting a proactive approach to enhancing local business and infrastructure.