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Addison council reviews options to boost economic development fund; staff recommends mixed approach
Summary
Staff presented options to increase recurring and one-time funding for Addison’s economic development fund: a small property-tax reallocation, a partial transfer of year-end general-fund surpluses, or a combination. Councilmembers broadly supported adding resources to the fund while noting the need for clear policy and safeguards.
Town economic development staff and the finance director presented a five-year forecast for Addison’s economic development fund and three revenue options at the July 22 work session: (1) raise the fund’s dedicated ad valorem rate slightly (from roughly 2.37¢ to 2.50¢ per $100 valuation), (2) transfer 25% of any annual end-of-year excess general-fund revenue into the economic development fund, or (3) adopt a combination of both measures. Wayne Emerson, the town’s director of economic development, explained the fund’s origin…
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