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EDC reports sales-tax growth, Los Velas Road bids and multiple commercial permits
Summary
EDC staff reported a month-to-month sales-tax increase of 3.78% and a 9.4% year-to-date rise; staff said four bids were received for Los Velas Road and several commercial building permits and tenant improvements are underway, including a 12,893-square-foot research center valued at $1.8 million.
At its January meeting, the Rio Grande City Economic Development Corporation reviewed its financial packet and project updates, which included rising local sales-tax receipts, an engineering recommendation expected for Los Velas Road and progress on new commercial permits.
EDC staff said the latest sales-tax deposits showed a 3.78% increase month to month and a 9.4% increase year to date compared with the prior year. The packet also reported the EDC is about 25% through the fiscal year and that the EDC—s operating budget is currently at approximately 8.46% of planned…
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