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Argyle MDD hears financial update; staff reports sales-tax uptick and $147,500 in incentive grants to date
Summary
Staff reported a sales-tax increase for the recent quarter and that the MDD has spent $147,500 on economic incentive grants year-to-date, and that an additional $100,000 reimbursement remains outstanding for a restaurant expansion.
Argyle Municipal Development District staff presented a financial update showing a recent uptick in sales tax revenue and a year-to-date contracted-services spend that includes $147,500 in economic incentive grants.
Harrison, the MDD staff presenter, said the sales-tax increase in the second quarter included a one-time windfall from a business that staff would not publicly identify. He said the MDD is using a sales-tax reporting service (referred to in the meeting as ZAC Tax) to track receipts and subdivision of categories by industry.
The staff report identified…
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