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Crockett outlines 60-day wind-up steps after voters dissolve EDC; USDA loan assignment flagged as priority
Summary
City staff outlined a 60-day plan to wind up the Crockett Economic and Industrial Development Corporation after voters approved dissolution and reallocation of the EDC sales tax.
City staff outlined a statutory process and short timetable to wind up the Crockett Economic and Industrial Development Corporation (EDC) after voters approved dissolving the corporation and reallocating a half-cent sales tax to ad valorem tax relief.
Staff said the EDC wind-up is governed by Chapter 11 of the Business Organizations Code and Chapter 501 (and related sections) of the Local Government Code and that the city and the EDC must adopt a plan of termination and distribution of assets by resolution. That plan must identify and account for all EDC assets, address how outstanding obligations incurred before the election will be…
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