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Lago Vista advisory committee weighs EDC Type B bylaws, plans subcommittee and attorney briefing
Summary
Members of the Lago Vista Economic Development Advisory Committee discussed draft bylaws for an Economic Development Corporation (EDC) Type B, debated board composition and funding limits tied to a CapMetro sales-tax allocation, and agreed to form a subcommittee and schedule a briefing with the city attorney for further work.
The Lago Vista Economic Development Advisory Committee (EDAC) spent the bulk of its Jan. 8 meeting reviewing draft bylaws for an Economic Development Corporation (EDC) Type B and set a subcommittee to work further with the city attorney.
Why it matters: An EDC Type B would create a formal corporation the city could use to pursue grants, public–private partnerships and certain infrastructure projects that the city’s existing accounts cannot accept. Committee members said forming the corporation now would position Lago Vista to pursue outside funding and act quickly on opportunities when they arise.
Eric Zeno, Lago Vista’s economic development director, told the committee an EDC Type B could be used to pursue “foundations, grants, and especially public–private partnerships,” and noted that the…
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