John Stevens, chair of the Dallas Economic Development Corporation (DEDC) board, briefed the Economic Development Committee on the new organization’s activities since its late‑2022 creation and the steps the board has taken to stand up operations.

Stevens said the DEDC was established by City Council with formation documents and a one‑time funding commitment. He told the committee the DEDC hired CEO Linda McMahon (who started July 1), established accounting and IT systems, completed an audit and received tax-exempt status, and built a lean staff to begin work on business development, real estate and marketing missions.

“We have put together a strategic plan that will be our guide for our efforts going forward,” Stevens said, describing the DEDC’s mission “to promote Dallas as a globally competitive business destination that fosters economic opportunities for all members of the city.” He listed board officers and said the board added two members in the prior year.

On funding sustainability, Stevens and board members said the organization needs a long‑term revenue strategy. The DEDC is pursuing a mix of investor‑style contributions, multi‑year memberships, foundation grants and earned income from transactions; board members said those conversations are ongoing and that a sustainable model will likely combine revenue sources. The board reported initial outreach with roughly 20 potential funders and consultants working on a feasibility study.

Committee members pressed for details on where the DEDC will focus its first deployments of capacity. Stevens said the organization is already engaged in business outreach, site pitches and coordination with the city and governor’s office and has participated in international outreach and trade and investment trips. Gilbert Gurs (vice chair) noted a focus on southern Dallas as a geographic priority for investment and expansion.

Councilmember Sherman Ridley requested a six-month supplemental update focused on the DEDC’s mechanisms for sustainable funding; the board chair agreed to return with a follow-up. Members also urged DEDC staff to coordinate closely with the city’s economic development department, ensure consistent marketing with city branding and prepare a multi-year budget and personnel plan for committee review.

Why this matters

Committee members described the DEDC as a potentially valuable economic development tool but said long-term viability depends on a clear, diversified revenue model. Board leaders and staff said they will continue fundraising and outreach and that future briefings will provide recommended funding and organizational plans for committee consideration.