 Greater Nocona Area Economic Development Corporation Incorporated: October 22, 1996 A non-profit corporation specifically governed by Section 4A of the Texas Economic Development Act 1/2 of 1% sales tax approved by a vote of the Citizens of Nocona on May 4, 1996. Nocona Municipal Economic Development Corporation Incorporated: January 21, 1997 A non-profit corporation specifically governed by Section 4B of the Texas Economic Development Act 1/2 of 1% sales tax approved by a vote of the Citizens of Nocona on May 4, 1996. The 4A tax may be used to fund projects specifically related to manufacturing and industrial development such as industrial parks, land acquisition, advertising, marketing materials and business incentives. The tax can also be used to fund job training, job creation and retention, and educational facilities. In addition to the types of projects authorized by the 4A tax, the 4B tax may be used to pay for quality of life enhancements, such as parks and recreation facilities, certain road and bridge improvements and libraries. Tourism development initiatives may also be funded with 4B funds. Recent legislation also defines project for cities of less than $20,000 as expenditures, targeted infrastructure, and improvements to promote new or expanded business development. |
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