FOR IMMEDIATE RELEASE 01/30/2019
Rep. Jared Patterson Files Legislation Expanding Options for Local Economic Development Initiatives
Austin, TX- On Wednesday, Representative Jared Patterson filed HB 1221, a measure which provides municipal economic development corporations more local control in how they choose to spend their sales tax revenue. HB 1221 would allow for general infrastructure and first responder personnel to be considered appropriate expenditures.
"As a former city councilman, I know that general infrastructure and public safety are some of the largest budget items for any municipality," said Representative Patterson. "HB 1221 will empower cities to spend Type A and B revenue for these purposes and potentially take pressure off of local property taxes."
HB 1221 expands qualified economic development projects only after voters have approved the change. An election is called with the assent of a city council, or after a petition threshold is triggered.
"This legislation is about more local choice and control," said Representative Patterson. "As a former EDC board member, I understand the quality of a city's infrastructure and public safety services play a major role in the decision of businesses to expand within or relocate to a given city and create primary jobs. HB 1221 enhances economic opportunity and creates new avenues for a municipality to pursue key local priorities."
According to data collected by the Comptroller of Public Accounts, Type A and Type B corporations statewide have reported over $1.2 billion in unrestricted, unexpended fund balances. These are dollars that could be put to work on upgrading aging infrastructure and improving public safety services under HB 1221.
Elected in November, Patterson's district encompasses eastern Denton County. Rep. Patterson serves on the Business & Industry, Urban Affairs, and Resolutions Calendars committees. His family resides in Frisco.