Hereford Economic Development Corporation board members will discuss the difference between Type A and Type B expenditures during a meeting this week.
On Wednesday, September 5th, the Hereford EDC Board will meet for its regular meeting. Board members will discuss monthly financials and will discuss Type A and Type B expenditures under state law and what responsibilities those expenditures carry for economic development corporations.
Under state law, cities organizing economic development corporations can approve the use of tax dollars for Type A projects, Type B projects or both. Both types of corporations carry different state guidelines, with Type B being the most popular option for cities statewide. A 2015 Texas Municipal League handbook shows Hereford, along with Amarillo, as one of 101 cities statewide using the Type A format. Meanwhile, 367 cities have adopted a Type B model and 118 cities have adopted both models.
The Hereford EDC board will meet at 4:30pm on Wednesday, September 5th. The meeting will be held in the Hereford Chamber of Commerce Board Room (701 North Main, Hereford).
