The Development Corporation Act of 1979 gives cities the ability to finance new and expanded business enterprises in their local communities through Economic Development Corporations (EDCs). Chapters 501, 504 and 505 of the Local Government Code outline the characteristics of Type A and Type B EDCs, authorize cities to adopt a sales tax to fund the corporations and define projects EDCs are allowed to undertake.
The Windcrest Economic Development Corporation is commonly referred to as WEDC.
TYPE A EDCs
Focus on Developing Industries and are typically created to fund industrial development projects such as business infrastructure, manufacturing and research and development. Type A EDCs can also fund military base realignment, job training classes and public transportation.
TYPE B EDCs
Windcrest EDC is a Type B Corporation which primarily focuses on developing industries and cultivating communities. Type B EDCs can fund all projects eligible for Type A, as well as parks, museums, sports facilities and affordable housing. However, Type B EDCs are subject to more administrative restrictions than Type A.
For additional information on Type A and B Economic Development Corporations please see Texas Comptroller website.