OCT. 25, 2022 - An independent report of Allen Economic Development Corporation’s (EDC) lifetime progress was presented to councilmembers during the October 25 meeting.
This report was given by Insight Research Corporation, who regularly conducts this research on the EDC. Research was conducted by analyzing the impact of 155 EDC agreements since 1992.
Created in 1992, the EDC’s primary purpose is to lower the tax burden on Allen residents by attracting large businesses to the city and adding to the commercial tax base.
Insight Research Corporation’s findings include:
- Tax rate decrease: Helping to lower the City’s tax rate from $0.766 in 1992 to the 2021 rate of $0.470.
- Jobs in the city: increasing the number of direct, on-site jobs based in the city from 4,200 in 1992 to 36,445.
- Tax base growth: providing a major impact on increases in the city’s appraised value of commercial property from $418,612 in 1992 to $4,975,729,445 in 2022.
- Added $45.68 billion of new money to the regional economy since 1992.
In total, EDC projects currently account for 57% of the commercial tax base value.