More Than $38 Billion Added To Regional Economy Through Efforts Of Allen Economic Development Corporation
ALLEN, Texas, Sept. 26, 2019 /PRNewswire/ -- Projects supported by Allen Economic Development Corporation have added $38.61 billion to the city of Allen and the wider regional economy, according to a recent study by a third-party analytics firm. Since its inception, the AEDC has supported 132 projects that have accounted for 17,606 direct jobs within the city, comprising 51% of the total jobs in Allen.
"Twenty-seven years ago, voters tasked the AEDC with bringing in high quality jobs and increasing the commercial tax base in order to lower the tax burden on Allen citizens," said Michael Schaeffer, AEDC Board President. "And this study clearly shows we're accomplishing that."
An increase in the appraised value of commercial property in Allen is also linked to AEDC performance, according to the study. These properties represented $2.3 billion in appraised value over the past 26 years, or 61% of Allen's current commercial tax base. The expansion of Allen's commercial tax base added a total tax revenue of $326 million to the city and helped Allen's City Council's ability to decrease the city's tax rate by 35% since 1993.
"The AEDC has focused on recruiting Class A office space and mixed-use projects that attract corporate relocations and quality jobs," said Dan Bowman, AEDC Executive Director. "Recent projects like the NETSCOUT Systems regional office, the Credit Union of Texas headquarters and the 8-story One Bethany West at Watters Creek facility have brought economic growth and additional tax dollars to Allen."
Insight Research Corporation, nationally recognized for their leading-edge methodologies, conducted the study which examines the economic, employment and tax revenue impact of AEDC projects. Since the ordinance was approved by voters in 1992, the AEDC's performance has been measured to track return on investment. This is the seventh impact report conducted by Insight Research for AEDC and provides a consistent measurement of the program's value to the city of Allen.
"Allen Economic Development Corporation is one of the very few, if not the only, Texas economic development corporation that has consistently tracked its performance since its inception," said Dr. Elizabeth Morris, CEO and Chief Economist for Insight Research.
AEDC projects have helped stabilize not only Allen's tax base, but also that of the Allen Independent School District, Collin County, the Collin County Community College District and the State of Texas. It is estimated that since 1993, AEDC projects have had a cumulative tax impact of $2.149 billion to all jurisdictions.
Morris said, "Using US Bureau of Economic Analysis standards, the AEDC has accounted for each public dollar invested from its sales tax increment funding to monitor its economic impact, employment in the City, and investment-grade tax revenue returns for the City of Allen, local jurisdictions and the State of Texas."
About Allen Economic Development Corporation:
In 1992, the citizens of Allen passed a citywide half-cent sales tax in support of an economic development corporation. Since its inception, the Allen Economic Development Corporation has been charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and additional tax revenue to the community.
About Insight Research Corporation:
Dallas-based Insight Research Corporation is a third-party, independent statistical research laboratory providing analytical services for public and private clients in North America. The firm has special depth in the measurement of economic, employment and investment-grade tax revenue impact for issues of land use, transportation, site location, manufacturing and municipal government.
SOURCE Allen Economic Development Corporation
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