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An Introduction to Cisco Development Corporation

October 27, 2017

Recent events have brought to our attention that some of our citizens would like more information about what the CDC is, what we do, and how we function.  So, let us take this opportunity to introduce ourselves.

 

Cisco Development Corporations are actually two corporations.  We have a “Type A” Corporation and a “Type B” Corporation.  Executive Director John Diers oversees both corporations and his administrative assistant is Shannon Thompson.  The “A” Board is made up of five directors: President Ronnie Ledbetter, Vice President Bill Kendall, Secretary/Treasurer Jody Bussey, Assistant Secretary/Treasurer Jane Nichols, and Board Member Mike McClure.  The “B” Board is made up of seven directors:  President Ronnie Ledbetter, Vice President Bill Kendall, Secretary/Treasurer Marcia Hale, Assistant Secretary/Treasurer Jane Nichols, and Board Members Mike McClure, Sharon Wilcoxen, and James Ramsay.  The boards are approved by the Cisco City Council for two year terms or extensions, thereof.

 

As stated on the Texas Comptroller’s website Https://comptroller.texas.gov/economy/local/type-ab/, “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.”

 

In future articles, we will talk more about the different corporations and what each corporation is allowed and not allowed to do in their daily operations.  In this article, we will give information about our history and goals.

 

Our “B” Corporation was approved by the City of Cisco on October 25, 1994 and the “A” Corporation was approved on December 14, 1999.  Both corporations were approved by the votes of the electorate of the City of Cisco.

 

The Missions of the Cisco Development Corporations are to efficiently and effectively utilize their approved portions of the sales tax revenues to stimulate Cisco’s economic growth and thereby directly benefit the citizens and future of Cisco.

 

The fiscal year for the corporations begin October 1st and ends September 30th coinciding with the City’s fiscal year.  The budgets for each corporation are presented to Cisco City Council for approval each year and are considered and integrated into the City Budget.  As is the City of Cisco budget and financials, we are audited every year.  We also are required to file Economic Development Corporation Reports annually with the Texas Comptroller’s Office.  Those reports are due in February.

 

While the employees of CDC are considered city employees, the City of Cisco is reimbursed by the CDC for those wages out of the “A” Corporation operating account.  The CDC has only two employees and hires contract labor as needed for maintenance of properties and construction work.  Advertising is normally placed in the local newspaper and on Facebook to ask for bids for work to be done.  We promote using local contractors for our work whenever possible as long as contractors perform quality timely work at competitive prices.

 

If you would like more information, please email or come by our office.  We love to share our facts and enthusiasm for helping Cisco be the best it can be.

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