Market Lubbock Inc. Undergoing Changes - KCBD NewsChannel 11 Lubbock

5/21/04

Market Lubbock Inc. Undergoing Changes

Market Lubbock, Inc. is changing its name. It's just one of the changes being made in wake of the 2003 Sales Tax Election.

You'll recall back in November, voters approved a 3/8 of a cent sales tax increase. 1/8th of that increase was promised to economic development or Market Lubbock, Inc.

Friday, Mayor Marc McDougal spoke with the League of Women Voters and explained how the sales tax increase will change the organization of Market Lubbock, Inc.:

  • First, the name will change to Lubbock Economic Development Alliance.
  • The organization's board will see its members go from 7 to 5 members.
  • And finally, the organization will drop its non-profit status and become a 4A corporation.

"Market Lubbock currently gets three pennies on the tax rate which is about $2.2 million a year. Under the 4A corporation that amount not only gets the three pennies which is $2.2 million, but will receive some of the sales tax which will be roughly $3.3 million so more than double than market Lubbock receives,"said Mayor McDougal.

The mayor says the changes will restrict how the organization can use its money.

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