Lubbock voters approved it and on Wednesday a new economic development corporation held its first meeting.
LEDA, or the Lubbock Economic Development Alliance, is a 4A corporation that can collect and spend sales tax money. Voters approved LEDA last November to replace Market Lubbock, Inc. However, that organization will remain for now.
"Market Lubbock will continue to exist because of the three cents we've been receiving the last 8 or 9 years to pay off commitments within Market Lubbock," said Gary Lawrence, LEDA CEO and President.
Once those commitments are paid off, LEDA will replace Market Lubbock, Inc.