By N. BRADFORD
Reporter News Staff
A fifth of Pearland’s economic development funding will soon be earmarked for infrastructure such as drainage, streets and sidewalks.
City staff is currently working on a policy that would dedicate roughly 20 percent of economic development funding to redevelopment.
“That’s not hitting your property tax,” Mayor Kevin Cole said, pointing out that the city’s economic development funding comes from sales tax.
“Somewhere between 25 and 27 percent or so of the sales tax that’s collected in our city is coming from people who don’t live here,” he said. “They are traveling in for various reasons and just shopping here.”
Depending on sales within the city, the designated revenue is somewhere between $3 million and $5 million per year.
“It’s significant dollars,” Cole said. “We have projects across the city that don’t rise to the level of being in the bond program, but they’re still needed. It’s a win-win all the way around.”
