Receive, consider and act upon an update from the Ad Hoc Economic Development Committee regarding proposed uses of Events Admissions Funds;
$302,210 as of 12/13/2013
The Woodlands Township Board of Directors requested the Ad Hoc Economic Development Committee in September 2013 to consider potential uses of the Events Admissions Tax Fund. The Township is currently depositing these funds into The Woodlands Township's Economic Development Reserve Account. The Events Admissions Tax was authorized in the 2009 Texas Legislative Session and has specific purposes according to the Township Legislation. This fund has been in existence for three years and had a balance of $302,210 as of December 31, 2013.
The Economic Development Committee has discussed this fund over the course of several public meetings, the most recent being held on Monday, March 17, 2014. A summary of this meeting is attached to this executive summary as well as a copy of the Events Admissions Tax Excerpt from the Composite Copy of The Woodlands Township Legislation.
The Chairman of the Ad Hoc Economic Development Committee, Dr. Ed Robb, will discuss the committee's discussion about this fund and its uses at the Township's Board of Directors meeting on Wednesday, March 26, 2014.