Let’s discuss economic incentives, how they are frequently structured, and their impact on Frisco’s public safety and taxes.
We have a very strong Frisco Economic Development Corporate (FEDC) that is charged with bringing companies to Frisco. We pay for these incentives through a 0.25% sales tax that was previously voted on by residents. These dollars are frequently used to attract large corporations to relocate to Frisco, bringing in many new jobs. This is a great investment, and I continue to support this.
Our EDC and its incentives have been key in attracting many corporations and jobs to Frisco; however, for many of these projects, Frisco also provides property and/or sales tax breaks such as waiving 50% of the property tax for a number of years. That approach prevents the City from receiving all of the property tax that it otherwise would from a development. This approach should rarely be used.
Because the City does not receive the full amount of the property taxes from these commercial developments, we have to maintain a higher tax rate on your homeowners’ property taxes; thus I favor the residents’ needs above the developers’ needs.
Further, by NOT receiving these property tax dollars we have to limit the number of public safety staff we have. The City IS short-staffed for public safety. These property tax dollars given to corporate entities in addition to the incentives received from the EDC could be better spent ensuring city employees had stronger benefits and also allowing us to fill gaps in public safety staffing.
This is just another example of how increasing transparency in local government can benefit residents.
#EconomicIncentive #friscotexas #friscotx
#markpilandforfriscomayor #markpilandforfrisco #markpiland
