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the newest member of the Board of Directors for the Edinburg Economic Development Corporation

Featured, from left: Dalia Molina and husband, City Councilmember Richard Molina, and Councilmember David Torres and wife Ellie M. Torres, the newest member of the Board of Directors for the Edinburg Economic Development Corporation, at Edinburg City Hall on Wednesday, May 13, 2o15. The EEDC is the jobs-creation arm of the Mayor and Edinburg City Council.
Photograph By MARK MONTEMAYOR

Edinburg’s retail economy from January through June 2015 continues to prosper, with a 6.21 percent rate of improvement over the first half of 2014, the Edinburg Economic Development Corporation has announced. The EEDC, of which Agustín García, Jr. is Executive Director, is the jobs-creation arm of the Edinburg Mayor and Edinburg City Council. The EEDC Board of Directors is comprised of Mark Iglesias as President, Harvey Rodríguez as Vice President, Ellie M. Torres as Secretary/Treasurer, and Mayor Richard García and Richard Rupert as Members. For the month of June 2015, the city’s retail economy registered a 6.32 percent rate of improvement over the same month last year, the EEDC added, according to data released on Wednesday, August 12, by the Texas Comptroller of Public Accounts. For the first six months of 2015, Edinburg’s retail economy has produced $13,591,448.24 in local sales taxes, compared with $12,795,992.32 for January through June 2014. During June 2015, the city’s retail economy generated $1,843,334.30 in local sales taxes, compared with $1,733,714.45 for June 2014, also according to the Texas Comptroller of Public Accounts. EEDC Board President Iglesias noted that Edinburg’s retail economy continues to perform favorably when compared with statewide figures. “Year-to-date, the city economy’s 6.21 percent rate of improvement is ahead of the average for all cities in Texas, which is 5.1 percent for the period of January through June 2015, according to the Texas Comptroller of Public Accounts,” said Iglesias. The amount of local sales taxes collected helps reflect the strength of an economy, along with construction activities, per capita income, education, historical performances, and related trends, said Mayor García. “The city’s retail economy also will benefit in the coming months from the impact of four planned different housing developments, representing a combined value of $110.4 million, which will bring 448 apartment units and a 150-home subdivision to Edinburg,” the mayor reported. On Wednesday, August 5, the Mayor and City Council approved the $110.4 million in new residential complexes for Edinburg. That action follows previous city approvals for other developers to build 594 apartment units – three of those residential complexes located along the city’s medical corridor, and the fourth residential complex coming up on Sugar Road near the University of Texas Rio Grande Valley. “The housing demand has increased in Edinburg since the announcement in May 2013 that UT-Pan American will be transformed into The University of Texas-Rio Grande Valley, beginning with the Fall 2015 semester,” Mayor García explained. “Very important, for this first time, as a result of the creation of UT-RGV, higher education in the Valley now has access to the multi-billion dollar Permanent University Fund.” On June 30, 2015 the market value and book value of the PUF was $17.8 billion and $14.9 billion, respectively, exclusive of land acreage. “Along with the creation of The University of Texas-Rio Grande Valley, the School of Medicine is set to open by the Fall of 2016, with a major component in Edinburg,” added Mayor García. “People are looking to move closer to the campus, and for the financial and job opportunities within the medical industry expected to materialize once the UT medical school is complete.” The Permanent University Fund (PUF) is a public endowment contributing to the support of institutions of The University of Texas System (UT System) and the Texas A&M University System (A&M System). The Constitution of 1876 established the PUF through the appropriation of land grants previously given to The University of Texas plus one million acres. Additional land grants to the PUF were completed in 1883 with the contribution of another one million acres. Today the PUF contains 2.1 million acres located in 24 counties primarily in West Texas. “We find ourselves in the same situation San Antonio experienced when they got their medical school (UT Health Science Center at San Antonio), and look at their size now. Mark my words, the population in Edinburg will very soon be more than 100,000,” Mayor García predicted. “Our location as the gateway to Hidalgo County, which the U.S. Census Bureau estimates had more than 830,000 people as of 2014, and the fact that there is room to grow in all directions in Edinburg also is attracting entrepreneurs looking for a location proven to be successful.”

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Edinburg retail economy continues to prosper, posting 6.21 percent improvement midway through 2015 compared with first half of 2014

By DAVID A. DÍAZ
Legislativemedia@aol.com

Edinburg’s retail economy from January through June 2015 continues to prosper, with a 6.21 percent rate of improvement over the first half of 2014, the Edinburg Economic Development Corporation has announced.

The EEDC, of which Agustín García, Jr. is Executive Director, is the jobs-creation arm of the Edinburg Mayor and Edinburg City Council.

The EEDC Board of Directors is comprised of Mark Iglesias as President, Harvey Rodríguez as Vice President, Ellie M. Torres as Secretary/Treasurer, and Mayor Richard García and Richard Rupert as Members.

For the month of June 2015, the city’s retail economy registered a 6.32 percent rate of improvement over the same month last year, the EEDC added, according to data released on Wednesday, August 12, by the Texas Comptroller of Public Accounts.

The sales tax figures represent monthly sales made in June as well as April, May and June, by businesses that report tax quarterly.

Among its many duties, the Texas Comptroller’s office is the state’s chief tax collector, accountant, revenue estimator and treasurer.

For the first six months of 2015, Edinburg’s retail economy has produced $13,591,448.24 in local sales taxes, compared with $12,795,992.32 for January through June 2014.

During June 2015, the city’s retail economy generated $1,843,334.30 in local sales taxes, compared with $1,733,714.45 for June 2014, also according to the Texas Comptroller of Public Accounts.

EEDC Board President Iglesias noted that Edinburg’s retail economy continues to perform favorably when compared with statewide figures.

“Year-to-date, the city economy’s 6.21 percent rate of improvement is ahead of the average for all cities in Texas, which is 5.1 percent for the period of January through June 2015, according to the Texas Comptroller of Public Accounts,” said Iglesias.

The local sales tax is used in Edinburg to help pay for many city services, while the EEDC uses its one-half cent local sales tax to help generate economic development in the city.

The amount of local sales taxes collected also helps reflect the strength of an economy, along with construction activities, per capita income, education, historical performances, and related trends, said Mayor García.

“The city’s retail economy also will benefit in the coming months from the impact of four planned different housing developments, representing a combined value of $110.4 million, which will bring 448 apartment units and a 150-home subdivision to Edinburg,” the mayor reported.

On Wednesday, August 5, the Mayor and City Council approved the $110.4 million in new residential complexes for Edinburg. That action follows previous city approvals for other developers to build 594 apartment units – three of those residential complexes located along the city’s medical corridor, and the fourth residential complex coming up on Sugar Road near the University of Texas-Rio Grande Valley.

“The housing demand has increased in Edinburg since the announcement in May 2013 that UT-Pan American will be transformed into The University of Texas-Rio Grande Valley, beginning with the Fall 2015 semester,” Mayor García explained. “Very important, for this first time, as a result of the creation of UT-RGV, higher education in the Valley now has access to the multi-billion dollar Permanent University Fund.”

On June 30, 2015 the market value and book value of the PUF was $17.8 billion and $14.9 billion, respectively, exclusive of land acreage, according to the UT System.

Along with the creation of The University of Texas-Rio Grande Valley, the School of Medicine is set to open by the Fall of 2016, with a major component in Edinburg,” added Mayor García. “People are looking to move closer to the campus, and for the financial and job opportunities within the medical industry expected to materialize once the UT medical school is complete.”

The Permanent University Fund (PUF) is a public endowment contributing to the support of institutions of The University of Texas System (UT System) and the Texas A&M University System (A&M System). The Constitution of 1876 established the PUF through the appropriation of land grants previously given to The University of Texas plus one million acres. Additional land grants to the PUF were completed in 1883 with the contribution of another one million acres. Today the PUF contains 2.1 million acres located in 24 counties primarily in West Texas.

“We find ourselves in the same situation San Antonio experienced when they got their medical school (UT Health Science Center at San Antonio), and look at their size now. Mark my words, the population in Edinburg will very soon be more than 100,000,” Mayor García predicted. “Our location as the gateway to Hidalgo County, which the U.S. Census Bureau estimates had more than 830,000 people as of 2014. The fact that there is room to grow in all directions in Edinburg also is attracting entrepreneurs looking for a location proven to be successful.”

Only Pharr, with an improvement of 9.52 percent from January through June 2015 over the same period last year, had a better year-to-date showing among the Valley’s larger city economies, the Texas Comptroller of Public Accounts reported.

The sales tax, formally known as the State Sales and Use Tax, is imposed on all retail sales, leases and rentals of most goods, as well as taxable services. Texas cities, counties, transit authorities and special purpose districts have the option of imposing an additional local sales tax for a combined total of state and local taxes of 8 1/4% (.0825).

HOW OTHER VALLEY CITIES, COUNTIES PERFORMED IN JUNE 2015

Based on the amount of sales taxes generated, according to the state comptroller’s office, the Valley’s major cities ranked accordingly in the following local sales tax figures, both for January through June 2015, and for June 2015.

January through June 2015

McAllen: $43,220,476.21, up 1.21 percent compared with January through June 2014 ($42,701,500.37);
Brownsville: $24,822,427.95, up 4.78 percent compared with January through June 2014 ($23,688,129.40);
Harlingen: $14,998,059.70, up 3.82 percent compared with January through June 2014 ($14,445,408.57);
Edinburg: $13,591,448.24, up 6.21 percent compared with January through June 2014 ($12,795,992.32);
Pharr: $10,705,900.11, up 9.52 percent compared with January through June 2014 ($9,774,591.33);
Mission: $10,219,900.01, down 1.34 percent compared with January through June 2014 ($9,774,591.33); and
Weslaco: $8,199,825.78, up 4.34 percent compared with January through June 2014 ($7,858,544.31).

June 2015 compared with June 2014

McAllen: $5,598,390.23, up 3.29 percent compared with June 2014 ($5,419,547.24);
Brownsville: $3,518,949.94, up 13.88 percent compared with June 2014 ($3,090,023.20);
Harlingen: $2,054,079.23, up 9.21 percent compared with June 2014 ($1,880,848.58);
Edinburg: $1,843,334.30, up 6.32 percent compared with June 2014 ($1,733,714.45);
Pharr: $1,433,707.70, up 11.65 percent compared with June 2014 ($1,284,104.14);
Mission: $1,380,467.67, up 11.35 percent compared with June 2014 ($1,239,689.97); and
Weslaco: $1,055,858.36, up 3.10 percent compared with June 2014 ($1,024,092.05).

All cities in Hidalgo County reported a total of $13,556,785.85 in local sales taxes in June 2015, compared with $12,588,650.59 in June 2014, an increase of 7.69 percent. Year-to-date (January through June), all cities in Hidalgo County have registered $103,264,911.22 in local sales taxes, compared with $99,633,515.90 for the same six months in 2014, an improvement of 3.64 percent.

Hidalgo County government does not collect a local sales tax.

All cities in Cameron County generated $6,956,802.71 in local sales taxes in June 2015, compared with $6,147,395.07 in June 2014, an increase of 13.16 percent. Year-to-date (January through June), all cities in Cameron County have registered $47,893,708.18 in local sales taxes, compared with $45,657,126.79 for the same months in 2014, an improvement of 4.89 percent.

Cameron County government does not collect a local sales tax.

All cities in Starr County produced $528,497.81 in local sales taxes in June 2015, compared with $473,506.44 during the same month in 2014, an increase of 11.61 percent. Year-to-date (January through June), all cities in Starr County have registered $3,736,266.51 in local sales taxes, compared with $5,459,184.20 for the same period in 2014, a decrease of 31.55 percent.

Starr County government does not collect a local sales tax.

All cities in Willacy County produced $147,854.99 in local sales taxes in June 2015, compared with $140,628.56 during June 2014, an improvement of 5.13 percent. Year-to-date (January through June), all cities in Willacy County have registered $1,044,199.94 in local sales taxes, compared with $1,058,386.46 for the same six-month period in 2014, a decrease of 1.34 percent.

Willacy County government does not collect a local sales tax.

For details of the June 2015 local sales tax figures for all cities, counties, transit systems, and special purpose taxing districts, locate the Monthly Sales Tax Allocation Comparison Summary Reports at the comptroller’s website:

http://www.window.state.tx.us/taxinfo/allocsum/compsum.html

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For more information on the Edinburg Economic Development Corporation and the City of Edinburg, please log on to http://edinburgedc.com or to http://www.facebook.com/edinburgedc

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