Select Energy contract terminated; MDD contemplated

Staff Writer

The Board of Directors of the Sweetwater Enterprise for Economic Development, Inc., of Sweetwater (SEED), held their regular meeting on Monday, July 10 at 10:30 am. It was held at the SEED offices (Chamber Board Room -1” Floor) located at 810 E. Broadway. Board member and President Billy Whisenant was not in attendance.
With a full agenda at hand, the Board of Directors got right to business. The contract with Select Energy has been terminated, per the Board.
The next item on the agenda was to review and consider approving recommendation to City of Sweetwater to change from Type A to a Municipal Development District or MDD. The city has been “Type A” since being voted on in 1989 and took effect in 1990. The biggest difference is that “Type A” is a more restrictive fund, what used to be called smokestack chasing funds, dealing with manufacturing and the like. Smokestack chasing is the economic development policy of attracting existing firms from somewhere else, either to relocate to a particular area or to build new facilities there, using financial inducements and tax incentives. MDD gives a modern opportunity to invest in parks, housing, retail and a number of business investments in this order. A Municipal Development District is a special. purpose district created for the purpose of generating economic development and growth opportunities within the boundaries of the district...To read more, please see our print or online edition.