YEDC Mid – Year Update
By the mid-point of fiscal year 2018-2019 the Yoakum Economic Development Corporation approved fourteen grants in the categories of Retail Enhancement, Preservation, General and Community. Yoakum construction projects totaling $1,217,504 were matched by $238,619.83 in YEDC funds. Restated, four dollars in private funds will be expended for every dollar invested by the YEDC. Retail Enhancement and General Grant projects will create eleven full-time and ten part-time jobs. Preservation grants help improve, protect and update downtown buildings to make them suitable for commercial use. Community grants, such as downtown Christmas lights and improvements to the girls’ softball field, improve quality of life.
City and EDC sales tax (2% of the 8.25% collected at the register) increased 17.8% for the calendar year 2018 over prior year 2017. Compared with 2016 and 2017, the energy-related and retail sectors are trending upwards while the other five sectors (general merchandise, restaurants, utilities, automotive, and telecommunications) are relatively flat.
The YEDC now requires a Project Profile for each grant request. The grant applicant’s project must score fifty points out of a possible 100 to be considered for funding. Points are awarded in nine categories such as job creation, use of local contractors and suppliers, and sales tax collection. Extra points are awarded for buildings and businesses located downtown. The Project Profile, YEDC grant applications, and other information can be found on YoakumEDC.com.
Pizza Haven, 123 W May Street, received grant funding from the YEDC and plans to open in late spring.