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AEDC receives statewide recognition
Staff reports
The Texas Economic Development Council (TEDC) recently announced the recipients of its annual Community Economic Development Awards for 2010. The Allen Economic Development Corporation (AEDC) was recognized for its Cisco Systems Data Center project that was initiated last year, creating over 100 jobs and over $500 million in taxable value.
The awards were presented at a special awards luncheon held Oct. 7 at the TEDC’s Annual Conference at the Omni Galleria Hotel in Houston. The two and a half-day conference entitled “Linking Texas to the World” was held Oct. 6-8.
The Community Economic Development Award (CEDA) program recognizes exceptional contributions of TEDC member cities toward the economic vitality of their communities and the state of Texas through creativity, leadership and partnership in the achievement of business retention, business recruitment and community improvement.
This is the first time that Allen has won this statewide award. “It’s an honor to be recognized by our peers for excellent achievement in economic development,” said Tim Wood, President of the AEDC. “But the best award is the capital investment and jobs that Cisco is bringing to Allen. Winning the CEDA is really icing on the cake for us.”
“Our CEDA luncheon is one of the ways in which our organization honors the excellent work done by our communities, their leaders and their economic development professionals,” said John Cook of Houston, 2010 TEDC Chair. “Each community nominated achieved excellence in economic development and substantially improved the economic base of their respective regions. The recipient communities in each population category were recognized for extraordinary accomplishments in meeting the criteria set forth in the nomination process.”
The TEDC was organized in 1961 and provides information, education and legislative services to its members to foster the expansion of existing businesses, the location of new firms and the development of strategies that promote a positive business climate in Texas. With 900 members, the TEDC is now the largest state economic development association in the nation.
In 1992, the citizens of Allen passed a city-wide half-cent sales tax in support of an economic development corporation. Since its inception, the Allen Economic Development Corporation (AEDC) has been charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and additional tax revenue to the community. Since 1992, the AEDC has recruited over sixty new businesses and industries to Allen that have contributed to increasing Allen’s total ad valorem tax base from $729 million in 1992 to over $7 billion in 2009.
The AEDC board of directors, appointed by the City Council, governs the corporation’s operations. These individuals represent a diverse spectrum of interests and expertise which is invaluable to making prudent decisions with regard to the quality of Allen’s economic development.
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