Greater Killeen Chamber of Commerce President and CEO John Crutchfield III recently stressed the need of local businesses’ ability to compete, not only within the community but also globally, and touted the role of economic development funding in aiding businesses to grow and compete.
In an article published in the Greater Killeen Business Quarterly 2016 Annual Report & Economic Outlook, Crutchfield explained the need for economic development as it relates to a local and global economy.
“Today, because of the global economy in which we live, competition is no longer limited to our neighborhood, “ Crutchfield said. “The competition, in many cases, can be around the world. Fortunately, we have the tools at our disposal to provide economic development funding and, as a result, we can meet that competition. These tools include the Killeen Industrial Foundation, the Killeen Economic Development Corp., Tax Increment Reinvestment Zones and 380 Agreements,”
Crutchfield also mentioned the state’s sales tax for economic development, pointing out that some cities such as Killeen are exempt from collecting sales tax funds “without first modifying their present tax structures through the election process,” Cruthfiled explains.
Crutchfield said the role of the KEDC is vital to funding for cities that do not receive the sales tax funds.
“The great benefit from KEDC is that absent the ability to collect the sales tax for economic development, KEDC provides a flexible and responsive funding methods to meet the competition posed by cities that do not collect the tax,” Crutchfield said.