Corporation Overview

Our Vision for Lake Dallas
“Lake Dallas’ vision is to be a proud community with unique charm, built on strong family and community values, with exciting lakeside, recreational, and tourism assets, supported by a diverse and profitable business base.”

Lake Dallas Strategic Plan (MS PowerPoint)

Our Mission
To provide the leadership and resources to enhance the Lake Dallas economy and assure optimum use of available land, while proactively marketing Lake Dallas to potential business investors, and by assisting local businesses to expand.

Building Lake Dallas
In 1989, the Texas Legislature amended the Development Corporation Act of 1979 by adding Section 4A, which allowed the creation of development corporations that could be funded by the imposition of a local sales and use tax dedicated to economic development.

The Lake Dallas Economic Development Corporation was established and authorized by the Lake Dallas City Council immediately following the September 2002 passage of a one-half of one-percent sales tax dedicated to economic development by the citizens of Lake Dallas. Subsequently, after the election the Lake Dallas Economic Development Corporation was incorporated as a not-for-profit; tax exempt Texas Corporation, which is a separate entity from any other Board or Commission of the City of Lake Dallas.

In accordance with state law, a five-member Board of Directors was appointed by the City Council and governs the Corporation. The Corporation meets in regular session monthly to conduct the business affairs of the Corporation. The Board meetings are subject to both the Open Meetings Act and the Open Records Act. Directors serve without compensation and may be removed by the City Council at any time without cause.

The officers of the Corporation include a Chairman of the Board, Vice-Chairman and a Secretary/Treasurer. The Corporation employs a Consultant to manage and promote development, and to consult regarding business affairs of the corporation. The Corporation Bylaws establish the authority and responsibilities of the Board of Directors and Officers.

The Corporation’s fiscal year is October 1 to September 30. The Corporation adopts an annual budget that is approved by the City Commission. Corporate funds are maintained in separate accounts from City funds. The Corporation Board of Directors approves all expenditures of the Corporation. An accounting firm selected by the City Commission conducts a financial audit of the Corporation’s funds and records annually.

An Economic Development Strategic Plan is prepared by the Corporation and presented annually to the City Council, which serves as a yearly implementation plan of the Corporation. The plan is proactive in nature and provides a mechanism to identify and pursue economic development opportunities.

Additional Information about Texas Economic Development:

 

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