Economic Development

ECONOMIC DEVELOPMENT SUMMARY

The most recently completed fiscal year for which data is available is 2017 (October 1, 2016 – September 30, 2017).

The Lancaster Economic Development goals are to stimulate job creation and capital investment into the City through attracting new businesses and expanding current ones. In order to achieve those goals, economic development agreements with desired businesses, which may include tax abatements and other incentives as authorized by Chapter 380 of Texas Local Government Code, were made. All agreements must be approved of the City Council.

Between the fiscal year of 2013 and 2017, the City has added over 1,400 new jobs and over $7.6 million in annual tax revenue.

Annual Tax Revenue

Fiscal Year
Employment
Taxes Received
2013 16,203 $19,804,514
2017 17,634 $27,462,752
Addition 1,431 $7,658,239

The diagram below indicates positive correlation between the 380 payments, which include tax abatements and incentives, and the annual total taxes received. The 380 payments increases to $1,1 million in 2017 from $26,218 in 2013 and the total taxes received increases to $27.4 million in 2017 from $19.8 million in 2013. This positive correlation shows that economic development agreements stimulate the economy.

Transparency Table 1

Number of tax abatements granted in the most recently completed fiscal year (2017) = 2

Estimated taxes abated in year one of agreements:

  • Total = $1,978,010
  • Per capita = $50.13

Source and year for population figures used in per capita calculations: the City of Lancaster Comprehensive Annual Financial Report 2017 Table N (obtained from Census.gov).

Estimated taxes abated for life of agreements: $15,660,914

Number of jobs created/retained as listed in the agreements through the fiscal year 2017 is 325.

Total capital investment received for agreements through fiscal year 2017 is estimated $658,192,963.

TAX ABATEMENTS HISTORICAL DATA

The number of tax abatements granted each year for fiscal year 2013 through 2017:

Transparency Table 2

Number of Tax Abatements Granted, Fiscal 2013-2017

Fiscal Year
Abatements Granted
2013 0
2014 1
2015 0
2016 6
2017 2

The amount of taxes abated in millions for each year for fiscal year 2013- 2017:

Transparency Chart 1

Total Property Taxes Abated - Fiscal 2013-2017

Fiscal Year
Amount Abated (in Millions)
2013 $ 0.03
2014 $ 0.59
2015 $ 0.88
2016 $ 0.96
2017 $ 1.11