Economic Development

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ECONOMIC DEVELOPMENT SUMMARY

The most recently completed fiscal year for which data is available is 2024 (October 1, 2023 – September 30, 2024).

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 rebates and other funds granted 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 2017 and 2021, the City has added over 250 new jobs and over $10.7 million in annual tax revenue.

Annual Tax Revenue

Fiscal Year
Employment
Taxes Received
2020 17,796 $31,985,369
2021 17,898 $35,051,520
2022 18,953 $48,754,750
2023 19,356 $51,131,413
2024 19,863 $56,766,169

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 $2.4 million in 2021 from $1.1 million in 2017 as total taxes are increasing from $24.3 million in 2017 to $35 million in 2021. This positive correlation shows that economic development agreements have helped boost the economy.

Total Taxes Received vs Payments

Number of rebates and other funds granted in the most recently completed fiscal year (2024) = 7

Estimated rebates and other funds granted in year one of agreements:

Total = $3,903,009.62

Per capita = $59.60

Source and year for population figures used in per capita calculations: the City of Lancaster Comprehensive Annual Financial Report 2023 Table N.

Estimated rebates and other funds granted for life of agreements: $23,950,691

Number of jobs created/retained as listed in the agreements through the fiscal year 2021 is 258.

Total capital investment received for agreements through fiscal year 2021 is estimated $673,792,243.

380 AGREEMENTS HISTORICAL DATA

The number of 380 Agreements granted each year for fiscal year 2020 through 2024:

Number of Tax Abatements Granted,

Number of 380 Agreements Granted, Fiscal 2020-2024

Fiscal Year
Abatements Granted
2020 9
2021 11
2022 8
2023 5
2024 7

The amount of taxes Refunded in millions for each year for fiscal year 2020- 2024:

Total Prperty Taxes Abated

Total Property Taxes Refunded - Fiscal 2020-2024

Fiscal Year
 Amount Abated (in Millions)
2020 $ 1.94
2021 $ 2.39
2022 $ 2.54
2023 $ 0.89
2024 $ 3.16