Economic Development

ECONOMIC DEVELOPMENT SUMMARY

The most recently completed fiscal year for which data is available is 2018 (October 1, 2017 – September 30, 2018).

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 abatement 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 2014 and 2018, the City has added over 1,500 new jobs and over $9.6 million in annual tax revenue.

Annual Tax Revenue

Fiscal Year
Employment
Taxes Received
2014 16,240 $18,949,583
2018 17,812 $28,432,012
Addition 1,572 $9,658,239

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 $1.3 million in 2018 from $593,322 in 2014 and the total taxes received increases to $28.4 million in 2018 from $18.9 million in 2014. This positive correlation shows that economic development agreements stimulate the economy.

Total Taxes Received v. 380 Payments

Number of tax abatements granted in the most recently completed fiscal year (2018) = 6

Estimated taxes abated in year one of agreements:

Total = $1,337,576

Per capita = $33.96

Source and year for population figures used in per capita calculations: the City of Lancaster Comprehensive Annual Financial Report 2018 Table N.

Estimated taxes abated for life of agreements: $15,852,914

Number of jobs created/retained as listed in the agreements through the fiscal year 2018 is 360.

Total capital investment received for agreements through fiscal year 2018 is estimated $663,192,963.

TAX ABATEMENTS HISTORICAL DATA

The number of tax abatements granted each year for fiscal year 2014 through 2018:

Number of Tac Abatements Granted FY 13-17

Number of Tax Abatements Granted, Fiscal 2014-2018

Fiscal Year
Abatements Granted
2014 1
2015 0
2016 6
2017 2
2018 6

The amount of taxes abated in millions for each year for fiscal year 2014- 2018:

Total Property Taxes Abated FY 13-17

Total Property Taxes Abated - Fiscal 2014-2018

Fiscal Year
Amount Abated (in Millions)
2014 $ 0.59
2015 $ 0.88
2016 $ 0.96
2017 $ 1.11
2018 $ 1.33