Economic Development

ECONOMIC DEVELOPMENT SUMMARY

The most recently completed fiscal year for which data is available is 2021 (October 1, 2020 – September 30, 2021).

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 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
2017 17,640 $24,341,108
2021 17,898 $35,051,520
Addition 258 $10,710,412

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 vs Payments (Tax Abatements plus Incentives)

Number of tax abatements granted in the most recently completed fiscal year (2021) = 11

Estimated taxes abated in year one of agreements:

Total = $2,460,110.71

Per capita = $137.45

Source and year for population figures used in per capita calculations: the City of Lancaster Comprehensive Annual Financial Report 2021 Table N.

Estimated taxes abated 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.

TAX ABATEMENTS HISTORICAL DATA

The number of tax abatements granted each year for fiscal year 2017 through 2021:

Number of Authorized 380 Agreements, Fiscal 2017 -2021

Number of 380 Agreements Granted, Fiscal 2017-2021

Fiscal Year
Abatements Granted
2017 2
2018 7
2019 12
2020 9
2021 11

The amount of taxes abated in millions for each year for fiscal year 2017- 2021:

Total Property Taxes Refunded, Fiscal 2017 -2021 (in Millions)

Total Property Taxes Refunded - Fiscal 2017-2021

Fiscal Year
Amount Abated (in Millions)
2017 $ 1.11
2018 $ 1.33
2019 $ 1.39
2020 $ 1.94
2021 $ 2.39