Cedar Park Celebrates 20 Years Of Sales Tax Funding

CEDAR PARK, TX — City officials are celebrating the 20th anniversary of their economic development corporation receiving sales tax funding.

This year marks the second decade of the City’s Economic Development (Type 4A) Corporation and Community Development (Type 4B) Corporation receiving the sales tax revenue, city officials said in a press advisory. Cedar Park voters in 1998 approved creation of the corporations and redirecting one cent of sales tax to fund them, officials explained.

Last year, voters also approved an effort to redirect 1/8 cent from Economic Development to fund stormwater drainage. Economic Development now receives 3/8 cent. This is in addition to the one cent that goes to the city’s General Fund.

To celebrate the milestone while encouraging continued growth in sales tax revenue, the city has launched a public awareness campaign dubbed "Buy Cedar Park: Snack. Sip. Shop." The campaign's presence on social media yields reminders that 2 cents of every taxable dollar spent in Cedar Park is returned to the community, officials explained. The campaign features Cedar Park residents shopping and dining in some of Cedar Park’s favorite establishments — from boutiques and big box retailers to small-and-big name eateries. The city has also launched a new Buy Cedar Park website at www.CedarParkShops.com.

Officials said that Cedar Park since 1999 has implemented nearly $50.2 million in economic incentives said to have resulted in close to 9,500 jobs and create an economic impact of more than $16.5 billion, as well as funding for major projects such as H-E-B Center at Cedar Park, James Avery Artisan Jewelry, Hyliion, and Firefly Aerospace. Sales tax has also supported more than $73 million for major Community Development projects such as the Bell Boulevard Redevelopment, parks and trail improvements (including Lakeline Park Phase 1) as well as transportation projects that improve roads, intersections and traffic flow, city officials said.

In announcing news of the milestone, city officials reminded that sales tax plays a major role in keeping the city portion of every homeowner’s property tax bill low. "This year marks the seventh consecutive year city council has lowered the property tax rate, making it the lowest it’s been in 22 years," officials added in a press advisory.

This year alone, 30 percent of the city’s $58.1 million general fund is supported by more than $17 million in sales tax funding. Visit www.CedarParkShops.com to learn more about the value-added of snacking, sipping and shopping in Cedar Park.