Town of Olney votes in favor of new Proposition
Unofficial results show Proposition A has passed
Olney, Texas (KAUZ) - Citizens in the town of Olney have voted to pass Proposition A and it will eliminate the Industrial Development Corporation of the past 25 years. This will bring in a new Economic Development Corporation.
Proposition A would terminate the Olney Industrial Development Corporation and termination of the sales and use tax at the rate of one-half of one percent (0.5%) which benefited the Olney Industrial Development Corporation. The adoption of a Type B Economic Development Corporation and local sales and use tax in the City of Olney, Texas at the rate of one-half of one percent (0.5%) for the benefit of the new Type B Economic Development Corporation to undertake projects described in Chapters 501 through 505 of the Texas Local Government Code. As may be amended from time to time, including but not limited to projects to promote new or expanded retail stores, restaurants, and entertainment business enterprises in the City of Olney.
Funds the city had weren’t able to be used with the Type A Corporation but now with the Type B, they will be able to make huge improvements in Olney.
“This is exciting for our community and the opportunities ahead. We look forward to getting to work and making a positive impact. Olney is a wonderful place to call home, full of citizens who care deeply about Olney’s future. This will allow us to improve the quality of life and continue making positive progress.” Mayor Rue Rogers said.
Unofficial results showed out of 173 voters, 151 were for the new proposition and 22 were against it. This new plan will not have an effect on citizens worried about a tax increase. It will just replace the half cent tax that was already in place with the Type A corporation.
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