Monday's Internet Edition, October 06, 2008.
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News editor - Copperas Cove City Manager Steve Alexander briefly discussed the city’s budget process at a recent quarterly meeting of area entities — the city, chamber, school district and economic develop corporation.
Alexander said the city is looking at county appraisal figures, which is down from the annual average of a three to four percent increase. These figures may make it difficult to put the budget together because of a lot of capitol needs and a proposed $14 million bond project that will add to the city’s debt, he said.
Council member Bud Owsley informed the entities that a groundbreaking for Cove Meadow Estates, to be located at the corner or Hwy. 190 and South FM 116, next to Diamond Shamrock, will take place at 10 a.m. on June 30.
The 188-apartment gated, residential community is being done through the non-profit arm of the Copperas Cove Housing Authority, but the community will not be low income housing, he said. The housing authority had to form a non-profit branch just like the Exchange Club of Copperas Cove did to build the Sunshine Home, he said.
Owsley said U.S. Rep. Chet Edwards and state Sen. Kip Averitt are scheduled to speak at the groundbreaking. The first unit of the apartments is scheduled to be complete by January, he said.
Copperas Cove Chamber of Commerce and Visitor’s Bureau Executive Director David Landmann said that the raw income the Festival of Five Hills brought in is better than in previous years. Landmann said the proceeds from the carnival were greater than from previous events. He said the carnival was a success in terms of the number of the people who came and added that the income helped to pay off a lot of bills incurred in 2001.
Landmann said the chamber is working on its ongoing tourism program, BikeCentral, Texas. The chamber has sent out letters to bike clubs in several cities and will once again set up an exhibit at the Hotter ‘N Hell 100 race in Wichita Falls. The chamber is also getting ready for Hood Howdy, he said.
Landmann also announced that Edwards will speak at the Morning Exchange Club’s July 2 meeting at 6:30 a.m. at Lil-Tex Restaurant.
Carol Mills, Cove EDC executive director, said the corporation is working with the Downtown Association to do a business survey. Mills said the two entities are trying to get a wish list from the business and property owners just in case it gets a Tax Increment Financing Zone.
Tax Increment Financing districts are established to attract private developers to blighted areas that are in need of redevelopment. It works by using increased tax revenues of a redevelopment area to fund improvements and incentives for rehabilitation.
TIF induces development where it would not otherwise take place, which in turn creates employment opportunities and generates additional local and state tax revenue. This additional tax revenue is used to pay for improvements and incentives in the TIF district.
The corporation is also working on getting three tax entities, city, county, and school board, to adopt a Freeport Exemption, which would give distribution and manufacturing companies an inventory tax break.