As usual with the LEDC, the rules, regulations, mission statements and math never seem to add up.
Recently, Mandy Walsh told us that the LEDC would be giving out “grants” (free money) to local businesses who were closed down because of the Wuhan virus. She claims they are able to do this by “authority of the EDC under Sec. 505.103, Texas Local Government Code” [page 5].
Great. So if you go LOOK UP Section 505.103 in the Texas Local Government Code, you get this:
That is literally all it says. OK – fine.
Unfortunately, Mandy has said this program will hand out $100,000 in free money, presumably for “promotional purposes” since that is what Sec 505.103 says. The LEDC “corporate revenues” (sales taxes they skim from the citizens) are roughly $300,000 (according to their last available Form 990 Part VIII Section 12 = $309,746)
By my math, 10% of $309,746 is $30,974 NOT $100,000.
So, what say you Jo-Christy Brown?? Is this legal or what?? Sure doesn’t look like it. But I’m not a high-priced City attorney either….just a tax cow to be milked.