December 9, 2020 – Projects supported by Allen Economic Development Corporation have added $40.98 billion to the city of Allen and the wider regional economy, according to a recent study by a third-party analytics firm. Since its inception, the AEDC has supported 144 projects that have accounted for 18,062 direct jobs within the city, comprising 50% of the total jobs in Allen.
Insight Research Corporation, nationally recognized for their leading-edge methodologies, conducted the study which examines the economic, employment and tax revenue impact of AEDC projects. In 2019, AEDC projects increased the property tax base by $41 million, and represent $2.34 billion in appraised value over the past 27 years, or 55% of Allen’s current commercial tax base. The expansion of Allen’s commercial tax base has added a total tax revenue of $529 million to the city and helped Allen’s City Council’s ability to decrease the city’s tax rate by 35% since 1993.
“Twenty-eight years ago, voters tasked the AEDC with bringing in high quality jobs and increasing the commercial tax base in order to lower the tax burden on Allen citizens,” said Daniel Bowman, AEDC CEO/Executive Director. “And this study clearly shows we’re accomplishing that. In addition, these projects help bring in amenities that residents enjoy and make Allen a great place to live.”
AEDC projects have helped stabilize not only Allen’s tax base, but also that of the Allen Independent School District, Collin County, the Collin County Community College District and the State of Texas. It is estimated that since 1993, AEDC projects have had a cumulative tax impact of $2.406 billion to all jurisdictions, with $257 million being added in 2019.
Since the ordinance was approved by voters in 1992, the AEDC’s performance has been measured to track return on investment. This is the eighth impact report conducted by Insight Research for AEDC and provides a consistent measurement of the program’s value to the city of Allen.
Click here to view the presentation to Allen City Council on December 8, 2020.
