May 2007

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Richardson Legislative Update: Priorities and Progress

Richardson's legislative priorities focus on economic development, tax and appraisal caps, water, air quality, transportation, and parks and recreation.

House Bill 1188 and Senate Bill 486 reauthorizing the biennium $200 million Texas Emerging Technology Fund has been voted on favorably by both House and Senate committees and is awaiting floor action at this time.

The Emerging Technology Fund will include three major areas of investment:

  • Increasing research collaboration between public and private sector entities to develop new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new firm.
  • Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life.
  • Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.

Richardson's economic development will also be helped with focused the recapitalization of the Texas Enterprise Fund and the skills development fund. The Texas Enterprise Fund provides the state's leaders with a "deal closing fund" that has the flexibility and financial resources to help strengthen the state's economy. The fund can be used for a variety of economic development projects, including infrastructure development, community development, job training programs and business incentives. Before funds can be awarded, the Governor, Lieutenant Governor and Speaker must unanimously agree to support the use of the Texas Enterprise Fund for each specific project. Richardson has received more Enterprise Fund money than any other community in Texas.

It appears that legislation is moving slowly on the tax and appraisal caps. The Richardson Chamber of Commerce believes it is unwise to cap appraisal values and further restrict revenue growth to city and county governments beyond the rollback provisions already in state law.

Senate joint resolution 13 was passed by the Legislature and signed by the Governor. There is a statewide vote scheduled for May 12th to allow the Legislature to reduce school property taxes on the residences of the elderly or disabled.

The House and Senate passed legislation to update the state's water plan. The Richardson Chamber of Commerce supports legislation to designate to protect all remaining viable reservoir sites and supports the proposed 2007 state water plan. This legislation is progressing well.

In transportation news, the House and Senate have also passed legislation creating a two year moratorium on private equity Comprehensive Development Agreements. However, priority projects in North Texas are generally exempt from the moratorium. The Governor's Trans-Texas Corridor project would be subject to the moratorium.

Action News is a monthly publication of the Richardson Chamber of Commerce Communications Department.

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