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FYE 2016 Annual Report

At each year’s end, KEDC reflects on its Strategic Plan as a whole as well as the Mission and Vision Statements to determine how its accomplishments and activities are moving the organization forward.  Below is a summary of accomplishments for fiscal year 2015-2016.
 
KEDC Mission Statement
To enhance a business climate that is conducive to job creation and retention, improving the standard of living for Kilgore residents.
2015-2016 accomplishments through KEDC Economic Development Performance Agreements
★  434 jobs retained.
★  30 new jobs created.
★  464 total jobs under agreement.
The total number of jobs under agreements decreased from last year but is up from the five year average and almost twice the number of jobs under agreement in 2012, the last election year.
 
KEDC Vision Statement
A strengthened and diverse economy that is considered to be a prime business location. 
2015-2016 accomplishments through KEDC Economic Development Performance Agreements
★  Two companies signed three economic development agreements.
★  Companies invested $1,831,315.
★  Incentives averaged 4.5 percent of company investment, although individual agreements varied depending on individual company variables. Variables include number of employees, payroll, contribution to ad valorem and sales taxes, and NAICS code.
The number of companies related to the energy sector and operating under an agreement continued to decline from 47 percent in 2012-2013 and 30 percent last year to 28 percent this fiscal year. The number of companies committing to an agreement is down from last year and the five year average but the same as the last election year.  Investment numbers from new agreements are down from last year, the five year average and the last election year, however companies operating under an agreement have unexpectedly exceeded investment estimates by almost $30 million.  Incentives relative to  company investment remain relatively consistent. 

 
Committed to Kilgore
To progress the marketability of Kilgore to primary employers, the board directed almost $2 million to be spent on asset, infrastructure and community development.  Projects included the improvement of property owned by KEDC, communications fiber for primary employers along Highway 135 and a city trail system.
 
To read the entire report, click HERE.