The Tomball Economic Development Corporation (TEDC) is a non-profit organization formed in 1994, after citizen approval of the 4B Economic Development Tax. The TEDC is a legal entity with the statutory authority to spend economic development sales tax dollars. Tomball's total City sales tax rate is 2¢, with 0.5¢ allocated for the reduction in property tax and 0.5¢ allocated for economic development.
The Corporation is city-chartered and governed by a seven member, City Council appointed, board of directors. Annual revenues of the Corporation have grown steadily from approximately $800,000 in the 1994-1995 fiscal year (first full year) to $2.39 million in the 2011-2012 fiscal year.
The Corporation’s funds are reinvested into the Tomball community as qualifying companies receive financial assistance in the form of cash grants to defray the costs of purchasing land, buildings, equipment, and improvements for relocation or expansion in the City of Tomball. The TEDC works to bring new, quality businesses and manufacturing to Tomball while still supporting the high-tech corporate industry and family owned and operated businesses. The Corporation’s ultimate goal is to create primary jobs that infuse new dollars into the local economy by creating or selling products or services that are ultimately used locally or exported to regional, statewide, national, or international markets.