In the September economic development report, we’ll examine the June 2010 sales tax receipts that show a trend of month-in, month-out retail growth. We’ve surpassed our 2009-2010 allowable sales tax collections (.4 of 1% of total City’s valuation) for economic development with two months of collections remaining in the fiscal year. Over the past year, we’re expecting strong year-end growth from 2009. That means more dollars are being spent in town at Ord merchants. A healthy part of our rural revitalization correlates strongly with the retail growth over the past ten years. Our local retailers bring shoppers from over 100 miles away, and those dollars in turn create jobs and investment.
Let’s also not forget that some of this traffic is due to our building projects seen across town in the past ten years: first with the ethanol plant, then the truck plaza, the downtown improvement project, and then on to the new hospital, school building project and the new fire hall. These building projects have been a great injection into the local retail community, and I believe it has created a stronger environment for local retailers not just to survive, but thrive. Many are doing just that.
The great hope is that these improvements create a sustainable and viable economic future for the residents of Valley County. After ten years, it appears that is the case.
We also have some updates on the proposed housing development, the photo contest, 0% business loans, the Microenterprise Tax Credit and housing rehabilitation funds. It’s been a busy month!