The Odessa Development Corporation (ODC) focuses on Odessa economic development and local business retention and expansion. The ODC provides job creation grants, capital investment grants and other incentives for businesses seeking to expand in Odessa.
Applying for Economic Development Assistance
To be considered for Odessa economic development incentives, an application is submitted along with project information such as capital investment and employment numbers. After the completion of the application, a matrix/formula is used to determine the type and amount of incentives available, if any. The application is then submitted to the ODC Compliance Committee that will review and prepare a recommendation to the ODC Board. The recommendation must be approved by both the ODC and City Council before an official contract is signed.
The business requesting economic development assistance must fall within the legal guidelines of the types of operations that can be helped by ODC. As a Type A sales tax entity, any incentives offered by the ODC must be dedicated to promoting new or expanding industrial and manufacturing activities.
Questions of community impact that the ODC board considers for new companies and business retention and expansion projects include the following: 1) number jobs that will be created when a new business moves in, 2) the employee skills that will be required, 3)the salary ranges available, and 4) the length of time a company will commit to staying in Odessa.
The Development Corporation Act of 1979 governs Odessa’s Type A Sales Tax. Type A allows for supporting economic development projects to promote new and expanded industrial and manufacturing activities in our city. This law requires that a development corporation be comprised of a five-member board of directors whose job it is to oversee the use of tax dollars in the economic development process. In Odessa, this board is the Odessa Development Corporation (ODC).
The Development Corporation Act stipulates that the city shall approve all programs and expenditures of the Development Corporation and shall annually review any financial statements of the corporation. At all times the city will have access to the books and records of the Development Corporation. The ODC board members serve at the pleasure of the city council that approves the ODCs bylaws and how they spend funds.
According to by-laws governing the formation of economic development corporations, the Board has an opportunity to contract with any outside entity to serve as the lead economic development agency for the corporation. The Odessa Chamber of Commerce is that agency for the Odessa Development Corporation.
Also serving as contract partners with the ODC are the Small Business Development Center, Midland Odessa Transportation Alliance (MOTRAN) and CVA Advertising & Marketing.