A corporation established in 2002 has explained how investing millions in infrastructure projects promotes the diversification and strengthening of the Midland, Texas economy.
Midland Development Corporation (MDC) will have contributed $10.3 million of $117 million of highway funding to “be spent on local infrastructure projects” from 2018 to 2021, according to a press release on MDC’s website.
The MDC assists existing businesses in Midland and potential businesses, according to MDC’s website.
“Funding infrastructure projects is a key part of the MDC’s mission to generate economic growth through the attraction of investment, companies, and jobs to the area,” MDC’s Executive Director John Trischitti said in the press release. “Infrastructure investments show companies that we are willing to take the steps necessary to ensure that they can move employees and products in and out of Midland without any unnecessary delays.”
MDC offers “incentives to qualified new and existing employers who create jobs for the community,” its website stated.
“Midland voters made these incentives possible when they approved a quarter-cent increase in the local sales tax rate, with additional revenues earmarked to promote economic development and diversification,” the website said. “A seven-member board appointed by the city council governs the Midland Development Corporation.”
MDC’s financial involvement in infrastructure projects can help push them forward, the press release said.
For example, the Texas Department of Transportation’s Odessa District, serving 12 counties, has had completion of projects accelerated due to MDC’s involvement.
“MDC has coordinated with TxDOT to accelerate the completion of projects including mainlanes and interchanges at Loop 250 and CR 1150, Loop 250 and CR 1140, Loop 250 and SH 191, South Midkiff and I-20, and the widening of SH 349 north of town,” the press release said. “While the MDC does not handle construction, the organization’s work on these projects was crucial to reaching the construction phase.”