Goals

The LEDA staff is dedicated to upholding the mission of the organization. Every day, the team at LEDA works hard to strengthen ties with viable prospects and local businesses to ensure economic development and growth within the Lubbock community. To measure progress and encourage business growth, LEDA’s yearly goals are approved by the LEDA Board of Directors. The FY 2016-2017 goals, identified below, reflect the LEDA staff’s commitment to growing business and job opportunities in Lubbock.

2016-2017

Company
Announcements
New Capital Investment New Jobs Announced Change in MSA Employment Workforce Development Value Added Impact

Goal

10 $30,000,000 700 3,500  $62,000,000

Achieved

2015-2016

Company
Announcements
New Capital Investment New Jobs Announced Change in MSA Employment Workforce Development Value Added Impact

Goal

13 $30,000,000 650 2,700  $40,000,000

Achieved

 12  $171,840,000  1,191  4,400  $55,441,426

 

Read below for a complete description of the goals identified in the preceding table:

Company Announcements: The announcement by a company that it plans to locate or expand in the Lubbock area would constitute one company announcement. The company must plan to produce minimum annual total salaries of the new additional employees of $250,000, or $500,000 in new capital investment. Any company whose project’s primary purpose is retail, food service or tourism services would not qualify as an announcement. The exception to these standards is those companies that are considered a startup or locate within the Downtown TIF District which must either produce at least three jobs or invest more than $100,000 in new capital improvements. The documentation could be a press release; newspaper article; notification to the Customs Port Director of FTZ application; signed Performance Agreement or any other documentation in which the company states its plans to locate in the Lubbock area.

New Capital Investment: New capital investment is the amount of money a company announces it plans to invest in real and personal property improvements to a location, such as constructing a building or purchasing machinery and/or equipment, when it makes the announcement that it will be locating or expanding to/in the Lubbock area. The documentation could be a press release; newspaper article; signed Performance Agreement or any other documentation in which the company states its new capital investment in Lubbock. Since capital investment levels for both Project Coke and Project Pepsi will not be included in the bonus calculation, incentive points will be paid for securing either or both projects at the levels stated (7.5% each).

Jobs Announced: Jobs would be measured by the number of jobs that the company announces when it makes the announcement that it will be locating or expanding to/in the Lubbock area. The documentation could be a press release; newspaper article; signed Performance Agreement or any other documentation in which the company states its anticipated number of jobs.

Lubbock MSA Job Growth/Change in Employment: The growth of jobs in the Lubbock MSA will be calculated by using the information provided in the June and July reports of the Texas Labor Market Review, a publication of the Texas Workforce Commission. To determine the amount of job growth, take the total employment of the Lubbock MSA from May 2016 as given in the July 2016 report and subtract the total employment of the Lubbock MSA from May 2015 as given in the June 2016 report. Documentation should include both the June and July reports.

Workforce Development Value Added Impact: In order to better quantify LEDA’s Workforce Development projects and activities, a value added impact number will be calculated. Value added impact is a conservative measure of economic activity which estimates the increase in the area’s gross regional product. The documentation required would include an Impact Data Source analysis as computed with information supplied from a company with the number of positions filled and the total wages of those positions directly related to LEDA’s workforce projects and activities. Positions filled by a company currently in an active performance agreement do not qualify. Additionally, documentation for education and workforce related grants awarded should include an Impact Data Source analysis as computed with information supplied from the number of workers/students to be trained and the average wage data from the Texas Workforce Commission for the related positions.