The town of Argyle is establishing a new Municipal Development District that was narrowly approved by voters.
Voters were pretty evenly split on the proposition in November’s election, with 1,503 voting for and 1,498 voting against, according to election results from the Denton County elections office. Following the votes being canvassed, the Argyle Town Council voted unanimously to approve creation of the MDD.
A Municipal Development District is a special purpose district created for the purpose of generating economic development and growth opportunities within the boundaries of the district. The proposed Argyle MDD boundaries are generally a half-mile beyond the town limits of Argyle and includes the Extra-Territorial Jurisdiction if not otherwise included in an adjacent city or another city’s ETJ, according to a news release from the town of Argyle.
The town currently has a Type B Economic Development Corporation, which imposes a 0.25% sales tax within town limits. The new MDD will be able to continue imposing the same sales tax rate but extend the boundaries to include the town’s ETJ, according to the town. The MDD will be able to perform the same types of projects as are currently allowed by the Type B EDC, such as retail, restaurant, parking, transportation, roads, public parks and other improvements.
With the approval of the MDD, the Argyle Economic Development Corporation will be terminated.