Lubbock Economic Development Alliance

Lubbock Economic Development Alliance:

History

In October of 1995, Market Lubbock was formed as a non-profit corporation to contract with the City of Lubbock to perform economic development activities. The corporation was granted $4.5 million to fund the initial operation cost with a commitment of a three cent property tax funding for annual operation. During the first two years of Market Lubbock, $2.5 million was invested to fund high-tech equipment of the Byron Martin Advanced Technology Center to assist with demanding workforces issues. Incentive programs were also created in the effort to retain and expand local businesses and to assist in the recruitment of new businesses. One such successful instance was Tyco’s relocation of a plant to Lubbock, creating 700 jobs in the process.

In 1998, Visit Lubbock and Lubbock Sports Authority became housed under Market Lubbock. In July of 2003, Gary C. Lawrence was hired by the Board of Directors to oversee the operations of the economic development corporation, convention and visitors’ bureau and the sports authority. Initial areas of impact were in relation to a professional positive-resulted audit and re-focusing efforts on job creation and new capital investment.

In October of 2004, the City of Lubbock created Lubbock Economic Development Alliance, a non-profit organization that is part of the City, as where Market Lubbock functions in contract with the City. On November 1, 2009, Gary C. Lawrence officially retired from his post; during his tenure he oversaw over $582 million of economic impact to the Lubbock community. LEDA and Market Lubbock welcomed their new CEO, John Osborne, in the February of 2010.