Amarillo City Council, AEDC to discuss proposed amendments to articles of incorporation

The Amarillo Economic Development Corporation (AEDC) is facing proposed amendments to its articles of incorporation, following a decision by the Amarillo City Council to have outside counsel draft them. The amendments, proposed by attorney George Hyde, aim to modify certain aspects of the AEDC's operations and structure.

“Everyone of his recommendations is not there to hinder or harm our EDC in any way, to even to the point of Councilmember Simpson of, ‘You know this is a lot and is this going to hurt the way we compete?’ these articles are no way you compete for those businesses that you are trying to attract to Amarillo and so we are doing what we feel for the best interest of both bodies to ratify what was wrong,” Amarillo Mayor Cole Stanley said.

Hyde is expected to work with the AEDC board, staff, and attorney to go over these proposed amendments.

“Hopefully get a document that everybody can get, you know move forward with the AEDC. I think the collaboration, hopefully, will be important and the work the board and the council and then the two attorneys do can move us forward and get back to doing the business of the AEDC,” Kevin Carter, Amarillo Economic Development Corporation president and CEO, said.

The proposed changes to the Amarillo Economic Development Corporation (AEDC) are primarily focused on:

Defining the AEDC as a Type A corporation: This will limit the range of projects the AEDC can undertake.

Establishing specific purposes, powers, and restrictions: This will outline the AEDC's scope of operations and activities.

Regulating the corporation's internal affairs: This will ensure the AEDC operates in compliance with state law.

The most significant changes are proposed in Article Five, which deals with the regulation of the corporation's internal affairs. If passed, the Amarillo City Council would act as a "Parent" to the AEDC, overseeing its programs and expenditures. The AEDC would also be required to prepare its budget in a "Line-item format" and obtain approval from both the AEDC board and the city council for any budget adjustments.

The proposed changes are a result of an investigation into a $750,000 wire transfer that occurred in 2023. The goal of these changes is to improve the AEDC's transparency and accountability.