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AEDC

Amarillo Economic Development Corporation · compiled Oct 22, 2026

The Amarillo Economic Development Corporation (AEDC) is a Type A nonprofit economic development corporation that the City of Amarillo created in 1990 under Resolution No. 1-16-90-2. It is funded by a half-cent (0.5%) sales tax that Amarillo voters approved on November 7, 1989. A five-member board appointed by the City Council governs it; the council approves its annual budget and its projects, and the City serves as its fiscal agent. The AEDC offers job-creation incentives, loans, leases and land to companies whose goods or services are sold outside the Amarillo area, and it repays sales-tax revenue bonds issued for earlier projects. 123

Sales tax revenue, FY2025
$26.6M
audited, year ended Sep 30
Net position, end of FY2025
$106.7M
audited
Incentive commitments, FY2025
$98.8M
outstanding at year end
Approved budget, FY2027
$24.7M
council-approved · see budget notes

At a glance

Created
1990, by City of Amarillo Resolution No. 1-16-90-2, under the Development Corporation Act of the State of Texas12
Type
Type A economic development corporation; a nonprofit corporation that the City reports as a discretely presented component unit41
Funding
Half-cent (0.5%) sales tax approved by a majority of voters on November 7, 1989; the AEDC's audit says Amarillo was the second Texas city to approve the tax. Sales tax revenue was $26,648,782 in FY2025.231
Board
Five directors appointed by the City Council. On August 31, 2026: Elliot McKinney (chair), Dipak Patel (vice chair/secretary), Dean Crump, Randy Burkett and Brian Bruckner. The City CFO serves as appointed treasurer and the City Manager as ex officio member.15
City Council's role
Approves the annual budget (required by the AEDC bylaws) and, under the articles amended January 14, 2025 (Resolution No. 01-14-25-2, passed 4-1), each project and expenditure; budget line items cannot be shifted without a council-approved amendment.2673
City as fiscal agent
The City provides accounting, investment and management information services and holds the AEDC's cash in its depository as agent; the FY2026 operating budget lists a $75,000 fiscal agent fee.15
President and CEO
Andreas Eckstein, PhD. The board voted unanimously on March 26, 2026 to offer him the role, with a start date on or around May 11, 2026 and an initial salary of $220,000.85
Debt
Taxable sales tax revenue refunding bonds: Series 2017, $4,545,000 outstanding at September 30, 2025 (final payment 2027), and Series 2019, $13,495,000 outstanding (final payment 2030).1
Office
600 S. Tyler Street, Suite 1600, Amarillo, Texas 791011
Fiscal year
October 1 to September 30, the same as the City's16

Finances by fiscal year

From the AEDC's audited financial statements. The AEDC's fiscal year ends September 30 (FY2025 ended Sep 30, 2025). Dollar figures are not adjusted for inflation; a dash means the statements we read don't give that figure.

FY19$19.7M
FY20$19.9M
FY21$22.5M
FY22$24.8M
FY23$25.1M
FY24$25.8M
FY25$26.6M
YearSales taxTotal revenueTotal expensesNet positionCommitmentsSources
FY2025$26.6M$33.0M$13.9M$106.7M$98.8M[1][3]From the City's FY2025 ACFR component-unit statements; no separately issued FY2025 AEDC audit was found on amarilloedc.com. Total revenue is the sum of the ACFR's program revenues ($959,985) and general revenues ($32,015,087, including $5,366,305 of investment earnings), so unlike earlier rows it includes gains on property disposal ($155,446) and loan forgiveness ($606,423). The ACFR's unaudited ten-year table gives FY2025 expenses of $13,954,201. The ACFR also states the board terminated a $20,000,000 commitment on February 18, 2025 (CVMR, per the FY2024 audit).
FY2024$25.8M$32.7M$45.9M$87.7M$131.2M[3][14]Expenses include a $20,810,706 payable accrued to the Texas Tech University System for the vet school. Nonoperating revenues of $8,708,381 are not included in total revenue. The City's FY2024 ACFR shows AEDC expenses of $45,871,985.
FY2023$25.1M$30.4M$27.4M$92.2M$159.0M[12][3][13]Nonoperating revenues of $9,241,724, mostly a $9,123,713 gain on disposal of property, are not included in total revenue. Commitments are stated as approximate.
FY2022$24.8M$28.5M$17.2M$80.0M$171.0M[12][10]As restated in the FY2023 statements (a vehicle purchase and related note payable); the FY2022 statements originally reported operating expenses of $17,145,939 and net position of $79,959,378. Nonoperating expenses of $302,507 (restated) are not included. Commitments are stated as approximate.
FY2021$22.5M$26.2M$15.7M$68.9M$76.0M[10][9][11]As restated in the FY2022 statements for GASB 87 (leases); the FY2021 statements originally reported operating revenues of $26,183,040 and net position of $68,954,234. Nonoperating expenses of $965,965 are not included. Commitments are stated as approximate.
FY2020$19.9M$24.2M$43.0M$59.5M—[9][1]Total operating revenues and expenses; nonoperating revenues of $438,713 are not included. Expenses include $31.4 million of grants for qualifying projects (MD&A); the City's ACFR states that in 2020 Texas Tech met requirements making $30 million of its $69 million vet school commitment payable.
FY2019$19.7M$24.4M$25.8M$77.8M—[9][1]From the FY2021 audited report. Revenue and expenses are the MD&A's operating figures, given in thousands (2019 column labelled restated); sales tax is from the report's unaudited Table 5; net position is the FY2020 beginning balance in the audited statements. The City's FY2025 ACFR ten-year table (unaudited) gives FY2019 AEDC expenses of $24,173,802.

Approved budgets

The AEDC's budget takes effect only after the City Council approves it.

YearBudgetNotes
FY2027$24.7MResolution No. 09-08-26-1, passed 4-0 on first reading September 8, 2026 (one member absent) and on the September 22, 2026 consent agenda, 4-1, per the draft minutes in the October 13, 2026 packet. The packet gives no grand total; this is the sum of its business-unit expenditure totals: operations $1,832,685, business development $1,400,000, TPRDC contract $250,000 and projects $21,231,753. Bond principal of $4,920,000 is listed separately. [22][23]
FY2026$26.7MResolution No. 09-16-25-1, passed 5-0 on first reading September 16, 2025 and on the September 23, 2025 consent agenda, 5-0. The packet gives no grand total; this is the sum of its business-unit expenditure totals: operations $1,780,000, business development $700,000, TPRDC contract $237,000 and projects $23,983,183. Bond principal of $4,780,000 is listed separately. The FY2027 packet shows the FY2025-26 operations budget as $1,840,000. [2][20][21][22]
FY2025$40.0MAmended budget approved January 28, 2025 (Resolution No. 01-28-25-4, 5-0). The packet gives no grand total; this is the sum of its four business-unit expenditure totals: operations $1,667,720, business development $800,000, TPRDC contract $237,000 and projects $37,290,183. Bond principal of $4,640,000 is listed separately. On September 30, 2024 the council had approved the budget 4-0 amended to include only salaries, contractual obligations and operating expenses. [7][18][19]
FY2024$3.5MGrand total of the budget amended by the AEDC board August 21, 2023: operating fund $2,828,340 plus project support $675,000, including $380,000 for the Enterprize Challenge. Does not include incentive payments or debt service. Council ratified Resolution No. 09-19-23-1 on September 19, 2023, 4-1. [15][17]
FY2023$4.2MFY2022-23 column of the AEDC budget summary in the FY2024 council packet: operating fund $2,767,340 plus project support $1,453,000. This format does not include incentive payments or debt service. Council approved Resolution No. 09-13-22-6 on the September 13, 2022 consent agenda, 5-0. [15][16]

Largest outstanding incentive commitments

Amounts the AEDC has agreed to pay if recipients meet the terms of their agreements, as the AEDC reported them on the date shown. A commitment is not a payment.

RecipientCommitmentAs ofNotes
Unmanned Systems, Inc. (dba Albers Aerospace)$40.0MAug 31, 2026Original $58,000,000; $8,000,000 paid in prior years; a further $10,000,000 budgeted for FY2026 was unpaid at August 31, 2026. The FY2024 audit gave a remaining commitment of $50,000,000. [5][3]
City of Amarillo (North East Interceptor participation)$16.0MAug 31, 2026The report lists an original amount of $17,440,050 and $601,503 budgeted for FY2026, unpaid at August 31, 2026. The FY2024 audit describes a $10 million participation, paid over up to 30 years and capped at 50% of the City's related debt service, with $9,680,048 remaining. [5][3]
Maxor National Pharmacy Services$8.6MAug 31, 2026Original $13,000,000 (approved 2017); $4,172,500 paid in prior years; $200,000 budgeted for FY2026, unpaid at August 31, 2026. [5][3]
Producer Owned Beef, LLC$8.0MAug 31, 2026The FY2024 audit says the 2022 commitment was $11,109,200, of which $3,109,200 was land conveyed in 2023. [5][3]
Cacique Foods, LLC$4.0MAug 31, 2026Of $1,750,000 budgeted for FY2026, $900,000 was paid by August 31, 2026, leaving $850,000. The FY2024 audit says the 2021 commitment was $8,775,000, including $3,025,000 of land conveyed in 2023. [5][3]
Plant Agricultural Systems (Plant AS)$3.8MAug 31, 2026Job creation incentives; the FY2024 audit says land valued at $4,961,160 was conveyed in February 2024. [5][3]
Jax Transport$2.4MAug 31, 2026Original $3,300,000; $660,000 paid in prior years; $150,000 of $210,000 budgeted for FY2026 paid by August 31, 2026. [5]
City of Amarillo (TIRZ #3 infrastructure)$2.1MAug 31, 2026Original $7,570,000 for street, water and sewer infrastructure; $1,054,210 of $5,500,000 budgeted for FY2026 paid by August 31, 2026. The FY2024 audit says it is expected to be reimbursed over 18-20 years. [5][3]
Thrive Scholarship Program (2024 agreement)$1.9MAug 31, 2026Original $2,600,000; the FY2024 audit says a new six-year agreement began in July 2024. [5][3]
American Quarter Horse Association$1.5MAug 31, 2026Original $3,000,000 for job retention (2021); $1,200,000 paid in prior years and $300,000 in FY2026. [5][3]
Asset Protection Unit, Inc.$950.0KAug 31, 20262019 agreement, original $1,250,000. The project status report shows $950,000 in future commitments, but the FY2024 audit says $970,000 of these incentives lapsed, leaving $20,000 at September 30, 2024. A separate 2024 agreement shows $240,000 in future commitments. [5][3]
Caviness Beef Packers$640.0KAug 31, 2026Original $1,000,000 (2022); $160,000 paid in prior years; $70,000 of $200,000 budgeted for FY2026 paid by August 31, 2026. [5][3]

Leadership

Presidents and CEOs on record, including interim terms. Dates are shown only where a source states them.

  1. Apr 12, 2016 – ?Doug Nelson, Interim President and CEOHis successor's appointment took effect Jan 23, 2017.
  2. Nov 19, 2018 – ?Doug Nelson, Interim President and CEONamed interim in a Nov 6, 2018 announcement; formally appointed Nov 19, 2018. Kevin Carter took over effective Apr 1, 2019.
  3. Apr 1, 2019 – Jan 31, 2025Kevin Carter, President and CEOThe AEDC board approved his separation agreement on Jan 31, 2025.
  4. Feb 18, 2025 – ?Doug Nelson, Interim President and CEOAppointed by the board 4-0. Still listed as interim in board minutes of Apr 16, 2026; Andreas Eckstein became President and CEO in May 2026.
  5. May 11, 2026 – presentAndreas Eckstein, President and CEOThe board voted on Mar 26, 2026 to offer him the job, with a start "on or around May 11, 2026".
  6. Dates not on recordDoug Nelson, Senior Vice PresidentJoined the AEDC in January 2011; the date he became Senior Vice President was not found.

Board members on record

Directors are appointed by the City Council. This list holds only the board members the site's sources name; it is not a complete history of the board. The 2024–25 resignations and temporary board are covered in theRange storyline.

Storylines

Every storyline with at least one event involving the AEDC, by number of such events.

Coming up

2026

  1. Scheduled

Most recent events

2026