The bill for the tax will be received in late 2010 and will be due in January 2011.
Temple taxpayers gave the OK for the Temple Health and Bioscience Economic Development District to become a taxing entity on Saturday.
The law gives the Bioscience District the ability to tax up to $0.15 per $100 valuation, however the board has indicated it will set the initial tax rate at around 2.5 cents per $100 valuation.
The board might discuss the tax rate at its next meeting, said Wendell Williams, president of the Temple Health and Bioscience District board of directors.
“I don’t see us acting on a tax rate, because we have a lot of budgeting to do,” Williams said.
The bioscience district wasn’t the only group to go to area voters seeking funds, but it appears to be one of the few to have succeeded. The Belton school district’s $38.9 million bond initiative failed, as did Troy’s street bond and a Rosebud-Lott school district bond.
Rockdale voters OK’d a half-cent sales tax for economic development to help the community recover from the shutdown last year of Alcoa’s smelter and carbon plant.
The votes in the bioscience elections will be canvassed this morning.
Money raised by the Bioscience District tax will go toward developing a bioscience accelerator designed to provide space and staff to help entrepreneurs turn their ideas into commercial realities.
The Temple Health and Bioscience District has received $341,000 in federal funds designated for equipment purchase for the project.
jgibbs@temple-telegram
