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Form 8850 Pearland Texas: What You Should Know
Work began in January 1971 and was completed in October 1973. The following is a copy of the report produced on November 13, 1974, to show what Pearland, TX looks like. The following table lists various information, including a table of contents for the complete report. This table lists information for the City of Pearland, Texas. Click here to enlarge this table In 1971, Pearland was the third largest city in Houston and the state capital. Pearland had a total population of 16,700. The population increased to 18,000 in 1973 and 20,300 in 1974 when oil was discovered. When the City of Pearland, Texas was granted land for development, it would use oil taxes to pay for the area. In addition, about half of the city's land would be used for low-income housing. As a result of these measures, this city is among the highest ranked in low-income housing across the country. Its poverty rate is 14.6 percent (the Census Bureau report indicates that the real poverty rate in Houston is 30 percent, the rate for Pearland is 18.7 percent). The unemployment rate is 6.3 percent for this city's work force. Pearland's economy has grown rapidly over the last twenty years. The area is ranked as the No. 3 city in the country for job growth. The economic growth is not just from the oil and gas industry because many other industries have come up and added workers. The high population of Pearland also means that the jobs are in high demand. The City of Pearland, Texas is an economic center in its own right. In 1973, Pearland had an estimated Gross Domestic Product of 14.3 billion while Houston had an estimated GDP of 19.4 billion in that year. The economic growth has been a double-edged sword. The high cost of living has caused people to move away as a result of the high cost of living in Pearland. Since 1973 when the City of Pearland, Texas was granted its first tax increment financing district there has been an estimated loss of 6 billion in property values. The amount of wealth that has returned to this city is about 1 billion. The following information relates to the Tax Increment Finance Authority that was established by the Texas Legislature. This tax increment finance authority (TIF) allows private development to be funded by the private development on the TIF.
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