The Dallas Economic Development Corporation, a nonprofit organization focused on fostering Dallas' business climate, has concluded its long-running search for a new CEO for the organization. Linda McMahon, president and CEO of the Real Estate Council, is moving closer to leading the organization.
The DEDC board is scheduled to vote on her confirmation on May 7. If approved, she will begin her role as the company's CEO starting July 1.
“I am extremely honored to have been selected to serve on the board,” said McMahon. “This was a tougher, more demanding process than any interview process I've gone through in my entire professional career. But it was worth it. I learned why Dallas truly is a great place to do business. I look forward to showing it to you.”
Dallas EDC is the city's business recruitment and expansion arm, operating as a nonprofit organization that helps attract and accelerate business growth. The organization was founded in 2022, and Mr. McMahon was a member of the original 15-member board of directors and most recently served as vice president.
If Dallas residents approve a $72.3 million economic development bond on Saturday, it could play a bigger role if other cities and regions can use the bond to attract new jobs and businesses. be.
The Real Estate Council is a trade association and community organization of local real estate professionals with more than 1,300 members.
During the six months that DEDC was searching for a CEO, McMahon didn't consider any other options. The only thing on her mind, she said, is to propel Dallas into a new era of wealth with the backing of some of the nation's biggest corporations.
“New businesses that come to Texas should come to Dallas. This region is experiencing great growth, but we want to make sure Dallas is at the center of everything,” she said. “I think the future of business in Dallas is limitless. We want to seize the opportunity to expand the tax base in the city so we can provide a full range of services to the people who live here and support our growth.” That's what I think.
McMahon already has experience working under former Dallas Mayor Mike Rawlings to help improve underserved areas of Dallas, including South Dallas. She and Rawlings helped found her South Childhood Fund, which raised $30 million for her investments in Dallas.
But as CEO of DEDC, ensuring a similar level of significant investment across Dallas is on her bucket list. To do that, McMahon said she and her company need to promote Dallas as a city poised for further growth.
“We have the opportunity to make the most of our real estate assets and be involved in the growth of small businesses, housing and all the opportunities that truly create a vibrant quality of life,” she said. “We have to create an atmosphere that shows both large and small businesses that Dallas stands behind them and stands ready to help in any way we can.”
Dallas will likely need to use incentives to attract more companies. Dallas voters are being asked to vote on a $1.25 billion bond package that includes $72.3 million in Prop. G for economic development, and McMahon has already started planning for the future, she said. Ta.
“All bond funds obtained through the bond election will be administered by the City of Dallas' economic development department,” she said. “So, we will also have a role in working with city staff to determine how to best utilize the funding approved by voters.”
Many projects have already been designated to receive a portion of Prop G funding, but he declined to comment on which specific projects could receive the incentives.
Still, her vision for the city includes attracting more large and small businesses to Dallas. She said she aims to leverage the city's strong workforce and shape the city for investors as a region ripe for expansion.
“We are very fortunate. We already have a highly educated workforce and a great business environment with great diversity,” she said. “But we're serious about building a long-term sustainable economic environment. I can't imagine living anywhere else but Dallas. We want everyone to live in this city. We are ready to make it happen.”
