The Pasadena Economic Development Corporation (PEDC) is a non-profit industrial development corporation which is tasked with driving the creation, retention, and investment of resources to diversify economic opportunities and improve quality of life for Pasadena Citizens. The Corporation was created in November of 1998, and voters also adopted the proposed sales and use tax rate of one-half of one percent (1/2 cents). The PEDC Budget can also be found in the City’s Annual Operating Budget as a Component Unit.