Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Specifically, it provides for offering loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity.
Pre-Requisites for application:
Company must establish place of business within the City
Minimum annual sales tax revenue: $5million
Maximum amount of City sales tax revenue paid: 50%
Investment of not less than $10,000,000
Minimum of 25 new jobs