|
City of Eastland Incentives
 The following economic development tools are available for selected
projects and negotiated on a case-by-case basis to assist an eligible
company to expand and/or relocate to the Eastland area. Incentives are
based on the number of quality jobs created and direct investment made
in the community.
Economic Development Sales Tax
In 1993, the citizens of Eastland adopted a one-half of one percent
sales tax to promote new and expand existing industrial and
manufacturing activities. The sales tax proceeds may be used to fund
promotional and development activities related to business
attraction/retention; financial assistance to businesses; land and
building purchase, lease and upgrade; infrastructure upgrade and
placement; and training and education.
Reinvestment Zones
The City of Eastland will consider a reinvestment zone for the purpose
of tax abatements, tax increment financing and public improvement
districts.
Property Tax Abatement
To promote and retain high quality development in all parts of the city,
the City of Eastland and Eastland County will consider providing a
property tax abatement on the appraised value of real property
improvements and business personal property in accordance with the
City's guidelines and criteria for granting a tax abatement.
 Tax Increment Financing
The City will consider using Tax Increment Financing to finance needed
public improvements in a defined area. The costs of public
infrastructure improvements to the area is repaid by the contribution of
future tax revenues by each taxing unit that levies taxes against the
property.
Public Improvement District
The Public Improvement District Act allows a city to levy and collect
special assessments on a property that is within the city or within the
city's extraterritorial jurisdiction (ETJ). The public improvement
district may be formed to accomplish improvements such as water,
wastewater, drainage, streets and sidewalks, parking, parks and
recreation.
Triple Freeport Exemption
Freeport property is exempt from property tax for various types of goods
that are detained in Texas for 175 days or less. The goods must be in
Texas only for a limited purpose such as assembly, storage,
manufacturing, processing or fabricating. This exemption will be
considered by Eastland County, the City of Eastland, and the Eastland
Independent School District, potentially providing a triple Freeport
Exemption city.
Economic Development Grants/Loans
Chapter 380 of the Local Government Code provides legislative authority
for municipalities to establish a program for making loans and grants to
promote state and local economic development and to stimulate business
and commercial activity in the City.
Other incentives that will be considered include:
Free land
Development Grants and Waver of all
City fees
Participation in all public
infrastructure development activities relating to projects
Reduced rates on water, sewer and
solid waste if feasible
Revenue Bonds – The City of Eastland
and Eastland County’s Industrial Development Corporation and will
consider revenue bonds for the projects.
*By law the Eastland City Commissioners must consider
incentives on a case-by-case basis and incentives cannot be guaranteed
until the City Commission considers in a formal public meeting. All
incentives will be tied to a development guarantee or “claw back”
agreement between the developer and the City of Eastland. A cost/benefit
analysis will be performed on each project.
|
