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Brownfields Program |
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A brownfields site is "real property", the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant." This city-run program offers incentives to companies willing to redevelop these economically distressed areas in Fort Worth.
Incentives may include designation as a federal enterprise zone or tax increment financing district, as well as a tax abatement program.
Contact:
Roger Grantham
Environmental Management Department
City of Fort Worth
817.392.8592
Roger.Grantham@fortworthgov.org
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Economic Development Administration Grants |
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Offered through the U.S. Housing and Urban Development Department.
These grants underwrite the cost of planning and construction for projects in rural and urban locations which may produce jobs for the community.
Contact:
Pedro R. Garza
Regional Director
Austin EDA Region
512.381.8144
Pgarza@eda.doc.gov
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Emerging Technology Fund |
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The Emerging Technology Fund was established to allow emerging technology activity to be eligible for funding if the technology will result in creation of high quality new jobs, immediately or over a longer period, in the state if tied to emerging technology; or has the potential to result in a medical or scientific breakthrough.
Funds are divided between: Regional Centers of Innovation and Commercialization project activity, emerging technology research matching grant activity and acquisition of research superiority grant activity.
Contact:
Mike Lockerd
North Texas RCIC
972.883.4920
Mikel@ntxrcic.org
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Enterprise Zones |
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The State of Texas allows cities and counties to designate geographic areas within their jurisdiction as State Enterprise Zones. These are economically distressed geographic areas within the city targeted for business development that will create jobs, stimulate further economic revitalization and reduce distress.
Contact:
Shallah Hatch
Economic Development Specialist
City of Fort Worth
817.392.2235
Shallah.Hatch@fortworthgov.org
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Enterprise Zone - Fort Worth Incentives |
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The City of Fort Worth offers special incentives to businesses that locate within an eligible enterprise zone in the city and make a minimum investment of $75,000 and create at least 10 new full-time jobs.
These incentives could include: reduced development fees, permit fee waivers, transfer of City-owned surplus property at below-market rates, enhanced participation in community facilities agreements, and reduced investment requirements for consideration of tax abatement.
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Enterprise Zone - Texas Incentives |
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For qualified businesses investing in Enterprise Zones, the State offers a one-time state sales and use tax refund, a one-time franchise tax refund and preference for all programs administered by the State of Texas.
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Federal Historic Preservation Tax Credit |
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The Federal Historic Preservation Tax Incentives program is one of the nation's most successful and cost-effective community revitalization programs. The program fosters private sector rehabilitation of historic buildings and promotes economic revitalization. The Federal program encourages businesses to take ownership and restore historic buildings for tax incentives.
The program is jointly managed by the National Park Service and the Internal Revenue Service, in partnership with State Historic Preservation Offices.
For more information, visit the Texas Historical Commission website.
Contact:
Texas Historical Commission
512.463.6100
thc@thc.state.tx.us
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Freeport Tax Exemption |
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The State of Texas allows local property taxing jurisdictions to exempt in-transit inventory from personal property taxes. This is commonly referred to as the "Freeport" exemption. In-transit inventory is inventory which leaves Texas within 175 days. The Freeport Tax Exemption is especially beneficial to businesses with high-value inventories and multi-state distribution systems. It allows them to store products without paying taxes, decreasing overall business expenses.
Most locations in Fort Worth allow this exemption at all three taxing levels. This is known as "triple freeport" exemption.
For more information, visit the Tarrant Appraisal District website.
Contact:
Jeff Craig
Business Personal Property Manager
Tarrant Appraisal District
817.595.6131
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Foreign-Trade Zones (FTZ) |
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Foreign trade zones provide special customs procedures to U.S. plants engaged in international trade-related activities. Duty-free treatment is accord items that are processed in FTZ's and then re-exported, and duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market.
For more information, visit the Foreign-Trade Zone Resource Center .
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Historically Underutilized Business Zones |
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The HUBZone Empowerment Contracting Program is operated by the U.S. Small Business Administration (SBA). This program stimulates economic development and creates jobs in urban and rural communities by providing Federal contracting preferences to small businesses. These preferences go to small businesses that obtain HUBZone certification.
A small business must meet all of the following criteria to qualify for the HUBZone program:
- maintain a "principal office" in a historically underutilized business zone;
- be owned and controlled by one or more U.S. citizens, and
- at least 35% of its employees must reside in a HUBZone
For more information, visit the HUBZone website.
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Industrial Revenue Bonds |
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The State of Texas Industrial Revenue Bond Program (IRB) is designed to provide tax-exempt or taxable financing for eligible industrial or manufacturing projects as defined in the Development Corporation Act of 1979 (Act). The Act allows cities, counties, conservation and reclamation districts to form non-profit industrial development corporations (IDCs) or authorities on their behalf. The purpose is to provide bonds for projects within their jurisdictions.
The IDC acts as a conduit through which monies are channeled. Generally, bond debt service is paid by the business under the terms of a lease, sale or loan agreement. As such, it does not constitute a debt or obligation of the governmental unit, the ICD or the State of Texas.
For more information visit the Texas Industrial Revenue Bond Program website.
Contact:
Texas Business Development
512.936.0100
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Property Tax Abatement |
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Texas allows local property taxing jurisdictions to partially or fully abate, for a maximum of ten years, a company's real and personal property taxes. Property tax abatement is limited by state law to new investment; property already on the tax roll is ineligible for abatement. An amount of up to 100% of the property’s appraised value from improvements begun after establishment of an agreement can apply.
The City of Fort Worth adheres to a "case-by-case" application, review and negotiation process when presented with requests of abatement.
Contact:
Ardina Washington
Economic Development Manager
City of Fort Worth
817.392.8003
Ardina.Washington@fortworthgov.org
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Neighborhood Empowerment Zones |
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Municipal property tax abatements, fee waivers and release of City liens are available to property owners who build or rehabilitate property within a Neighborhood Empowerment Zone. These incentives are designed to promote affordable housing, economic development and expanded services.
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SBA Loans |
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The proceeds of SBA Loans can be used for most business purposes. These may include the purchase of real estate to business operations; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery and equipment; purchase of inventory and working capital.
The Dallas/Fort Worth District Office is committed to fostering economic growth by providing assistance to small businesses that are located in its area of operation.
Contact:
Lorene Percy
Portfolio Manager
Alliance Lending Corporation
817.871.6431
lcollier@fwedc.com
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Skills Development Fund |
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The Texas Skills Development Fund (SDF) assists businesses and trade unions by financing the design and implementation of customized job training projects. The SDF program does not preclude the use of funds for literacy and adult education, if a business identifies this as a need. This fund successfully merges business needs and local customized training opportunities into a winning formula to increase the skills level and wages of the Texas workforce.
Businesses and trade unions must partner with an eligible applicant in order to be considered for Skills Development Fund grants. Eligible applicants are public community or technical colleges, the Texas Engineering Extension Service or a community-based organization working in partnership with one of these institutions. The average cost for a SDF trainee is approximately $1,000 (based on data from fiscal year 2005) with a standard length 12 month contract, although the actual cost can be higher or lower.
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Tax Increment Financing (TIF) |
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In the state of Texas, local governments can publicly finance structural improvements and infrastructure enhancements within “reinvestment zones.”
The tax increment comprises the difference between the appraised value of a reinvestment zone at the time it is established and the number of years it remains in existence.
Current Fort Worth TIF zones include the Downtown, the Speedway, Riverfront, Southside / Medical District, North Tarrant Parkway, Lancaster, the Trinity River Vision, Lone Star, Southwest Parkway, East Berry Renaissance and Woodhaven.
Contact:
Ossana O. Hermosillo
Business Development Coordinator
City of Fort Worth
817.392.8618
Ossana.Hermosillo@fortworthgov.org
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Texas Enterprise Fund |
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The State of Texas Enterprise Fund is a "deal closing fund" that has the flexibility and financial resources to help strengthen the state's economy. The fund can be used for a variety of economic development projects, including infrastructure development, community development, job training programs and business incentives. These funds will be used at attract new business to the state or assist with the substantial expansion of an existing business as part of a competitive recruitment situation.
To be eligible for the Texas Enterprise Fund support, a project must demonstrate a significant return on the state's investment and strong local support. The review process will consider a variety of factors associated with each project, including job creation and wages, capital investment, the financial strength of the applicant, the applicant's business history, analysis of the relevant business sector, and public and private sector financial support.
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