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 allows the city to offer loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business activity.
Pre-Requisites for application:
Company must establish place of business within the City
Minimum annual sales tax revenue: $100k
Maximum amount of City sales tax revenue paid: 70%
Duration: Initial term not to exceed 10 years