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Economic Development Program (Local Government Code, Chapter 380)

Purpose of Incentive

The purpose of these local grants is to reimburse private developers for the range of expenses that may contribute to a financing gap yielding projects financially infeasible. To this end, the City will also be sensitive to the taxable implications these grants may have for the developer and where possible, use transfer mechanisms (i.e., soft loans, accrual notes, etc.) which result in a favorable financial impact.

Project Use

The Economic Development Program grants are made in accordance with Texas Local Government Code 380. The City will work with the applicant to match dollars to appropriate costs.

Limitations

This incentive may only be used as a gap financing tool of last resort. The use of this incentive is for projects facing extraordinary impediments to development and offering significant positive impact to the community and surrounding neighborhood where the project is located. Limitations on how this incentive is used are predicated on the source of the funds and terms and conditions of the award to the City and the project.

Retail Sales Tax Sharing

Purpose: The purpose of this incentive, administered under Local Government Code, Chapter 380, is to specifically encourage the development or expansion of retail operations that fill an important void in the existing retail market. In order to qualify for this incentive, the applicant’s project must embody a retail opportunity that conforms to the stated vision for the area, as well as fulfills an unmet demand.

Project Use: The City may provide a rebate of a percentage of the sales tax increment attributable to property improvements or upgraded tenant mix. The rebate can be made either to the site developer as a reimbursement for site improvement expenses or to the retail tenants of the improved center in order to assist in relocation or expansion related costs of the tenants. The percent of the City’s sales tax rebate and length of time will be negotiable.

Limitations: This incentive is only available for a commercial retail project along one of the 31 Commercial Corridors of the Central City or in a designated Urban Village. The City sales tax to be rebated excludes the .5% sales tax for the Fort Worth Transit Authority and the .5% sales tax for the Crime Control Prevention District.