The Storefront and Streetscape Improvement Program assists commercial property and/or business owners in rehabilitating their storefronts and the streetscapes adjacent to their buidlings to revitalize neighborhood commercial areas, eliminate blight and enhance the livability of surrounding neighborhoods. Funding is provided by the City of Windcrest Economic Development Corporation. (the"WEDC")
A maximum of $9,990.00 is available through this program not to exceedf 50% of matching funds from the business owner.
At Gov. Rick Perry`s request, the 78th Texas Legislature established the Texas Enterprise Fund (TEF) in 2003 to help attract new jobs and investment to the state. The fund was reappropriated by the Legislature in 2005, 2007, 2009, and 2011. As the largest "deal-closing" fund of its kind in the nation, the TEF continues to attract businesses to Texas. The fund is used only as a final incentive tool where a single Texas site is competing with another viable out-of-state option. Additionally, the TEF will only be considered to help close a deal that already has significant local support behind it from a prospective Texas community
A Tax Increment Financing district is a special purpose district; a way for the City of Windcrest to reinvest added tax revenue from new development back into the area where it originated. The TIF program is used to finance new public improvements in designated areas. The goal is to stimulate new private investment and thereby increase real estate values. Any increase in tax revenues (caused by new development and higher property values) is paid into a special TIF fund to finance improvements. Potential improvements include wider sidewalks, utilities, public landscaping, lighting, environmental remediation, demolition, and historic façades etc.
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A Public Improvement District is a special assessment area created at the request of the property owners in the district. These owners pay a supplemental assessment with their taxes, which the PID uses for services above and beyond existing City services. The assessment allows each PID to have its own work program, which may consist of eligible activities such as marketing the area, providing additional security, landscaping and lighting, street cleaning, and cultural or recreational improvements.
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Chapter 380 of the Texas Local Government Code allows Texas municipalities to provide a grant or a loan of city funds or services to promote economic development. A Chapter 380 development agreement bypasses the need for upfront government incentives and kicks in only when a project is operating, thereby avoiding the prospect of a failed development taking incentive dollars.
A tax abatement is a local agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property and/or tangible personal property from taxation for a period not to exceed 10 years. Tax abatements are an economic development tool available to cities, counties and special districts to attract new industries and to encourage the retention and development of existing businesses through property tax exemptions or reductions. School districts may not enter into abatement agreements.
There is a 5-step process by which a taxing unit can establish tax abatement agreements. The statutes governing tax abatements are located in chapter 312 of the Texas Tax Code.
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