INTRODUCTION
The Economic Development Corporation of Weslaco (EDC) was formed under Section 4A of the Texas Development Corporation Act. The primary purpose of the EDC is to diversify the economic base and to create new job opportunities in Weslaco.
INCENTIVES
Economic development is the purposeful intervention by an entity to encourage private investment in a specific location when it otherwise might not have been made. That encouragement often represents public assistance with a financial value and is popularly referred to as an incentive or inducement. An economic development project may be an expansion of an existing business, location of a new business in the community, a start-up, or any activity undertaken by the private (or in some cases, public) sector to create economic benefit or additional wealth in a community.
The EDC performs an unbiased evaluation of the project’s merits. Its basic task is to ensure, to the extent possible, that a business project is a sound investment for the community. The EDC will require current financial statements on companies requesting incentives and/or loans. While the negotiations are ongoing, all records are kept confidential. Once a development agreement is executed, the record is governed by the Texas Public Information Act.
PROJECT CHARACTERISTICS
Each of the following characteristics is evaluated to determine the public investment, if any:
1. Total dollar value of project
2. Number of new jobs created
3. Wage scale and skill level of employees
4. Value of property improvements
5. Property tax contribution at current rate
6. Sales tax currently generated
7. Projection of sales tax to be generated
PUBLIC INVESTMENT / INCENTIVE
1. A percentage of total cost (10-15%) based on capital investment and new jobs
2. Preference given to local business expansion
GENERAL GUIDE
Each project is judged on its own merits and standards. The size and form of the incentive will depend on the overall positive economic impact to Weslaco. Incentive agreements are based on jobs created or retained and the amount of the investment. The incentive may range from Seven Hundred Fifty Dollars ($750.00) to Three Thousand Dollars ($3,000.00) per job for job retention and from One Thousand Five Hundred Dollars ($1,500.00) to Five Thousand Dollars ($5,000.00) per job for new jobs created.
DOWNTOWN WESLACO INCENTIVES
In the downtown district, we are committed to creating an environment that is conducive to doing business. The Weslaco EDC has grants available to businesses in the district to help beautify buildings as well as incentives that can help get the buildings to city code standards.
WESLACO 100 POLICY
FACADE RENOVATIONS AND IMPROVEMENT POLICY
GOVERNMENT CODE TITLE 10. GENERAL GOVERNMENT SUBTITLE F. STATE AND LOCAL CONTRACTS AND FUND MANAGEMENT – CLICK HERE FOR FULL TEXT OF STATE CODE
Download PDF Documents
INCENTIVE APPLICATION
INCENTIVE GUIDE
Effective June 2007.
