The City of Burleson is committed to the promotion and retention of high quality development within the City of Burleson and to better the quality of life for its citizens. These objectives can often be attained by the enhancement and expansion of the local economy. To meet these objectives, the City of Burleson will, on a case-by-case basis, consider providing economic development incentives to aid in the stimulation of economic development in Burleson.
The City Council may enter into a tax abatement or incentive agreement with landowners with projects demonstrating an increased investment in buildings, fixed assets, increased employment, or an increase in the City's sales tax.
For more information on this program, refer to the City of Burleson's Guidelines and Criteria for the Economic Development Incentives Program.
Both Johnson and Tarrant Counties offer a tax abatement program. The City of Burleson will assist companies in pursuing a tax abatement with the appropriate county. |
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Texas Capital Fund - Infrastructure Development Program
The Texas Capital Fund Infrastructure Development Program is an economic development tool designed to provide financial resources to non-entitlement communities such as Burleson. Funds from this program can be utilized for public infrastructure need to assist a business which commits to create and/or retain permanent jobs, primarily for low and moderate income persons. This is a Texas Department of Economic Development program.
Funds may be used for construction of the following first-time/initial public infrastructure:
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| · Water & Sewer |
| · Road/street improvements |
| · Natural gas lines |
| . Electric, telephone & fiber optic lines |
| · Harbor/channel dredging |
| · Purchase of real estate related to infrastructure |
| · Drainage channel and ponds |
| · Pre-treatment facilities |
| · Landfills and incinerators |
| · Traffic signals and signs |
| · Railroad spurs |
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Eligible applicants are non-entitlement communities only. Businesses and individuals may not directly submit applications.
Terms
- The minimum award is $50,000 and the maximum award is $500,000
- The award may not exceed fifty percent (50%) of the total project costs
- A minimum equity injection of ten percent (10%) of the total project cost by the business is required.
For more information on the Texas Capital Fund, please contact the Office of Economic Development for the City of Burleson at (817) 447-5400 ext. 215.
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Skills Development Fund
The Skills Development Fund is a program offered by the Texas Workforce Commission's Business Service Division. The Skills Development Fund is a program designed to help Texas public community and technical colleges finance customized job training for their local businesses. The Fund will provide training for specific skills for workers who will be hired by the businesses. The Legislature appropriated $25 million for fiscal years 1996 and 1997.
Businesses and labor unions who form partnerships with local community colleges and technical schools may apply for this program. They should have a training plan and jobs which pay the occupational wage in their local area.
Sales Tax Rebates and Property Tax Abatements
Under Chapter 380 of the Texas Local Government Code, Burleson has broad authority to enter into an agreement with an organization to implement an economic development program which benefits the citizens of Burleson. A program can include job creation, construction of new facilities, etc. The possibilities are numerous. For further information, contact the Office of Economic Development at (817) 447-5400 ext. 215.
Tax Increment Financing
Chapter 311 of the Texas Tax Code provides a vehicle for cities to use the "tax increment" revenue generated within a specific area to fund public improvements in that area. The "tax increment" is the difference between the tax generated prior to development and the tax generated after development. The increments can be used to finance streets, water, sewer, parks and other public improvements. Projects must comply with Chapter 311 of the Tax Code and meet the City's development goals in order to qualify. For further information, contact the Office of Economic Development at (817) 447-5400 ext. 215.
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SBA 504
Long-term fixed asset financing is available to qualified small businesses. Loan may not exceed $750,000 or be more than 40% of the project's total cost, whichever is less.
For more information on these programs, contact Burleson's Office of Economic Development at (817) 447- 5400 ext. 215.
Texas Capital Fund - Real Estate Development Program
The Texas Capital Fund Real Estate Development Program is designed to provide financial resources to non-entitlement communities such as Burleson. Funds must be used for real estate development to assist a business which commits to create and/or retain permanent jobs, primarily for low and moderate income persons. This program encourages new business development and expansions located in non-entitlement communities.
Funds may be used for:
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| · Acquisition |
| · Construction |
| · Rehabilitation |
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Only communities are eligible applicants, businesses and individuals may not directly submit an application.
Projects must demonstrate project feasibility and financial capability. Projects are evaluated by using a scoring system based on four major criteria: |
| 1. Community Needs |
| 2. Jobs created and/or retained |
| 3. Economic emphasis |
| 4. Leverage ratio |
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Terms
- The minimum award is $50,000 and the maximum is $500,000 |
·The award may not exceed fifty percent of the total project cost |
- Required minimum of equity injection of the total project cost by the business |
· Ten (10%), if operating for 3+ years |
· Thirty-three percent (33%), if operating for less than 3 years |
· Applicant must not dilute ownership for a minimum period of 5 years |
· The business must remit to the applicant monthly lease payments totaling the award amount, divided over a maximum two hundred forty (240) month period
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· The lease agreement with the business must be for at least three years, or until the contract between the applicant and Commerce is satisfactorily terminated, whichever is longer.
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| Utility Economic Development Rates |
TU Electric
Ms. Gyna Bivens
Customer Service & Marketing Mgr.
P.O. Box 970
Fort Worth, TX 76101-0970
817-215-6601
Oncor
E-mail |
United Cooperative Services
Mr. Landy Bennett
Manager of Marketing
3309 N. Main
Cleburne, Texas 76003-0016
817-556-4000 |
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