Chapter 380 Economic Development Program Grants
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.
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.
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.