Doing Business in El Campo
The City of El Campo and the City Development Corporation of El Campo are pleased to consider potential incentives based upon factors such as capital investment, creation of tax revenue, job creation and average wages.
Site Improvement Incentives: provides funds for the restoration, improvement and/or rehabilitation of commercial properties and building facades located within the El Campo city limits. The City Development Corporation of El Campo site improvement grant program is set up as a single payment reimbursement to property owners per building/business/site. Grants are for 10% of the project on a matching funds basis, with a maximum funding amount of $10,000.
Section 380 Agreement: Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Under a Section 380 agreement, a developer and taxing body negotiate a contract to provide sales tax and/or property tax incentives in return for the project meeting performance benchmarks. The agreement should help the business offset some costs associated with construction and infrastructure.
Tax Increment Financing Zones: A tool that local governments can use to publicly finance needed improvements to infrastructure and buildings within a designated area known as a reinvestment zone. The cost of improvements to the reinvestment zone is repaid by the future tax revenues of each taxing unit that levies taxes against the property. Each taxing unit can choose to dedicate all, a portion of, or none of the tax revenue gained as a result of improvements within the reinvestment zone.
Opportunity Zone Eligible Projects: The tax incentive is designed to spur economic development and job creation in distressed communities by providing tax benefits to investors. There are primarily three benefits available to investors, with increasing benefits the longer the investment is held in the fund – deferral of capital gains taxes, reduction of capital gains taxes and elimination on future gains.
Economic Development and Diversification In-State Tuition: May be offered to qualified businesses that are in the decision-making process to relocate or expand their operations into Texas. The incentive allows employees and family members of the qualified business to pay in-state tuition fees if the individual files with a Texas institution of higher education. Without this incentive designation, a student must reside in Texas for a 12-month period to be entitled to pay the tuition fees of a Texas resident.
Enterprise Zone: The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state.
Texas Capital Fund Grants: Encourages business development, retention or expansion by providing funds to eligible applicants. Funds may be used for the acquisition, construction and/or rehabilitation of real estate to support the creation or retention of jobs in rural Texas.
Skills Development Fund: Established by the 74th Legislature in 1995, the Skills Development Fund was designated to better utilize the public community and technical college system in Texas, as well as other training organizations and have them partner with businesses throughout the state to train workers to meet the labor needs of employers and the regional labor market.