In all cases, assistance from the Development Corporation is made in the strictest confidence. Our goal is service which meets or exceeds our client’s expectations and is delivered in a timely fashion
The Development Corporation offers business planning expertise to the business community of Belton. The preparation of a business plan is one of the most critical steps to opening a business or expanding an existing business and it is one of the steps most often neglected. This service is available at no charge.
A business plan is critical to making good business decisions and obtaining the best possible financing. The plan will include long range cost and revenue projections, identification of a market and a marketing plan as well as a review of management talents and personnel requirements.
Site and Building Location Assistance
The Development Corporation maintains a current file of industrial property and buildings available in Belton. Client’s needs can be reviewed and matched to available properties. In addition, zoning and regulatory requirements for the business can be evaluated and matched to those properties. The Development Corporation can serve as an advocate when a zoning or permitting change is required.
In some cases the Development Corporation can assist a manufacturer in the delivery of adequate infrastructure or site preparation. This assistance is based on projected employment and salary levels of the company as well as the company’s projected increases to property tax value.
The Development Corporation was formed by a vote of the public under the State’s economic development legislation and is incorporated as a non-profit corporation under Article 7A of that legislation. As such, the Corporation has developed an assistance program to encourage primary industry location and expansion in Belton. The program includes authority to make loans to companies expanding or locating in Belton. Loans generally are at published NY Prime rates or below and are based on the company’s commitment to create new employment opportunities for Belton citizens and expand the tax base of the community.
Based on the company’s commitment, this assistance can come in the form of :
- Direct loans to the company for the purchase of land or building.
- Participation with a financial institution for the purchase of land or building.
- Assisting with a workforce training program developed by a company.
Assistance is available to manufacturing and distribution firms desiring to locate in Belton and to existing firms wishing to expand their current operations.
Commitment for assistance can be made in a timely fashion- generally, within sixty days from receipt of the application and details of the company’s business plan. All assistance is secured by commitments from the company and sufficient collateral to protect the taxpayer’s investment. Assistance must be approved by a vote of the Development Corporation’s Board and approved by the Belton City Council.
The Development Corporation operates on funding secured by a 1/2 cent sales tax levy. Qualifications for assistance are predicated on the corporation’s fund availability from year to year.
A business locating or expanding within the community may qualify for a partial abatement of property taxes. Application for an abatement is prepared by the Development corporation but must be approved by the Belton City Council. Abatement agreements are based on the increase in the existing property value, the company’s investment in property improvements and equipment, and the company’s commitment to remain in the facility for a period after the abatement expires. Abatement agreements are stair stepped over a period of three to five years based on these factors. The Bell County Commission may also choose to participate in the abatement with the City of Belton.
A quick determination as to the applicability of an abatement can be made by the Development Corporation. The proposed project must come from a primary industry and exceed an investment of $250,000 before an application can be considered. In all cases the application must be received prior to any improvements on the property. Application for an abatement can generally be acted upon within four weeks of receipt of the completed application.
Development Corporation of Belton
715 E Central
P.O. Box 750
Belton, TX 78654