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Tax
Abatements
Assistance is based on
the company’s capital investment and number of jobs created. The
threshold requirement is an investment in real property of at least $250,000 or
$1,000,000 in personal property or the creation of a minimum of 25 jobs. Click
for Tax Abatement Guidelines and Application.
Financial
Assistance
The Development
Corporation has developed an assistance program to encourage primary industry
location and expansion in Belton. Loans, generally given at published NY
prime rates or below, can be given based on the company’s creation of new jobs
and expansion of the tax base. Loan proceeds can be used for land acquisition,
equipment, hiring or rental payments. Loans will be forgiven if the
company meets established criteria. Assistance is secured by commitments
from the company and must be approved by the Belton City Council.
Enterprise
Zone
The Texas Enterprise Zone
program is an economic development tool for local communities to partner with
the State of
Texas
to encourage job creation and capital investment in economically distressed
areas of the state. An enterprise zone is a census tract block group that
has 20% or more poverty rate based upon the decennial census federal poverty
level information, a distressed county, a federally designated zone or renewal
community. Click on FAQs.
Skills
Development Fund
This program is
administered by the Texas Workforce Commission to assist community and technical
colleges meet industry and workforce needs. The funds can cover program
design, instruction, texts and reusable equipment to provide customized training
for local businesses. The average training cost is $1,000 per trainee.
Click on Skills Development Fund FAQs.
Infrastructure
Support
Funds may be allotted for
streets and roads, rail spurs, water and electric utilities, gas utilities,
drainage and related improvements, and telecommunications and Internet
improvements.
Industrial
Property/Spec Building
The Development
Corporation owns and manages the
Belton
Business
Park
. Sites in the park are available for free or below market rates for
qualified businesses. The land is valued at $23,500 per acre.
In addition, a 40,000 square foot speculative building is available. The
price is negotiable based on a company’s investment in the community.
Build-To-Suit
Belton’s Build-To-Suit
program combines the quality development capabilities of the Development
Corporation and local developers to provide your company with a Build to Suit to
meet your company’s needs. The program allows for a developer to
construct a turnkey Build-To-Suit project. The Build-To-Suit Program
provides the benefit of absorbing the time consuming tasks associated with
development, allowing the prospective company to concentrate
on business.
Other
Incentive Considerations
The
following will also be considered on a case by case analysis:
(1)
Building Modifications
(2)
One-stop municipal permitting
(3)
Waiver of municipal fees
(4)
Rental Subsidy
(5)
Hiring and Job Training Assistance
(6)
Chamber of Commerce membership
(7)
Relocation/moving expenses
State
Incentives
The State of
Texas
is a right-to-work state and has enacted tort reforms and made major reforms to
the state workers’ compensation system.
Texas
has no personal income tax and business taxes are the third lowest in the
nation. State incentives include the recently created Texas Enterprise
Fund and the Emerging Technology Fund. Other incentives include the Texas
Capital Fund, Texas Leverage Fund, Industrial Revenue Bonds, State Sales and Use
Tax Exemptions and others. For more information see:
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