Funds
Sales Tax Funds
The Freeport Economic Development Corporation (FEDC) will assist progressive, quality companies with its half cent sales tax funds. FEDC can use its funds to assist a firm's relocation or expansion with infrastructure and site development costs. However, the FEDC has great flexibility with the use of its funds and can also provide:
- Grants
- Job training assistance
- Loans
- Relocation subsidies
- Etc.
Criteria
FEDC's incentive package is determined by the following criteria:
- Amount of new taxes generated by the project
- Average wage and the gross annual payroll generated
- Capital investment
- Number of jobs created
- Sales tax revenue generated
Once these factors have been finalized, FEDC can then structure an incentive package accordingly. Other areas of assistance can be considered as deemed essential by the company and subject to approval by the Board of Directors.
Skills Development Fund
Grants are available to train employees through the state's community colleges. This fund will assist projects by financing the design and implementation of customized training for new and incumbent equipment. The funds flow to the community college and are not a cash grant to the company.
Texas Capital Fund
Supports rural business development, retention and expansion by providing funds for public infrastructure, real estate development, or the elimination of deteriorated conditions. Awards from $50,000 to $1,500,000.
Texas Enterprise Fund (TEF)
A cash grant awarded by the Governor, with approval of the Lieutenant Governor and Speaker of the House, to companies relocating or expanding in the state. The TEF is the largest "deal-closing" fund in the nation intended to attract business and jobs to Texas.