Chapter 380 Agreement
This Local Government Code Authorized under Texas Local Government Code Chapter 381 authorizes municipalities to offer incentives designed to promote economic development by offering loans and grants of city funds or services at little or no cost.
The City of Converse will consider providing tax abatements to appropriate businesses in accordance with the procedures and criteria outlined in Ordinance 209. All applications for tax abatement shall be considered on an individual basis.
Tax Increment Financing
Tax increment financing is a tool Authorized under Texas Tax Code Chapter 312 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. These zones are commonly referred to as either a tax increment financing (TIF) zone or a tax increment reinvestment zone (TIRZ).
EDC Local Incentives
Converse EDC is a 4B economic development agency funded by 1/4 cent sales tax. To promote and develop new and expanded business enterprises that create or retain primary jobs, Type B corporations may assist with costs affiliated with land, buildings, equipment, facilities, targeted infrastructure and improvements based on Texas Local Government Code Chapters 501 Subchapter C and 505 Subchapter D. All requests must contact the EDC for detailed information and process.
Procedure for Incentive Applications
Anyone desiring Converse to consider providing tax abatement to encourage attraction or expansion of business operations within the city limits shall be required to comply with the application process. Applicant shall file an application on this form provided by the city to [email protected]
The application will be reviewed by the city manager and the executive director of the Converse Economic Development Corporation for completeness and accuracy. Once this information is compiled, the application and review comments will be forwarded to the members of the Converse Economic Development Corporation. Upon a favorable recommendation by the Converse Economic Development Corporation, the application, review comments and recommendation will be forwarded to the Converse City Council and to other taxing entities that may be involved in offering tax abatement. At any time during the review by the Converse Economic Development Corporation, the city council and/or other taxing entities, additional information may be requested of the applicant.
PLEASE contact the Converse EDC for additional details. 210.659.9163
*NOTE: All requirements of V.T.C.A., Texas Tax Code ch. 312 known as the Property Redevelopment and Tax Abatement Act, shall be followed.
State and Other Incentives
The fund is a cash grant used as a financial incentive tool for projects that offer significant projected job creation and capital investment and where a single Texas site is competing with another viable out-of-state option.
The Skills Development Fund is Texas’ premier job-training program providing local customized training opportunities for Texas businesses and workers to increase skill levels and wages of the Texas workforce.
This program supports businesses with fewer than 100 employees, emphasizes training for new workers, and helps upgrade the skills of incumbent workers.
Please contact the EDC for any local or state incentive information.