Economic Development > Development Incentives
Lake Dallas Incentives
Lake Dallas wants to be your business partner…
There are several financing alternatives available for businesses seeking to expand or relocate in Lake Dallas. Because financial assistance is of a customized nature, the Lake Dallas Economic Development Corporation and City Council will work with companies to develop a tailor-made and beneficial package for interested parties. Please contact us for further assistance.
Listed below is a sample of available programs:
Lake Dallas Incentives and Description
Pro-Business City Council
Lake Dallas makes business and industry welcome by working with them
on all facets of their location or relocation in the city.
Expedient Permit Process
City departments work closely with business and industry to expedite
procurement of building and other required city permits. The goal is to become
a partner in future city growth
Tax Abatements
Lake Dallas has targeted several specific types of business that
are ideally suited with the future development of the community. To help
make Lake Dallas more attractive to those targeted businesses, the City offers
an aggressive tax abatement policy that helps offset the cost of relocation.
The policy provides for a variable abatement rate based on the company investment
in the community. Assistance is based on the company’s financial reports,
the projected increased taxable value of building and equipment, and number
of employees.
Development Grant For Sales Tax Rebate
Lake Dallas offers sales tax rebates. The amount of the grant and
the length of time are determined on a case by case basis.
Development Fee Rebate Policy
Lake Dallas will consider a rebate of company development fees on
a case by case basis.
Infrastructure Cost Share Policy
Lake Dallas considers participating in a company infrastructure costs
on a case by case basis.
Skills Development Fund
This program, created in 1995, is administered by the Texas Workforce
Commission and is intended to assist community and technical colleges meet
industry and workforce needs. These funds can cover program design, instruction,
texts, and reusable equipment.
Texas Leverage Fund
The TLF is an economic development bank offering financing to communities
with the ED sales tax. This fund provides financing to local businesses for
industry expansion or industrial park establishment
Capital Certified Development Corporation
This program offers long-term financing at a fixed interest rate
for businesses in operation for at least three (3) years. The funds can be
used for land, building, equipment and machinery.
Industrial Revenue Bonds
The State of Texas Industrial Revenue Bond Program is designed to
provide tax-exempt financing to finance land and depreciable property for
eligible industrial or manufacturing projects. The Development Corporation
Act allows cities, counties, conservation and reclamation districts to form
non-profit industrial development corporations or authorities on their behalf.
The purpose is to issue taxable and tax-exempt bonds for eligible projects
in their jurisdictions.
Negotiable local incentives
Incentives are awarded based on an Economic Impact Analysis. In addition,
incentives might include workforce training funds, relocation allowances,
infrastructure improvements, developed or undeveloped land, one-stop municipal
permitting, waiver of municipal fees, Reinvestment Zone plus Job Fair assistance
and sponsorship.
Other
The Lake Dallas Economic Development Corporation offers direct cash
grants and/or a grant of land dependant upon certain criteria. Incentives
are made, when appropriate, if Lake Dallas is in competition with one or
more alternative locations and the offer of an incentive can induce or persuade
a decision for Lake Dallas.
The Lake Dallas Economic Development Corporation incentive offers are predicated on three basic components:
- The quality of those jobs (i.e the level of wage or salary)
- The number of new jobs to be created in Lake Dallas
- The amount of new capital investment
Shop Lake Dallas a program sponsored by the Economic Development Corporation designed to reward participants for shopping and dining in Lake Dallas. By making a purchase at any of the the participating businesses through the month of November the buyer may fill out an enter and win form andenter in a drawing to win a grand prize! We've given away an Iphone, trip for four, and cash! For more information or if you are a Lake Dallas business who wants to participate in 2010 please click the Shop Lake Dallas link above! Don't miss out on the fun and rewards of staying local to Shop Lake Dallas and win BIG!
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