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Eastland Economic Development Corporation
Eastland City Hall
113 E. Commerce Street
Eastland, Texas  76448

Phone: (254) 629-8321

 

 


 

City of Eastland Incentives

The following economic development tools are available for selected projects and negotiated on a case-by-case basis to assist an eligible company to expand and/or relocate to the Eastland area. Incentives are based on the number of quality jobs created and direct investment made in the community.

Economic Development Sales Tax
In 1993, the citizens of Eastland adopted a one-half of one percent sales tax to promote new and expand existing industrial and manufacturing activities. The sales tax proceeds may be used to fund promotional and development activities related to business attraction/retention; financial assistance to businesses; land and building purchase, lease and upgrade; infrastructure upgrade and placement; and training and education.

Reinvestment Zones
The City of Eastland will consider a reinvestment zone for the purpose of tax abatements, tax increment financing and public improvement districts.

Property Tax Abatement
To promote and retain high quality development in all parts of the city, the City of Eastland and Eastland County will consider providing a property tax abatement on the appraised value of real property improvements and business personal property in accordance with the City's guidelines and criteria for granting a tax abatement.

Tax Increment Financing
The City will consider using Tax Increment Financing to finance needed public improvements in a defined area. The costs of public infrastructure improvements to the area is repaid by the contribution of future tax revenues by each taxing unit that levies taxes against the property.

Public Improvement District
The Public Improvement District Act allows a city to levy and collect special assessments on a property that is within the city or within the city's extraterritorial jurisdiction (ETJ). The public improvement district may be formed to accomplish improvements such as water, wastewater, drainage, streets and sidewalks, parking, parks and recreation.

Triple Freeport Exemption
Freeport property is exempt from property tax for various types of goods that are detained in Texas for 175 days or less. The goods must be in Texas only for a limited purpose such as assembly, storage, manufacturing, processing or fabricating. This exemption will be considered by Eastland County, the City of Eastland, and the Eastland Independent School District, potentially providing a triple Freeport Exemption city.

Economic Development Grants/Loans
Chapter 380 of the Local Government Code provides legislative authority for municipalities to establish a program for making loans and grants to promote state and local economic development and to stimulate business and commercial activity in the City.

Other incentives that will be considered include:

Free land
Development Grants and Waver of all City fees
Participation in all public infrastructure development activities relating to projects
Reduced rates on water, sewer and solid waste if feasible
Revenue Bonds – The City of Eastland and Eastland County’s Industrial Development Corporation and will     consider revenue bonds for the projects.

*By law the Eastland City Commissioners must consider incentives on a case-by-case basis and incentives cannot be guaranteed until the City Commission considers in a formal public meeting. All incentives will be tied to a development guarantee or “claw back” agreement between the developer and the City of Eastland. A cost/benefit analysis will be performed on each project.

 

 


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