Commerce received the 2002 “Community Economic Development Award” from the Texas Economic Development Council because of our success in business recruitment and expansion. In today’s competitive environment between states and communities, community leaders realize incentives are an important part of the site selection process.
LOCAL INCENTIVE PROGRAMS
The local 1/2 cent sales tax generates approximately $336,500 annually for economic development. By packaging these funds with incentives from the state and other local entities, the CEDC has been aggressive in its pursuit of growth for Commerce. Incentives are based upon the number of jobs created, annual payroll and capital investment. Customized incentive packages are based upon a cost benefit analysis conducted by an outside consultant.
LOCAL INCENTIVES
-Tax Abatement — City, County, Hospital District
-Enterprise Zone
-Reinvestment Zone
-Economic Development Corporation
-4-A Sales Tax City
-Industrial Development Association
STATE AND FEDERAL PROGRAMS
The City of Commerce is a rural, non-entitlement area with less that 50,000 population in the City and 200,000 in the County. This designation makes Commerce and industries locating within the City or county eligible for a number of state programs.
-Texas Capital Fund Infrastructure Grant
-Texas Capital Fund Real Estate Loan
-Enterprise Zone Project
-Skills Development Fund Job Training
-Texas Enterprise Fund (Major Projects)
-Texas Emerging Technology Fund (Major Projects)
-Texas Industrial Revenue Bond Program
-State Franchise Tax & Sales Tax Refund
-Pollution Control Equipment Exemption
-Texas Manufacturing Assistance Center
-Texas Leverage Fund
-Economic Development Administration Infrastructure Grants
-SBA Loans
EXAMPLES OF INCENTIVES ACTUALLY PROVIDED NEW & EXPANDING INDUSTRIES TO COMMERCE
-Commerce develops each incentive package based on the specific needs of the industry & eligibility
-Land in the Commerce Industrial Park or the FM3218 Industrial Park
-Construction of a 50,000 sf speculative building sold at below cost
-Infrastructure constructed, such as curbed concrete streets, water, sewer, natural gas and electric
-0% forgivable loans and below-market interest loans
-Cash grant for agreed upon number of jobs created and capital investment
-Renovation of existing buildings
-Tax Abatement from City, County and Hospital District graduated for up to 10 years
-Skills Development Fund Job Training
-Enterprise Zone Project
-Texas Capital Fund Infrastructure Grant
-State Franchise Tax & State Sales Tax Refund
-Pollution Control Equipment Exemption
-SBA Loans
-Economic Development Administration Infrastructure Grant