Funding for the types of qualified projects include:
Business Development: Direct loans, guarantees, interest subsidies, grants, relocation and moving expenses, subsidized land & building costs, equipment purchases, GAP financing.
Facility Development: Building construction, existing building expansion and upgrades, industrial land development.
Infrastructure Development: Utility extensions to industry, utility development to key industrial areas, infrastructure upgrade, rail spurs for industry.
Workforce Development: Job training costs, equipment for training programs, coordinate with Local School Districts (ISDs), Supplement Skills Development Fund grants, technical/vocational center
Chapter 380/381 Development Agreements: The City of New Braunfels and Comal County will consider economic development incentives in accordance with Chapter 380/381 of the Texas Local Government Code. Grants and loans can be provided to eligible prospects by the City Council and Commissioners Court are determined on a case-by-case basis. As stated in Chapter 380/381 the economic development agreements must promote development and diversification of the economy of the state, elimination of unemployment or underemployment in the state, and development and expansion of commerce in the state.
Tax Increment Financing/Reinvestment Zone (TIF/TIRZ): A TIRZ can also be referred to as tax increment financing (TIF). New Braunfels has two established special districts in the city limits that cover Town Center at Creekside development and Westpointe Village . For Creekside, The City of New Braunfels and Comal County each participate to pay back $26 million in infrastructure improvements by the developer (New Quest). Every TIRZ is created to meet the unique individual needs of the development.
Freeport Exemption: New Braunfels has “Triple Freeport Exemption” status via the City (New Braunfels), County (Comal) and local school district (Comal ISD) – which exempts taxation on various types of goods that are detained in Texas for a short period of time (no less than 175 days). The exemption covers good, wares, merchandise, ores and certain aircraft and aircraft parts, but does not include oil, natural gas or petroleum products. More information can be found at the Comal Appraisal District or download the form 50-113 from the Texas State Comptroller’s Office.
Industrial Development Bond Financing: Governed by the Texas Development Corporation Act of 1979, political subdivisions are authorized to create non-profit lending corporations to provide tax exempt financing for commercial, industrial and manufacturing projects. The Comal County Industrial Development Authority (CCIDA) acts as issuer for tax-exempt industrial revenue bonds. A number of projects have been approved and bonds sold to finance projects in New Braunfels.
School Property Tax Relief (Chapter 313): In 2001 during the 77th Legislative session House Bill 1200 provided relief from school property taxes for large capital investments. The law applies only to a corporation or limited liability company that is subject to payment of state franchise taxes. In addition, the company must create at least twenty-five new permanent jobs, pay at least 80% of a group health benefit plan for its employees and pay at least 110% of the county average weekly wage.
Utilities Impact Fee Waiver Policy: Is available to manufacturers and service industries which own qualifying real and personal property and are willing to execute a contract with New Braunfels Utilities for the waiver of impact fees designed to promote long-term significant positive economic impact to the community. A manufacturer or service industry requesting a waiver must apply for water or sewer service and agree to expend a designated sum of money or provide a certain number of jobs according to the scoring formula in use by the City of New Braunfels and Comal County for property tax abatement.
Public-Private Partnership (P3): The Industrial Development Corporation (“Public”) desires to facilitate the development of 350,000 square feet of industrial and related commercial space by 2017. To facilitate the creation of this space and fulfill this economic development goal, the Public will enter into a development partnership(s) with Developers to leverage each party’s respective strengths and capacities to deliver on the goal. The objective of this initiative is to share in the risks and rewards inherent in the development of appropriate facilities for primary employers. From the Public’s perspective, a high quality park with competitive final purchase or lease rates is desired.
While the State of Texas designed the incentive program to be controlled at the local level, there are State of Texas incentives that can be applied.