Chapter 380 Agreement

Under a Section 380 agreement, a proponent and a tax authority negotiate a contract to provide sales tax incentives in exchange for meeting the project`s performance criteria. The agreement was intended to help the company offset certain construction and infrastructure costs. In addition, Fort Worth City Council retains the exclusive authority to approve or reject tax-exempt agreements or agreements under the Economic Development Program and has no obligation to approve any application or agreement. Each programme agreement is negotiated on a case-by-case basis and the amount awarded may be less than the maximum available duration indicated. The county may also develop and administer a program for entering into a tax reduction agreement. This tool allows counties to negotiate directly with developers and businesses. Chapter 380 of the Texas Local Government Code allows Texas communities to provide a grant or loan of municipal funds or services to promote economic development. A Section 380 development agreement bypasses the need for initial government incentives and only intervenes when a project is operational, thus avoiding the prospect of failed development taking advantage of incentive funds. Projects are evaluated individually.

The maximum VAT refund is 50% by law. The rebate must be invested in approved infrastructure improvements on the property. Chapter 380 of the Texas Local Government Code allows the Fort Worth City Council to establish and administer programs to promote economic development. These programs can provide business loans or public funds, or provide support through municipal services and staff to enhance Fort Worth`s economic vitality as a community and establish its competitive advantage. . While all eligible applications are considered, the City of Fort Worth is particularly interested in supporting projects that have a significant impact on the city and its economy and that lead to one of the following: Chapter 381 of the Local Government Code allows counties to create incentives that encourage developers to build in their jurisdictions. A county may administer and develop a program of loans and grants of public funds to promote state or local economic development and to stimulate, promote and develop the location of businesses and businesses in the county. The company must establish an establishment in the city providing for a percentage refund of the City of Forney`s sales and/or property taxes. It is requested and approved by Forney City Council. Additional admission requirements for certain categories of projects may also apply. To obtain a copy of the Chapter 380 application form in Word format, send an email to the City Manager or an email to the City Clerk.

A copy will be sent to you by e-mail. A PDF version of the application form can be downloaded from this website (PDF). Chapter 380 of the Texas Local Government Code allows Sugar Land to provide a number of incentives for economic development, including the ability to reimburse a portion of the city portion of the 1.0% sales and use tax levied by companies in the jurisdiction. To provide a grant or loan, a city must establish a program to implement the incentives. Before moving forward, cities need to review their municipal rights or local policies, which can limit a city`s ability to provide a burden or subsidy. However, there are certain guidelines that developers must follow in order to be eligible for a tax reduction or subsidy under Chapter 380. The City of Fort Worth will generally consider the following time periods for tax-exempt and Chapter 380 grant conditions for most projects: Tax reductions and Chapter 380 grants require recipients to commit to using M/WBE certified companies for at least 15% of all construction costs (hard and soft) and all development projects at mixed-use, which includes rental housing, must commit to providing affordable housing. If you are interested in obtaining a Chapter 380 grant for your project, contact the City of Fort Worth`s Economic Development Team at 817-392-6021 to get started. Staff will determine if your project is best suited for a tax cut or grant and guide you through the next steps.

. Projects are considered “located in a new building” only if they have not obtained a building permit by the date of their application for a tax reduction or subsidy under Section 380. Chapter 380 of the Local Government Act empowers municipalities to provide incentives to promote economic development, such as commercial and retail projects. In particular, it provides for the granting of loans and grants from municipal funds or services at little or no cost in order to promote the economic development of the State and local authorities and to stimulate enterprises and commercial activity. For more information, please contact the Data Analysis and Transparency Department by email or at 844-519-5672, ext. 6-9231. .