Incentives
Sunday, 16 November 2008 14:23 Last Updated on Friday, 16 December 2011 19:42
Gainesville Economic Development Corporation
Local Incentive Policy
Minimum Qualifications for EDC / City Incentives 1. For existing manufacturing and office businesses, 10 retained and 5 new 2. For new manufacturing and office businesses, 20 new jobs AND $500,000 3. For retail/entertainment/housing projects, $3,000,000 in unabated construction 4. For hotel projects, $10,000,000 in unabated construction costs. Pay Ranges for Job-Based Incentives: A formal application must be completed by the company and must be approved by both the GEDC Board of Directors AND the Gainesville City Council.
jobs AND $250,000 unabated investment in building, machinery/equipment
and/or personal property.
unabated investment in building, machinery/equipment and/or personal
property.
costs.
The GEDC will consider incentives only for jobs which earn a living wage in Gainesville, Cooke County, Texas. The GEDC defines living wage in Gainesville, Cooke County, Texas for the year 2011 forward (subject to revision at a later date) as those jobs which pay $16.00 per hour on a full time basis (2080 hours annually) or at least $35,000.00 in salary annually. The GEDC will also take into consideration any amounts paid above the $16.00 per hour or $35,000.00 annual salary by the company for the provision a health benefit plan where at least the employee is covered at company expense.
If the GEDC considers a retail project, the living wage provision above will not be considered.
The GEDC Board of Directors may, at any time, elect to suspend these guidelines in order to consider projects on a "case by case" basis. However, these guidelines establish the expectations in order for financial incentives to awarded by the GEDC.
In most instances, the job incentives will not begin until the employee has been on the company's payroll for a period of 3 months. However, the actual timed distribution of the payout of the incentive will be decided on a "case by case" basis by the GEDC.
In most instances, the job incentives will only apply to employees residing in Cooke County, however the GEDC may negotiate a more or less strict residence requirement on a "case by case" basis.
(Application may take a few minutes to download.)
TAX ABATEMENT: GUIDELINES AND APPLICATION
For projects that are located in the City of Gainesville, the tax abatement application must be submitted to the City of Gainesville.
For projects that are located in Cooke County, but outside of the City of Gainesville, the tax abatement application must be submitted to Cooke County.
