Haslet Economic Development | 101 Main Street | Haslet, TX 76052 | 817.439.5931
Incentives : Cash Grant Incentive - Type B

Cash Grant Incentive - Type B

Haslet Type B Economic Development Corporation - Cash Grant Incentive Policy (2010) 
This Policy details the guidelines that will be used by Haslet EDC for the purpose of considering cash grant incentives for economic development projects. This Policy serves as an administrative and implementation policy for developmental assistance to attract, retain, and expand businesses in the City of Haslet.

As with any guidelines, this Policy is designed to apply in the majority of cases. However, these guidelines can be modified as necessary in specific cases. Each infrastructure-related development project is judged on a case-by-case basis. Neither the City nor the Haslet EDC is obligated to participate in any development project.

Policy:

  • Assessed value from real and business personal property (bpp) for impact analysis
  • Industrial, commercial, and professional employment based on Full Time Employment (FTE) salary averages with full benefits
  • Minimum assessed project value of $1,000,000
  • Tax base enhancement is our primary goal and job creation is our secondary goal

Cash Grant per Project:

  • Minimum number of new FTE jobs with benefits – 5 FTE @ 2080 hours per year per FTE
  • Minimum Annual Payroll of $150,000 ($30,000 annual average salary per FTE)
  • Incentive payments will begin after a Certificate of Occupancy is issued by the City of Haslet

Assessed Valuation:

  • A new business locating to Haslet must create an increase in assessed valuation of $1,000,000
  • An existing business that has operated a minimum of 2.5 years in Haslet must create an increase in assessed valuation of only $500,000; as well as create a minimum of 3 new FTE’s with an annual payroll increase of $90,000
  • New or existing businesses must be located in the City of Haslet city limits

Application Procedures and Requirements:

  • Businesses and developers must submit a letter stating the impact on the project without Haslet EDC funding
  • History of company, operations and formal business plan must be submitted
  • Management and ownership qualifications must be provided
  • Two (2) years of the most recent financial statements must be provided
  • Projections on operations to include, but not limited to capital investment (assessed value), employment, wages, annual payrolls, and sales taxes generated must be provided
  • A Performance Contract shall be required
  • Applications are submitted to the Haslet EDC Board and to the City Council for final resolution

Recapture/Clawback
If the project fails to meet its Performance Requirements as defined in the Performance Contract, then some or all of the incentives granted must be paid back.

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