In a nutshell
The policy, which was approved at an April 15 City Council meeting, creates guidelines, shares eligibility requirements and outlines an application system to ensure a transparent and consistent process for all businesses.
“Adopting this policy will enable Fulshear to effectively attract and retain businesses, stimulate job creation, and foster sustainable economic growth in alignment with the city’s comprehensive plan and strategic plan,” Director of Economic Development Annel Guadalupe said.
The specifics
Eligible projects must provide a return on investment and benefit for the city through capital investment, job creation or sales tax revenue, per agenda documents. The funds may be used for property construction and acquisition, existing building improvements, infrastructure, and site enhancements such as aesthetics or amenities.
According to agenda documents, available incentives include:
- Chapter 380 agreements
- Economic development grants
- Fee reductions or credits
- Infrastructure assistance
- Development regulation or standard modifications
- Property tax rebates or abatements
- Public improvement districts
- Tax increment reinvestment zones
What else?
Interested parties should complete an application, including a submission of a map of the desired location, to be considered for the incentive process, according to agenda documents.
Applications should be submitted via email to the Fulshear Economic Development Corp. at [email protected], alongside a $1,500 nonrefundable application fee.
What’s next
Upon approval, the policy is now in effect for all businesses seeking economic development incentives from the city of Fulshear, according to agenda documents.
