Why Incentivize Businesses to Come to Converse?
The Converse EDC offers financial incentives to:
- Compete with other communities;
- Attract businesses for relocation or expansion;
- Build an environment conducive for wealth generation in Converse;
- Create economic opportunity for existing businesses and entrepreneurs; and
- Improve the quality of life for Converse residents.
What Businesses are we Seeking to Attract?
The following are our target industries:
- Retail: All sectors, including Destination Retail and Entertainment
- Hospitality: Hotels, Restaurants and Meeting Space
- Healthcare: Hospitals, Care Centers, BIOMED and Medical Support
- Information Technology and Cybersecurity (regional efforts)
- Construction and Light Industrial
What is the Benefit for Your Business?
The Converse EDC has a healthy reserve fund balance available for incentives. Through direct financial incentives and other programs, Converse has many of the tools necessary to help attract businesses and investment. The value of an incentive is based on an economic impact analysis determining the return on investment to Converse.
What are the Programs Available?
Incentive Programs offered by Converse include:
- Real Estate and Infrastructure Investments
- Type B Economic Development Sales Tax
- Capital Investment Reimbursement Grants, including Building Fees and Permits
- Inter-local Agreements
- Debt Financing
- Tax Increment Financing District(TIF)/Tax Increment Reinvestment Zone(TIRZ)
- Chapter 380 Agreements
- Tax Abatements
- Triple Freeport Tax Exemptions
Other Incentive programs include:
- Enterprise Funds
- Enterprise Zones
- Skills Development Funds (Workforce Development)
- Foreign Trade Zone Designations
- EB-5 Incentives
What Types of Projects are Available to Receive Incentives?
Converse incentivizes projects that:
- Increase revenue from sales or other types of revenue to local taxing entities;
- Increase the value of real property, personal property;
- Address existing gaps in our economy;
- Fulfill the needs of our targeted industries;
- Assist existing businesses in their expansion efforts and
- Are compatible with the City’s Master Plan, zoning ordinances, building codes, etc.; and
- Create new primary jobs.
What is Considered a Primary Job?
Primary jobs are jobs created by businesses that export products & services to regional, statewide, national or international markets. Businesses that create primary jobs must fall in a series of categories listed under State law. (Section 501.002 of the Texas Local Government Code)
How Do I Get Started?
What Happens Next?
- Pre-screening/Pre-Qualification meeting(s) with EDC Staff
- Incentive Survey
- Economic Impact Analysis by EDC Staff via Third Party
- Additional Information and Negotiation with EDC/City Staff
- Development of Performance Agreement by Staff/Attorney
- Approval of Incentive Package by EDC Board and/or City Council
- Execution of Agreement