July 14, 2016
4 Business Incentives The AEDC Uses To Grow Amarillo's Economy
Running a city is akin to operating a large corporation; each resident has a vested interest in the success of the community, and the most effective way to protect the interests of hundreds of thousands of people is to ensure that the economy remains healthy and strong. That is accomplished by establishing a strong and diversified economic environment that businesses can thrive within.
This is achieved by offering incentives that make it easier for businesses to establish their operations and grow. The incentives offered by community leaders are designed to make the area an appealing place to build and expand a business' operations.
Incentives can take many forms, and the following are the most commonly used by the AEDC to create a vibrant 21st-century economy in Amarillo.
Skills Development Fund - Businesses require trained workers who have 21st-century skills under their belt. The Skills Development Fund offers grants that can be used for curriculum development, production of training materials, hiring and certifying instructors, and purchasing educational equipment or software upgrades.
Property Tax Abatements - Property tax abatements reduce or eliminate a businesses tax obligation for a specified period of time. This period gives a business the financial breathing room it needs to establish its operations in the area. This breathing room makes it possible for a business to invest in real property improvements, hire and train employees, and commence operations as soon as possible.
Texas Enterprise Fund (TEF) - The Texas Enterprise Fund offers cash grants to businesses planning to create significant employment opportunities and capital improvements. Since 2004, the TEF has issued more than $500 million in grants to more than 100 businesses, including Zarges Cases USA in Amarillo. In 2009, the company was awarded a $200,000 grant after pledging the construction of a $12 million wind tower manufacturing facility.
Enterprise Zones - Enterprise zones are utilized to bring fresh life into economically disadvantaged areas. Businesses located in a designated enterprise zone must hire 25% or more of their employees from within this zone; or if the business is located outside the zone, 35% of their employees must meet economically disadvantaged status or reside within the zone.
The economic incentives offered by a community benefits small businesses, midsize companies, large corporations, and the community at large. As businesses use these incentives to expand their operations, it creates a larger tax base and a healthier economy.
As the economic stability of the area grows stronger, it provides career opportunities for residents and additional opportunities for economic growth. Over time, the incentives offered today create a self-perpetuating engine of economic growth that propels the community into the future.
We invite you to contact the Amarillo Economic Development Corporation to learn more about the incentives we offer to companies eager to do business in our beloved city. We will be happy to provide you the details you need to begin planning your next move. Whether you own a small business or run a large corporation, we offer competitive incentives that are designed to make it possible for you to realize your business objectives.
Discover how fast Amarillo has grown by downloading our free infographic!
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