Taylor EDC is an economic development sales tax (Type A) corporation of the City of Taylor, which collects a 1/4 cent of sales tax from taxable sales for the purpose of funding economic development activities.
TEDC has a direct incentive program, which may be used to provide cash grants to qualifying projects and companies. If the company is eligible, the direct incentives are based on a number of factors including total job creation and wages, capital investment, the financial strength of the applicant, the applicant's business history, and an analysis of the relevant business sector.
Requirements:
Minimum Number of Primary Jobs: 100
Minimum annual average salary: 50% of the City’s average Household Income
Minimum Capital Investment: $15 million (new construction) and $3.25 million (leasing tenants)
Minimum Square Footage Lease: (Leasing Tenants): 25,000
Credit Rating: “A”
Duration: Maximum of 10 Years
Minimum Annual Rate of Return: 10.5 %
Direct incentives require a performance agreement with the company and are based on the assumptions used to determine the incentive. The City of Taylor's Office of Economic Development administers the direct incentive program and applications are processed directly through the Economic Development staff.