The New Boston Special Industrial Development Corporation (SIDC) and Community Development Corporation (CDC) are continuing to build a best practice base for our economic development ecosystem in our community. Recently, the following actions have been taken by our economic development boards:

•July 10th, at the 3 Boston’s Museum, from 10 am-1:45 PM, we will host the Central-Western Bowie County Economic Development Summit. We will have the following organizations that help businesses and economic development organizations: Workforce Solutions, Small Business Development Center, ARKTEX Council of Governments and Communities Unlimited. We have invited businesses, chamber members, elected officials and EDC members from Hooks, New Boston and De Kalb. TexAmericas is inviting their tenants. The goal is to provide information to our local economic ecosystem of how these organizations can assist.

•Approved $6,400 for the defense fund of Red River Army Depot.

•Created an ad-hoc Housing Committee comprised of local bankers, real estate professionals, developers, contractors, city and SIDC representatives. This committee will assist in helping us locally prepare for residential growth as the demand for housing locally increases with upcoming economic development activities.

•Approved a branding and logo image.

•Approved the following economic development incentives for existing and new businesses: TAX ABATEMENTS Tax abatement may be granted for eligible facilities on all or a portion of the increased taxable value of real and/or personal property over the Base Year Value. The City Council shall have final decision-making authority on a tax abatement request. The development shall be within the New Boston City Limits. CDC/SIDC can both recommend to the city council for approval.

INFRASTRUCTURE PARTICIPATION The CDC and SIDC can assist business development through the enhancement of water, sewer, and roadway infrastructure relevant to sites selected for significant projects as needed. CDC/ SIDC both can participate.

FEE WAIVERS The City of New Boston may provide for a full or partial waiver of all development fees including Platting, Building Permit, Electrical, Mechanical, and Plumbing on eligible projects. Expediting the development review process can be performed. Residential and businesses are eligible for these. CDC/ SIDC can both recommend the city administration and/ or the city council approve.

TAX INCREMENT FINANCING DISTRICT (TIF)/TAX INCREMENT REINVESTMENT ZONES (TIRZ) The terms “TIF,” “Tax Increment Finance District,” “TIRZ,” and “Tax Increment Reinvestment Zone,” are terms used interchangeably. Tax Increment Reinvestment Zones are created by authority of the Tax Increment Financing Act, Texas Tax Code, Chapter 311.

The purpose of the TIF/ TIRZ districts is to reimburse private developers for public infrastructure improvements that may contribute to a financial gap on a specific project. This reimbursement is funded by the added taxes generated by the new development that occurs within the boundaries of the district or zone. CDC and SIDC both can recommend that the city council approve.

Chapter 380 Agreements The CDC and SIDC can (in conjunction with the City of New Boston) create programs under Chapter 380 of the Local Government Code for loaning and granting public money to promote state or local economic development and stimulate business and commercial activity within the municipality. These agreements are more in-line with the SIDC mission.

Façade, Roofing, Visibility and Signage Improvement Grant This grant program provides technical and financial assistance to property owners or business tenants seeking to improve their façade, roofing, exterior signage, lighting, or overall commercial building visibility. These grants can provide a matching grant of up to $5,000 with 20% participant match for the funding of well-designed improvements. CDC and SIDC both can award. These types of incentives are more in line for the CDC mission.

Capital Improvement Grant The CIP program provides financial assistance to business owners for equipment purchases that will increase sales and/or create jobs. The purpose of the CIP program is intended for equipment related directly to the business enterprise, such as kitchen equipment or CNC machinery or other such industry- specific, special-purpose equipment. The CIP program is not designed for purchase or installation of generic office equipment or supplies or equipment that represent facility-related equipment that is suffering from deferred maintenance, such as HVAC, plumbing, or electrical equipment. These grants can be approved by the CDC and SIDC. Normally, these will fall under the mission of CDC.

Graduated Rental Assistance The primary goal of the Graduated Rental Assistance Program is to reduce the burden of rental expenses on new businesses and to help offset the initial startup costs of the business. The business must be a for-profit venture. Nonprofit and governmental organizations are not eligible for the program. At no point will CDC/SIDC pay 100% of the rental expenses for any recipient of this program. The rental assistance is designed to assist the business owner with rental expenses over a period of time, but the owner will assume responsibility for the full rental costs at the end of the rental assistance period as determined by the CDC/SIDC. All disbursements through this program will be made in the form of a reimbursement following the submission of a copy of the canceled check paid to the property owner and/or a receipt from the property owner, or direct payment of rental assistance to the property owner/landlord. Generally, the program can span any amount of time up to 12 months with CDC/ SIDC reimbursing the business owner’s rental expense in four installments: 25% of the total rent cost to be paid for the first installment; 50% of the total rent cost to be paid for the second installment; and 75% of the total rent cost to be paid for the third installment of the rental agreement term. Rental assistance from the CDC/SIDC to the business owner shall not be granted until the termination of free or subsidized rent from the property owner. Terms of assistance and length of payment installments shall be negotiated between business and CDC/SIDC, with the decision of the CDC/SIDC being final.

JOB CREATION INCENTIVE Program funding will be available to new and / or expanding businesses. meeting the following criteria: 1. Business must be in New Boston.

2. Business must be a For-Profit business.

3. Owner or shareholders do not count as ‘new hires.’

4. Must be Full time jobs, 32 hours per week, 52 weeks per year. No part-time employees or a combination of part-time employees will be considered.

5. CDC/SIDC must approve all applications before business engages ‘new hires.’

6. Business owners or shareholders cannot be employed by CDC/SIDC.

7. Business name on application must be identical to the name listed on all documents required to engage in business, including business tax receipts.

8. CDC/SIDC may grant an amount up to $600 per job, with a bonus of $200 for every employee that resides within the city limits and earns more than $13.00 per hour for unskilled and $20.00 per hour for skilled labor. The number of jobs incentivized would be no more than twenty full-time employees, unless otherwise determined by CDC/SIDC.

9. This is a ‘reimbursement only’ program; business applicant will be reimbursed ‘per job’ after the new hire has completed 12 months’ employment. Texas Workforce Commission Quarterly reports required as documentation.

10. New employee hire must result in a net increase in full-time employees from the time of application at the end of the 12-month period. Documentation will be required from business incentive recipient showing number of employees at CDC/SIDC approval date vs. number of employees at the 12-month ‘benchmark.’

Remember everyone, one of the best ways to improve your community is to Shop New Boston 1st! Have an awesome week, everyone.