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This section introduces you to business assistance and information of general interest to companies locating or expanding in Commerce. The Commerce Economic Development Corporation, along with the City staff and Council, partner effectively to recruit new industries and assist in retention and expansion of existing companies. Our success is based on creative solutions for meeting the company's needs, developing an aggressive, customized incentive package, and making the commitment to a long term relationship with industries. That partnership does not stop after the site location announcement and groundbreaking; it is strengthened over time to assure companies are successful. After reviewing this section, you will see why "Commerce Means Business" accurately describes this community. See how your company can be a part of this exciting spirit by completing the Contact Form or calling 903.886.1121 and talking with Jennette Burnett, Executive Director of the Commerce EDC. INCENTIVESCommerce received the 2002 "Community Economic Development Award" from the Texas Economic Development Council because of our success in business recruitment and expansion. In today's competitive environment between states and communities, community leaders realize incentives are an important part of the site selection process. LOCAL INCENTIVE PROGRAMS
The local 1/2 cent sales tax generates approximately $336,500 annually for economic development. By packaging these funds with incentives from the state and other local entities, the CEDC has been aggressive in its pursuit of growth for Commerce. Incentives are based upon the number of jobs created, annual payroll and capital investment. Customized incentive packages are based upon a cost benefit analysis conducted by an outside consultant. LOCAL INCENTIVES- Commerce is a 4-A 1/2 Cent Sales Tax City
- Commerce Economic Development Corporation
- Tax Abatement - City, County, Hospital District
- Enterprise Zone - Includes all land within the city limits of Commerce and most of the ETJ
- Commerce Industrial Development Association
- Reinvestment Zone
STATE AND FEDERAL PROGRAMSThe City of Commerce is a rural, non-entitlement area with less that 50,000 population in the City and 200,000 in the County. This designation makes Commerce and industries locating within the City or county eligible for a number of state programs. - Texas Capital Fund Infrastructure Grant
- Texas Capital Fund Real Estate Loan
- Enterprise Zone Project
- Skills Development Fund Job Training
- Texas Enterprise Fund (Major Projects)
- Texas Emerging Technology Fund (Major Projects)
- Texas Industrial Revenue Bond Program
- State Franchise Tax & Sales Tax Refund
- Pollution Control Equipment Exemption
- Texas Manufacturing Assistance Center
- Texas Leverage Fund
- Economic Development Administration Infrastructure Grants
- SBA Loans
EXAMPLES OF INCENTIVES ACTUALLY PROVIDED NEW & EXPANDING INDUSTRIES TO COMMERCE
- Commerce develops each incentive package based on the specific needs of the industry & eligibility
- Land in the Commerce Industrial Park or the FM3218 Industrial Park
- Construction of a 50,000 sf speculative building sold at below cost
- Infrastructure constructed, such as curbed concrete streets, water, sewer, natural gas and electric
- 0% forgivable loans and below-market interest loans
- Cash grant for agreed upon number of jobs created and capital investment
- Renovation of existing buildings
- Tax Abatement from City, County and Hospital District graduated for up to 10 years
- Skills Development Fund Job Training
- Enterprise Zone Project
- Texas Capital Fund Infrastructure Grant
- State Franchise Tax & State Sales Tax Refund
- Pollution Control Equipment Exemption
- SBA Loans
- Economic Development Administration Infrastructure Grant
FINANCEThere are a number of banks and financial institutions in Commerce that can work locally with new and expanding businesses. BANKS- Alliance Bank
- Bank One
- Cypress Bank FSB
- Guaranty Bond Bank
- Inwood National Bank
OTHER FINANCIAL SERVICES- Active Wealth Management
- AIS Financial Services
- Edward Jones
- Robert Peek Financial Services
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