Title
Consider a resolution nominating ProPortion Foods as a qualified Enterprise Project to be eligible to participate in the Enterprise Zone Program.
Body
ProPortion Foods recently agreed with the City of Round Rock on an incentive proposal to relocate their business from California to Round Rock. The company will be moving into 101 Chisholm Trail, the former Sysco building. The company has asked Round Rock to nominate their project as a Texas Enterprise Zone Project Designee. Below is information on the Enterprise Zone Project from the State Comptroller’s office:
Enterprise Zone Program
Program Objective
The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state.
Participation
Local communities must nominate a company as an Enterprise Project to be eligible to participate in the Enterprise Zone Program. Legislation limits allocations to the state and local communities per biennium. The state accepts applications quarterly with deadlines on the first working day of March, June, September and December.
Benefits to Participation
Designated projects are eligible to apply for state sales and use tax refunds on qualified expenditures. The level and amount of refund is related to the capital investment and jobs created or retained at the qualified business site.
Participation Requirements
Communities may nominate projects, for a designation period up to five years, non-inclusive of a 90-day window prior to the application deadline. Employment and capital investment commitments must be incurred and met within this timeframe.
Projects may be physically located in or outside of an Enterprise Zone.
If located within a zone, the company commits that at least 25% of their new employees will meet economically disadvantaged or enterprise zone residence requirements.
If located outside of a zone, the company commits ...
Click here for full text