Economic Development Incentives
The City of Southlake is pleased to negotiate a variety of incentives to attract corporations meeting the vision and standards established by City leaders. It is our desire to utilize incentives strategically and judiciously to create a win-win outcome for our future corporate citizens as well as our existing taxpayers.
Business interested in incentives should contact the Director of Economic development and fill out the Incentives Application for discussion purposes. There is a Potential Incentives Summary and Historical Incentives Summary available as well to help frame the discussion.
Financial Incentives Include:
- Chapter 380 Agreements
Chapter 380 of the Local Government Code provides very significant legislative authority for Texas municipalities in the area of economic development. When a city wants to provide a grant or a loan of city funds or services in order to promote economic development, it generally cites its powers under Chapter 380. Cities have utilized the provisions under this law to provide a myriad of incentives that have drawn businesses and industries to locales throughout Texas. This statute basically allows the provision of loans and grants of city funds, as well as the use of city staff, city facilities, or city services at minimal or no charge.
- Tax Increment Financing
Tax Increment Financing (TIF) is a tool to finance public improvements within a defined area. The improvements should enhance the environment and attract new investment. The statutes governing tax increment financing are in Chapter 311 of the Texas Tax Code. Click here to learn more about the use of TIFs in Southlake.
- Infrastructure Assistance or Reimbursement
- Administrative Fee Reductions
Procedural Incentives Include:
- Fast-Track Planning Processing
City would work with the prospect to accommodate a zoning or site plan approval process shorter than the typical process.
- Fast-Track Permitting
City would work with the prospect to allow fast-track permitting with phased permit releases if desired.
- Dedicated Inspections
City would provide building inspectors dedicated to the construction project as deemed necessary by the prospect's construction managers. Typically, this involves on-site accommodations for city staff.
We are confident you will find these incentives more than competitive and when combined with the many attributes of a Southlake location, come to the conclusion that this is the right location to establish your corporate future. Please contact us should you have any questions or desire further clarification.