The WEDC Board currently is working on updating the application process, along with informing businesses and startups about procedures for applying for WEDC funds. Stay tuned for future updates to this page.
In 2017, an application will be available online for you to download.
If you'd prefer to evaluate if your business qualifies for funds, the below items list ways you may be eligible.
WEDC Fund Eligibility & General Info:
Winnsboro EDC is a Type B economic development corporation under the State of Texas Development Corporation Act of 1979. Chapters 501, 504 and 505 of the Local Government Code outline the characteristics of … Type B EDCs, authorize cities to adopt a sales tax to fund the corporations and define projects EDCs are allowed to undertake.
Type B corporations may pay for land, buildings, equipment, facilities, targeted infrastructure and improvements for:
- professional and amateur sports and athletic facilities
- tourism and entertainment facilities
- convention facilities
- public parks
- related store, restaurant, concession
- parking and transportation facilities
- related street, water and sewer facilities
- affordable housing.
- open space improvements
Or to promote and develop new and expanded business enterprises that create or retain primary jobs**, a Type B EDC may fund:
- public safety facilities
- recycling facilities
- streets, roads, drainage and related improvements
- demolition of existing structures
- general municipally owned improvements
- maintenance and operating costs associated with projects.
Type B allowable costs can also cover:
- financing new and expanded business enterprises
- construction costs
- land, buildings, equipment, facilities, and improvements suitable for the development, retention, or expansion of business enterprises
- development or expansion of airport or railport facilities, including hangars, maintenance and repair facilities, cargo facilities, and related infrastructure located on or adjacent to an airport or railport facility
- planning and professional services related to the project
- financial transactions and reserve funds
- administrative and other necessary expenditures
- research and development
- voter approved use for water conservation and cleanup of contaminated property
Written Performance Agreements:
EDCs cannot simply give sales tax proceeds to businesses. An EDC must enter into a written performance agreement with any business enterprise that it funds directly or makes expenditures that benefit an eligible project. At a minimum, the performance agreement must contain:
- a schedule of additional payroll or jobs to be created or retained;
- the capital investment to be made by the business enterprise; and
- the terms for repayment of the EDC’s investment if the business fails to meet the performance requirements specified in the agreement.
**Definition of "primary job". Primary jobs' main requirement is that the businesses bring new money into the community. In 2003, the Legislature voted to require that certain projects create or retain primary jobs. A primary job is one at a company that exports a majority of its products or services to markets outside the local region, infusing new dollars into the local economy. Primary jobs are further limited to specific industry sectors such as agriculture, mining, manufacturing and scientific research and development.
To inquire of an application or if you need more information, contact our office at:(903) 342-3654 or email the City Administrator, Craig Lindholm, at email@example.com.
Winnsboro Economic Development Corporation
501 South Main Street
Winnsboro, TX 75494