TEXAS ENTERPRISE FUNDS
"As the largest deal-closing fund of its kind in the nation, the Texas Enterprise Funds (TEF) continues to attract businesses to Texas. The fund is used only as a final incentive tool where a single Texas site is competing with another viable out-of-state option. Additionally, the TEF will only be considered to help close a deal that already has significant local support behind it from a prospective Texas community."
TEF projects "must demonstrate a significant rate of return on the public dollars being invested.". Below are the primary measures "that every TEF project must meet in order to be considered for an award. Those include but are not limited to the following":
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Competition with another state for the project must exist and the business must not have already made a location decision
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Projected new job creation must be significant - typically creating more than 75 jobs in urban areas or more than 25 in rural areas
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The new positions must be high-paying jobs - above the average wage of the county where the project would be located
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Capital investment by the company must be significant
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The project must have community involvement from the city, county and/or school district, primarily in the form of local economic incentive offers
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The applicant must be financially sound
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The applicant's business sector must be an advanced industry that could potentially locate in another state or country
The 10-step process, includes:
1. Project Executive Summary
2. Applicant Management and Current New Research
3. Current Corporate Tax Status Verification
4. Business Climate Evaluation and Comparison
5. Economic Impact Assessment based on Third-Party Report
6. Applicant Corporate Financial Analysis
7. Applicant Credit Assessment
8. Review of Local and State Economic Incentive Package
9. Project Cost-Benefit Analysis & Return on Investment
10. Project Clawback Analysis & Calculation
For more information on how to apply with TEF, click here for their website.