Based on Chapter 312 of the Texas Local Government Code, the City of Fort Worth may award development projects a Tax Abatement based on the value that the development adds to the property.
Likewise, Chapter 380 of the Texas Local Government Code allows the Fort Worth city council to establish and administer programs that promote economic development. These programs can grant business loans or public money, or provide support through city services and personnel, in the interest of helping improve Fort Worth’s economic vitality as a community and establish its competitive edge.
However, there are certain guidelines that projects must meet in order to be eligible for either a Tax Abatement or a Chapter 380 grant.
While all eligible applications will be considered, the City of Fort Worth is especially interested in supporting projects that produce a meaningful impact on the City and its economy, and result in one or more of the following:
- Growth of business activity, employment or investment in one of Fort Worth’s target industries:
- Transportation and warehousing, manufacturing, healthcare, oil and gas, or tourism.
- Emerging sectors, such as transportation innovation, life sciences, geotechnical engineering, or aerospace manufacturing and design.
- International businesses, corporate and regional headquarters, and other professional and financial services.
- Significant investment, including the creation of high-wage jobs and a willingness to be part of strategic revitalization efforts in key areas of Fort Worth.
- Retaining/expanding one of Fort Worth’s existing major employers, or anchoring a business expansion project that provides potential for more supply chain activity and additional growth.
Both Tax Abatements and Chapter 380 grants require recipients to commit to using certified M/WBE companies for a minimum of 15% of all construction costs (both hard and soft), and all mixed-use development projects that contain rental residential units must commit to providing affordable housing.
The Thrive in Fort Worth team will determine whether your project would be the best fit for a tax abatement or a grant and will walk you through the next steps. The team can also assist with other non-cash incentives such as Expedited Permitting.