Burkburnett Economic Development Incentives- Committed to Providing Business Representatives the Service and Support Deserved

burkburnett development corporation offers incentives to small businesses, burkburnett welcomes small businesses, burkburnett welcomes mom and pop businesses, burkburnett is a destination location, destination businesses in burkburnett, burkburnett small businesses, small businesses in burkburnett

Burkburnett Economic Development Incentives- Committed to Providing Business Representatives the Service and Support Deserved  

The decision to expand or relocate your business is not an easy one. The Burkburnett Development Corporation (BDC) is eager to form a partnership and assist you through the decision process.

Burkburnett is committed to providing you, the customer, the service and support you so much deserve.

The Burkburnett Development Corporation is a non-profit development corporation under Article 5190.6 Development Corporation Act of 1979.  The Development Corporation Act provides a wide variety of purposes for which Section 4B tax proceeds may be expended.  Section 4B tax proceeds may be spent on land, buildings, equipment, facilities, and improvements (one or more) that fit under the definition of a “project” under Section 2(11)(A) and 4B(a)(2) of the Act.The Attorney General’s Handbook on Economic Development Laws lists the following categories to fit the definition of “project” and to be legal uses of Burkburnett Development Corporation funds:

  1. Development, retention, or expansion of manufacturing and industrial facilities

  2. Recycling facilities
  3. Distribution centers
  4. Small warehouse facilities capable of serving as decentralized storage and distribution centers
  5. Air or water pollution control facilities
  6. Targeted infrastructure and improvements
  7. Sewage or solid waste disposal facilities
  8. Facilities for the development, retention, or expansion of manufacturing and industrial facilities Sewage or solid waste disposal facilities
  9. Primary job training facilities for use by institutions of higher education, and regional or national corporate headquarters facilities
  10. Research and Development facilities
  11. Athletic facilities
  12. Parks and related public spaces improvements
  13. Tourism and entertainment facilities
  14. Transportation facilities
  15. Affordable housing
  16. Water conservation programs
  17. Facilities for the furnishing of water to the general public
  18. Section 4B corporation with a population of 20,000 or less, may provide land, building, equipment, facilities, expenditures, targeted infrastructure, and improvements, not otherwise provided, found by the board of directors to promote new or expanded business development, provided projects which require an expenditure of more than $10,000.00 require that the city council must adopt a resolution authorizing the project after giving the resolution at least two (2) separate readings

The Burkburnett Development Corporation strives to meet the following objectives: 1) Retain and expand existing business, 2) Expand and diversify the tax base of the City of Burkburnett, Texas, 3) Attract new businesses and investment to the City of Burkburnett, Texas, 4) Enhance existing job opportunities and create new ones, 5) Improve the quality of life and environment for the citizens of Burkburnett, Texas.

 
The following list of incentives has been provided to give the business representative an overview of the types of assistance that can be provided to any qualified new or expanding business.

INCENTIVES

 

 

 

 

 

Tax Abatement:

 

 

 

 

The City of Burkburnett and Wichita County can abate their respective portions of increased Ad Valorem tax. Terms of these abatements are negotiated on a case-by-case basis upon economic impact of the project.

 

 

 

Enterprise Zone:

 

 

 

 

The City of Burkburnett can nominate a company as a qualified business and thereby request that the State of Texas grant that company Enterprise Project status. Once the project has been so designated by the state, the project is eligible for a refund of sales and use tax paid on machinery and equipment, building materials, and labor. The term of the designation is five years.

Additionally, Enterprise Projects are eligible for a franchise tax reduction on its annual report filing for each year of their five-year designation.

 

 

 

Industrial Foundation:

 

Yes

Foreign Trade Zone:

 

No

Tax Increment Reinvestment Zone:

 

Yes

 

 

 

Freeport Exemption:

 

 

 

 

The local incentive exempts 100% of the ad valorem taxes (County, City and School) on all tangible property other than oil, natural gas, or other petroleum products that is imported or acquired in Texas for purpose of assembly, storage, manufacturing, processing, or fabrication if the property is transported outside Texas within 175 days of its acquisition.