Grants & Improvements
ELECTRICAL & PLUMBING IMPROVEMENTS
Improvements to repair and/or upgrade permanent electrical and plumbing components to comply with current City of Nolanville building codes and standards. The grant amount shall be equal to or less then than 50% of the cost of such improvements, up to a maximum of $10,000.
Typically awarded to start-up, early stage or emerging technology companies. Requires higher level of due diligence of the company and its investors. May also require company to provide a specific dollar value of product – or service related benefits to the community. The EDC reserves the right to determine which companies are eligible for entrepreneurship grants.
Chapter 380 Economic Development Agreements
Chapter 380 of the Texas Local Government Code allows Nolanville to offer a range of incentives for economic development, including the ability to rebate some of the city’s portion of the 1.0% sales and use tax collected from business entities located in the jurisdiction.
NEDC works closely with our regional workforce center and local colleges to assist with training needs. In addition to the availability of local funds for training, the State of Texas has several training programs to include Skills Development Fund, Skills for Small Business, Self-Sufficiency Fund and programs designated for Veterans entering the civilian workforce.
As a Type-B Corporation, the Nolanville Economic Development Corporation (NEDC) receives dedicated revenue from a 0.5% sales tax. Backed by a healthy fund balance, cash grants are available for qualified businesses to assist with the following expenses:
Job Training & Hiring Costs
Property Tax Abatement
Property Tax Abatements are available from the City of Nolanville and Bell County for new improvements to real property. The threshold requirement for this program is an investment in real property of at least $250,000, or a $1,000,000 investment in personal property and the creation of a minimum of 25 jobs. The property must be located in, or able to be designated as a Neighborhood Enterprise Zone, as designated by the City of Nolanville. NEDC staff will facilitate the tax abatement request and application process with the City and County.
Tax Increment Reinvestment Zones
Tax Increment Reinvestment Zones (TIRZ) help facilitate development and redevelopment projects resulting in an overall increase in the value of the commercial property. Tax increment financing may be available to reimburse private developers for needed public improvements.