Terrell, Texas Economic Development Corporation

The Terrell Economic Development Corporation
The Terrell Economic Development Corporation (TEDC) was formed in 1990 after the passage of a $.005 sales tax proposition. Terrell was one of the first cities in the State to implement this program and has aggressively sought projects using the dollars generated.
The main criteria used in the allocation of funding are the number of jobs created and total economic impact. A minimum of 15 jobs and $500,000.00 investment is required to qualify for assistance. Each project is judged on its own merit, with types of jobs created and payroll the most important factors. Assistance available from TEDC is in the form of:

Low interest loans

Grants

Infrastructure improvements

Land purchase

The TEDC currently owns the 750-acre Metrocrest Business Park, a fully developed park with 4-lane streets and all utilities, and the Airport Business Park, adjacent to Terrell Municipal Airport.

To apply for assistance from TEDC, request an application from Danny Booth and submit it with all the necessary support documents.

Tax Abatement
All taxing entities in the City of Terrell have adopted a policy for tax abatement for new/existing business and industry locations in Terrell.

(a) Central Business District

To qualify for central business district abatements, businesses:

Must increase the ad valorem tax value of a property by at least $150,000 in new construction in the central business district, or

Must increase the ad valorem tax value of a property by at least $50,000 in rehabilitation of an existing structure in the central business district.

(b) Enterprise Zone (Metrocrest Business Park and the Airport Business Park)

To quality for tax abatements in Terrell Enterprise Zones, businesses:

Must add at least 25 new or retained jobs, and

Must increase the ad valorem value of a property by at least $500,000 in new construction, or

Must increase the ad valorem value of a property by at least $250,000 in rehabilitation of an existing structure.

Procedural Guidelines

For more information on applying for abatements, contact Danny Booth at 972-563-5703.

Application For Tax Abatement (word format)  (pdf format)

Additional Opportunities for New Industries:

Urban Development Action Grant
The Urban Development Action Grant (UDAG) Program of the U.S. Department of Housing and Urban Development (HUD) is designed to encourage private development projects in eligible cities. Funds are available for a wide variety of commercial, industrial, and mixed use projects which:

Help revitalize the city's economic base

Provide new permanent employment opportunities

Cannot work without the UDAG

Funds may be used for fixed asset financing. There is no minimum or maximum project amount. UDAG loans, however, generally range from 15% to 25% of the project's cost. Projects in which the UDAG loan is less than $100,000 are unusual. Some up-front equity investment is generally required, although the specific amount is negotiable.

Industrial Revenue Bonds (I.R.B.) $10,000,000 Issue

The Terrell Economic Development Corporation is authorized under State Law to issue I.R.B. The corporation will work with the Texas Commerce Department in the issuance of I.R.B. Terrell passed the $.005 sales tax for economic development in 1990. We currently generate approximately $800,000.00 annually. These funds can be used for grants, low interest loans, land purchases, utility extension, etc.

Texas Capital Fund

The City of Terrell is qualified to submit applications for an eligible activity to the Texas Department of Commerce. Businesses with a three year track record are desirable, but not mandatory. There are no limitations on the personal net worth of the business owners. Complete applications are selected on a statewide competitive basis with scoring allowed for (1) community distress, (2) benefits to low/moderate income persons, (3) private leverage, (4) number of employees and (5) other.
What are the terms?

Loan amount: Must not exceed $800,000

Purpose of loan: Fixed assets, working capital

Maturity of loan: Flexible - typically tied to the economic life of the assets purchased with the loan

Rate of interest: Flexible - typically low rate financing from 3 to 8%

If approved, the state awards the city a grant. The grant is then loaned to the project principal(s). The repayment funds to the city are recycled for other economic development or community development activities.

Job Training Partnership Act

$250,000 in job training assistance. For additional information contact contact Danny Booth at 972-563-5703

Terrell “For all the Right Reasons!”

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Terrell Economic Development Corporation
1314 W. Moore Avenue
Terrell, Texas 75160
972-563-5703
Dallas Metro: 972-524-5703
FAX: 972-563 -2363
Toll Free: 1-877-Terrell
E-mail: info@terrelltexas.com

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