The Colony and The Colony Economic Development Corporation (TCEDC) provide incentives for qualified projects in accordance to guidelines that encourage economic growth and expansion. We consider projects on a case-by-case basis.
TCEDC provides economic development incentives by contract to selected applicants, subject to procedural requirements set forth in contract along with applicable federal, state and local laws. Nothing in these guidelines shall imply or suggest that the City or TCEDC is under any obligation to provide any economic development incentive to any applicant.
The purpose of this policy is to establish guidelines for providing economic development incentives. Notwithstanding these guidelines the City and TCEDC retain the right to take any action allowed by law without the necessity of amending these guidelines.
Customized Incentive Package to Foster Development
TCEDC provides competitive financial incentives to companies that invest in The Colony. Qualified applicants may receive individualized packages to expedite and facilitate their development projects in a way that will offset costs.
The City encourages a business-friendly environment that fosters sustainable economic development that adds value to the community.
Fast Track Permitting
TCEDC facilitates a fast track permitting process for qualified applicants if the development project is economically justified. The City’s business-friendly process will minimize red tape and expedite the permitting process to meet the project’s timeframe under existing guidelines.
The Colony Ranked 1st in Permitting Time!
The National Association of Industrial and Office Properties (NAIOP) surveyed its membership to determine which municipality was the fastest and most efficient in permitting time.
The Colony offers tax abatements to qualified property developments based upon the added tax base value of the new or expanded improvements to the City. Tax abatements may be offered to applicants that pursue construction of a new or improved facility to house the applicable project. To qualify, the project must meet the City tax abatement criteria and have $3 million capital investment.