Improvement | Education | Growth
The Colony EDC provides several grants to support local businesses. Grants are available for specific uses, including visual location improvements, expansion projects and employee training.
This grant can be used to improve the exterior of any business or commercial property. It is somewhat of a beautification program but it intended to improve the look of a business or commercial property to help make it more prosperous. It can be used for paint, façade, landscaping and signage. It is a matching grant program.
Our match cannot exceed $2,500. An example would be if a sign cost $9,000 we would be able to partner with a $2,500 contribution. If the sign was $1,000 we would only be able to partner at $500. These grants are available one time per year for each business and one time per year per location. In your case each center will qualify separately so we could partner with you at both locations.
This grant is to help small businesses with training needs for their staff. It is $500 per employee up to 3 employees per year or $1,500 to bring in a facilitator one time a year.
The goal is to help the local workforce by enhancing an employee’s knowledge base or skill set for their particular line of work. The funds can be used for tuition, travel or any qualified expense tied to continuing education/training for their workforce.
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.
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.
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 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.
The City provides sales tax rebate incentives based on a percentage of the sales and use tax received from the sale of taxable items by the qualified applicant. The TCEDC is authorized to provide grants for retail clients utilizing the funds for infrastructure improvements. The minimum requirements to qualify for a sales tax rebate is a capital investment in the project of at least $1 million.
The City sponsors TIF incentives to finance needed public infrastructure improvements within a defined area (the “zone”) to encourage economic development. Once a city has initiated tax increment financing, other taxing units may participate. The cost of improvements is repaid by the contributions of future tax revenues by each participating taxing unit in the area.
The Colony offers all training programs available to companies through the Texas Workforce Commission and Skills Development Fund. The Colony is located within a commuting distance of 34 institutions of higher learning, with close access to major institutions such as Brookhaven College, The University of Texas at Dallas, Devry Institute of Technology, Richland College, North Lake College, Collin Country Community College, University of Dallas.
The City authorizes development fee rebates to qualified businesses on a “case-by-case” basis as an incentive to companies that invest in the area and provide jobs. The Colony may approve the waiver of all or a portion of certain permit and development fees and/or TCEDC may reimburse the applicant or directly pay all or a portion of certain permit and development fees. Rebates are payable after Certificate of Occupancy and contingent upon funding availability.
The City and/or the TCEDC may participate with qualified applicants to assist with costs related to the construction, reconstruction or extension of public infrastructure necessary for approved development projects. The infrastructure development may include streets, waterlines, sewer lines, railroad lines, electric lines, phone lines, gas lines and/or fiber optic lines.
The City provides funding and/or assistance for construction of a building or structure needed for eligible development projects. TCEDC also provides construction funding and/or assistance for industrial and manufacturing projects. The Colony encourages construction of buildings or structures that foster economic development, revitalization and employment opportunities.
TCEDC assists corporations that want to relocate their business to The Colony. Financial assistance is available to help firms with relocation expenses related to their business and personnel. Help is provided with support services and products or family-related services, such as housing, schools, banking, health care, shopping, arts and culture.
TCEDC offers Triple Freeport Exemption from all local taxing authorities on “in transit” inventory. The exemption applies to inventory that is shipped out of Texas within 175 days, and it provides substantial savings for interstate shippers who experience frequent inventory turnover each year. The Colony grants the Triple Freeport Exemption to qualified applicants from the City, the Lewisville Independent School District and Denton County.
Provided as a courtesy. The Colony EDC is not responsible for the content of these websites. Each link will open a new browser window.
Keri Samford
Executive Director of Development
6800 Main Street
The Colony, TX 75056-1133
Tel: 972.624.3127
Fax: 972.624.2275
Email: [email protected]
