City of Waco Economic Development

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Listed below are short descriptions of our economic incentive programs. For more detailed information, click on the links in blue below.

Brownfields Redevelopment

The City's Brownfields Redevelopment Program is designed to assist potential developers identify and build on Brownfields sites within the city. Brownfields are abandoned, idle, or under-utilized properties where development is hindered by real or perceived environmental contamination. Restoring Brownfields utilizes former buildings and existing infrastructure, provide new jobs, improve the local tax base, improves the value of adjacent properties, as well as, remove the stigmatism of potential environmental problems on subject properties.

Building Construction Fee Waiver

The City of Waco will give consideration to waiving certain fees associated with the construction and occupancy and/or renovation and re-use of residential and commercial dwellings located within the Brazos River Corridor &/or Public Improvement District. To apply, click here: Building Construction Fee Waiver Application

Business Resource Center Revolving Loan Fund - Not Currently accepting applications

Created as a result of the Federal Enterprise Community, the Heart of Texas Business Resource Center, a community based development organization, uses its Revolving Loan Program as a financial tool to support the start up or expansion of a business that demonstrates the ability to succeed and create jobs.

Created to encourage the restoration and improvement of existing commercial structures, the Commercial Building Tax Abatement Program provides a real and/or personal property tax abatement for building renovations occurring within the Brazos River Corridor. To apply, click here: Commercial Tax Abatement Application

This 400+ acre zone provides existing and future businesses within the Zone with advantages in international trade and distribution by ensuring lower customs and duties on products used in export activity.

The Freeport Tax Exemption provides a property tax exemption on certain items (i.e. goods, wares, merchandise, aircrafts and aircraft parts) that are detained in Texas for 175 days or less. The exemption was created to enhance the city's ability to attract warehouse and distribution facilities.

This program offers a municipal tax credit on locally designated or recognized historic property that undergoes renovation/rehabilitation.

Designed to encourage capital investment and stimulate business activity in the city of Waco, the Industrial Business Grant Program provides grants of public money equal to all or a portion of the increased taxable value or eligible property over a base year value. To inquire about the application process please call 750-5640.

The North American Free Trade Agreement (NAFTA) Impact Zone Program was established by the City of Waco to contribute to the retention of primary employment sectors &/or the attraction of major investment to an area so as to benefit a specific property and contribute to the economic development of the city. Businesses operating in a zone may receive one of the following benefits: waiving of fees related to the construction of buildings, sales tax refund or the abatement of municipal sales tax, or the abatement of municipal property taxes. To apply, click here: NAFTA Impact Zone Application

Designed to incentivize the redevelopment/renovation of substandard, deteriorating and/or vacant structures within the Brazos River Corridor, the Program provides a tax abatement for owner-occupied developments and/or renovations that create mixed use facilities (retail and/or commercial with residential). To apply, click here: Owner-Occupied Development/Renovations Tax Abatement Application

This district has an assessment of 10 cents per $100 valuation of property that is used only within the boundaries of that district (see map) to provide a variety of services that increase the value and appeal of properties downtown.

The City of Waco considers tax abatements for industrial development business investments that create new jobs and income in addition to promoting growth and stabilization. Tax abatements may be granted for new and lease facilities and for the expansion or updating of existing facilities provided that the economic life of the facility exceeds the life of the abatement. To inquire about the application process please call 750-5640.

Program offers qualified businesses the opportunity to apply for facility bonds, which are used to finance property development at interest rates lower than conventional financing.

The City of Waco has three tax increment financing zones created for the purpose of facilitating revitalization and development throughout the core of the City. With the approval of the City Council, TIF Board of Directors have invested millions of dollars in infrastructure improvements, acquisition and demolition, landscaping, sidewalk, and streetscape amenities.
Tax Increment Financing Application

The Enterprise Zone Program of the State of Texas enables new and expanding businesses within designated economically distressed areas to receive state and local incentives. Commercial/Industrial businesses in the Zone are eligible for sales tax rebates and/or franchise tax credits. Additionally, consideration is given to permitting mixed zoning development.

This corporation uses County and City funds to assist companies in the facilitation of capital investment and job creation for the Waco/McLennan County area.

Waco Regional Airport has an industrial park that is currently utilized by many aviation related companies. To encourage further development of aviation related and aviation compatible businesses, the City of Waco has developed a policy for the sale or lease of land located adjacent to the airport. Some consideration for reduced cost land may be given depending on the level of capital investment and job creation of the proposed project. Only non-obligated land can be sold in accordance with FAA rules and restrictions. Applications and questions should be directed to the Waco Regional Airport Director.

INCENTIVES DEVELOPMENT PROGRAM DESCRIPTIONS

INCENTIVES DEVELOPMENT
PROGRAM DESCRIPTIONS