Economic Development
The Economic Development Corporation strives to stimulate job creation and capital investment into the City of Corinth through attracting new businesses and expanding current ones. In order to achieve those goals, economic development agreements with desired businesses, which may include tax abatements and other incentives as authorized by Chapter 380 of Texas Local Government Code, were made. All agreements must be approved of the City Council.
The Economic Development Transparency page is provided in an effort to increase transparency in the area of economic development and inform taxpayers about programs and incentives supported by their tax dollars that are designed to attract industry and investment, create jobs and otherwise grow the economy.
Economic Development Summary
The City of Corinth is dedicated to achieving the highest quality of development, infrastructure, and quality of life for its residents. The competitive nature of other municipalities on the local, state and international levels can necessitate additional inducements to attract investment and business to the community. The City’s philosophy is designed not only to attract high quality companies but to retain them as well.
It is the City’s policy to encourage new investment and business attraction through the utilization of tax grants, performance-based job creation grants, and/or other redevelopment grants, as authorized by Chapter 380.001 of the Texas Local Government Code and tax abatements, as authorized by Chapter 312 of the Texas Tax Code, which may provide a reduction of taxes owed on new added value for a defined period of time.
Chapter 380 Agreements
Dedicated to encouraging new investment, attracting development of the highest quality and achieving the highest quality of life for its citizens, the City Council adopted the Chapter 380 Economic Development Program Policies and Procedures on December 1, 2016 (Resolution No. 16-12-01-27) in accordance with the provisions of Chapter 380 of the Texas Local Government Code. This policy is designed to promote local economic development and stimulate business and commercial activity within the City of Corinth, with an emphasis on the retention, expansion and attraction of retail, restaurant, office, hotel and other commercial development. The City may elect, on a case-by-case basis, to give consideration to providing economic benefits and other incentives pursuant to Chapter 380 of the Texas Local Government Code.
Chapter 380/381 Economic Development Agreements Online Public Search Reporting
Business Improvement Grant
The Corinth Economic Development Corporation (CEDC) seeks to create aesthetically pleasing and visually harmonious environments for commercial, industrial, and mixed-use activities to thrive and prosper. In support of this, the CEDC established and funds the Business Improvement Grant Program to deliver technical and financial assistance to eligible businesses that are desirous of improving their exterior, visibility, and presentation. Under the program, property owners and tenants (with the approval of their property owner) within the City of Corinth may be eligible to receive assistance and funding for well-designed improvements. The funding for this program is the form of a 50 percent matching grant to reimburse up to $20,000.00 of approved improvements.
Specialty Retail & Restaurant Incentive Program
The City of Corinth seeks to recruit new, unique, and specialty retailers and restaurants that help to differentiate Corinth from dining and entertainment venues in other communities within the Dallas Metroplex and to contribute to the City Council’s overall vision of enhancing quality of life for Corinth’s residents. The City establishes this Specialty Retail & Restaurant Incentive program to serve the community’s desires for attracting unique, quality retailers and restaurants that do not already have a strong presence in the marketplace.
Tax Abatements
Tax Abatements under Chapter 312 of the Texas Tax Code allow the City to designate tax reinvestment zones and negotiate tax abatement agreements with applicants. These abatement agreements authorize the appraisal districts to reduce the assessed value of the taxpayer’s property by a percentage specified in the agreement, and the taxpayer will pay taxes on the lower assessed value during the term of the agreement. The City no longer has an active Tax Abatement Policy.
Governmental Accounting Board Statement 77
This statement provides guidance regarding the disclosure of taxes foregone in governmental financial statements.
