The Wylie Economic Development Corporation, City of Wylie and state of Texas have a wide range of tools available to help expanding companies locate and grow in our wonderful community. While most incentive packages are funded at the local level, the WEDC will assist you with any applicable state or national incentive programs which may be available.
The Wylie Economic Development Corporation is funded by a ½-cent sales tax imposed on the purchase of local goods and certain services. Those monies are earmarked for funding all WEDC operations including incentive programs. All incentive packages are developed by Wylie Economic Development Corporation staff and presented to the Wylie Economic Development Corporation Board of Directors for their consideration. With project criteria requirements evaluated on a case-by-case basis, key elements typically evaluated include the amount of added taxable value for real and personal property improvements and number of new/retained jobs. While examples of existing funding mechanisms are listed below, the Wylie Economic Development Corporation stands ready to identify your specific needs and tailor an incentive program to meet those needs. Such incentive programs include:
The Wylie EDC has a direct incentive program, which may be used to provide cash grants to qualifying projects and companies.
The Wylie Economic Development Corporation has a performance agreement corporation which enables local businesses and partners to have further investment on the basis of set expectations.
Chapter 380 of the Texas Local Government Code allows the City of Wylie to offer a range of incentives for economic development, including the ability to rebate some of the city's portion of sales and use tax collected from business entities located in the jurisdiction.
Qualifying businesses considering a location in Wylie have the opportunity to apply for a property tax abatement on new value created as a result of the project. A tax abatement exempts all or part of the increase in the value of property and/or tangible personal property from taxation for a period not to exceed 10 years.
Established by the 74th Legislature in 1995, The Skills Development Fund was designed to better utilize the public community and technical college system in Texas as well as other training organizations and have them partner with businesses throughout the state (with priority on small businesses) to train workers to meet the labor needs of employers and the regional labor market.
The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
Section 501.103 of the Development Corporation Act states that the Wylie Economic Development Corporation may provide funding for expenditures that are found by the Board of Directors to be required or suitable for infrastructure necessary to promote or develop new or expanded business enterprises, limited to streets and roads, rail spurs, water and sewer utilities, electric utilities, or gas utilities, drainage, site improvements, and related improvements