The purpose of this incentive is so the Wylie Economic Development Corporation can ensure responsible allocation of resources and foster mutually beneficial partnerships with business enterprises. Section 501.158 of the Development Corporation Act mandates that any direct incentives or expenditures by the corporation must be accompanied by a performance agreement. These agreements outline the expectations for job creation, retention, and capital investment by the business enterprise receiving incentives. Additionally, they establish terms for repayment should the enterprise fail to meet the agreed-upon performance requirements, ensuring accountability and safeguarding public funds.
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.