|INCENTIVE TYPE||CITY HAS INCENTIVE|
|Foreign Trade Zone||No|
Everman Community and Economic Development Corporation
CASH GRANT INCENTIVE POLICY 2008
- Assessed value from real and business personal property (bpp) for impact analysis
- Industrial, commercial, and professional employment based on Full Time Employment (FTE) salary averages with full benefits
- Minimum assessed project value of $1,000,000
- Tax base enhancement is our primary goal and job creation is our secondary goal
Cash Grant per Project:
- Minimum number of new FTE jobs with benefits – 10 FTE @ 2080 hours per year per FTE
- Minimum Annual Payroll of $300,000 ($30,000 annual average salary per FTE)
- Incentive payments will begin after a Certificate of Occupancy is issued by the City of Everman
- A new business locating to Everman must create an increase in assessed valuation of $1,000,000
- An existing business that has operated a minimum of 2.5 years in Everman must create an increase in assessed valuation of only $250,000; as well as create a minimum of 2.5 new FTE’s with an annual payroll increase of $150,000
- New or existing businesses must be located in the City of Everman city limits
Application Procedures and Requirements:
- Businesses and developers must submit a letter stating the impact on the project without Everman CEDC funding
- History of company, operations and formal business plan must be submitted
- Management and ownership qualifications must be provided
- Two (2) years of the most recent financial statements must be provided
- Projections on operations to include, but not limited to capital investment (assessed value); employment, wages, annual payrolls, and sales taxes generated must be provided
- A Performance Contract shall be required
- Applications are submitted to the Everman CEDC Board for final resolution
If the project fails to meet its Performance Requirements as defined in the Performance Contract, then some or all of the incentives granted must be paid back.
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Everman Community and Economic Development Corporation
Infrastructure and Fee Development Costs Reimbursement Policy 2008
This Policy details the guidelines that will be used by Everman CEDC for the purpose of infrastructure-related development cost reimbursement. This Policy serves as an administrative and implementation policy for developmental assistance to attract, retain, and expand businesses in the City of Everman.
As with any guidelines, this Policy is designed to apply in the majority of cases. However, these guidelines can be modified as necessary in specific cases. Each infrastructure-related development project is judged on a case-by-case basis. Neither the City nor the Everman CEDC is obligated to participate in any development project.
The Everman CEDC will not pay nor reimburse the cost of City development fees.
This includes all related construction fees such as permits, inspections, plan reviews, certificates of occupation, etc.
- Qualifications of Businesses and Developers for Infrastructure Reimbursement
- Job Creation
- New or existing businesses and developers are required to create new employment of a minimum of 10 full-time job equivalents (or 20 part-time jobs). Full-time jobs are 40-hours a week; part-time jobs are 20-hours a week.
2. An existing business that has operated a minimum of 2.5 years in the City of Everman is only required to create new employment of 5 full-time jobs (10 part-time) and an increase in their Annual Payroll of $150,000.
2. New or existing businesses are required to create an increase in their Annual Payroll of $300,000 from the newly created jobs.
- Assessed Valuation
- New or existing businesses or developers must create an increase in assessed valuation of a minimum of $1,000,000.
2. An existing business that has operated a minimum of 2.5 years in the City of Everman may only create an increase in assessed valuation of $250,000.
3. New or existing businesses and developers must operate within Everman city limits.
- Application Procedures and Requirements
- Businesses and developers must submit a letter stating the impact on the project without Everman CEDC funding. Multi-parcel benefits are encouraged.
B. History of company, operations and formal business plan must be submitted.
C. Management and ownership qualifications must be provided.
D. 2 years of the most recent financial statements must be provided.
E. Projections on operations to include, but not limited to capital investment (assessed value); jobs, wages, and sales tax generated must be provided.
F. Detailed invoices and receipts of infrastructure development costs incurred must be provided.
G. All infrastructure projects must meet Everman’s Public Works Department pre-construction and post-construction requirements.
H. Conceptual Infrastructure Construction Plan approval by Everman’s Public Works Department.
I. A Performance Contract that the Everman CEDC shall provide is also required.
J. Recapture – If the project fails to meet its Performance Requirements as defined in the Performance Contract, then some or all of the incentives granted must be paid back to the Everman CEDC.
III. Developer Participation
Developers may apply for reimbursements of infrastructure related costs:
- Once acceptance of the improvements has been made by the City in the case of public infrastructure;
- Upon issuance of a Certificate of Occupancy in the case of private infrastructure.
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Dear Everman Business Owner:
The Economic Development Corporation of Everman would like to notify you of a new and exciting program being offered to all business owners in Everman. In cooperation with the City of Everman City Council, the Business Improvement Grant (BIG), has been established to provide matching grants to businesses in Everman for the improvement of their businesses.
The City of Everman is committed to assisting businesses to improve the look of their businesses to attract more/new customers. The City authorized the Business Improvement Grant (BIG), a partnership grant program for building and grounds improvement. The BIG program offers reimbursement for eligible improvements to businesses enrolled in the program. Under the program, owners of property or owners of businesses located within the designated target areas are eligible to apply for grant funds equal to 50 percent of the cost of improving their storefronts, buildings facades, or grounds.
After approval in the program, property or business owners can receive matching funds equal to 50 percent of the project cost, up to a total City of Everman contribution of $10,000.
Any business within the City limits of Everman is eligible for the BIG program. An eligible applicant may be the owner of a building or an owner of a business in a building in the City of Everman. A business owner who is a tenant in a building for which BIG funds are sought must provide written consent from the building owner for all proposed improvements.
The BIG is intended to fund improvements ranging from sign compliance and landscape enhancements to complete façade restorations. This grant is designed to assist our Business Owners with the opportunity to make improvements to increase business traffic and/or sales.
* Eligible improvements include (subject to Legislative approval):
* Upgrading non-conforming signage to code compliance
* Exterior Lighting
* Parking Area Improvements
* Storefront Façade Enhancement
* ADA Handicap Accessibility—ramps, doors, etc.
* The Board has the discretion to consider any/all other enhancement projects and is not subject to automatic approval. All projects are subject to Legislative approval with the consideration focusing on permanent structural enhancements.
Applications are available now. For more information, or to request an application packet, please contact Michael Nicoletti at 254-366-1728 or by email at firstname.lastname@example.org.
Denise Douglass, President