The Texas Enterprise Zone Program is
administered by the Texas Department of Economic Development and is designed to encourage
job creation and capital investment in areas of economic distress within Texas. The City
of Snyder has an enterprise zone which encompasses SnTx Park I.
Cities, counties and other taxing units are able to
offer local incentives such as tax abatement, tax increment financing, local sales tax
refunds, utility reductions and other regulatory incentives to businesses within an
enterprise zone. In addition, cities and counties may nominate up to four businesses for
designation as enterprise projects during a state biennium. Under certain circumstances,
such communities may become eligible for two additional project designations. These
designations allow businesses to obtain state sales and use tax and franchise tax benefits
for five years. The Texas Department of Economic Development may designate up to 65
projects in Texas between September 1, 1997 and August 31, 1999.
The city may apply to the Texas Department of
Economic Development at any time for designation of an area as an enterprise zone project.
Project applications are evaluated based on the economic distress of the zone, the local
effort to develop and revitalize the enterprise zone, the number of jobs to be created,
and the capital investment resulting from the proposed project.
Applications are reviewed by Department staff, who
recommend the applications to the executive director for the final approval decision. For
enterprise projects, review time is typically 8-10 weeks. There is no appeal process for
applications that are rejected, but a rejected applicant may always reapply.
For further information and assistance on
structuring zone and project applications, please contact:
The Development Corporation of Snyder, Inc.
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