Incentives
Incentives
The following list identifies many of the economic development incentives potentially available at the local level. In addition to local incentives, the Mount Vernon Economic Development Corporation staff will assist businesses in gaining maximum benefit from state, federal, and governmental incentives.
EDC Assistance Application
The granting of incentives by Mount Vernon Economic Development Corporation may depend upon level of the applicant's capital investment, number of jobs to be created, and Mount Vernon EDC account balances at time of application.
Applications must be submitted to Mount Vernon EDC for board approval before completion of construction.
Since economic development funds are garnered from public taxes, a public process is involved in receiving approvals. This includes posted public notices, public hearings, and approvals by both Mount Vernon Economic Development Corporation and Mount Vernon City Council. If applying for a Franklin County based incentive, approval by Franklin County Commissioners is required.
Other available incentives withthe City of Mount Vernon
Chapter 380 Incentives
Ch. 380 authorizes municipal funds to be used to promote economic development and may include infrastructure, tax rebates, etc.
Chapter 311 Tax Increment Reinvestment Zone
Tax Increment Reinvestment Zones can be created by the city or county to freeze increases in ad valorem taxes for a project over a set period of time.
New Market Tax Credits
New Market Tax Credits encourage the investment of private capital in designated low-income areas of the community.
Historic Façade Grant
This grant program is designed to award up to $20,000 to a historic downtown commercial building in order to preserve/improve the building façade, including signage.
City Hotel / Motel Tax Funds
Abatement and allocation of local occupancy taxes allows local businesses to help promote tourism and support lodging industries.
Freeport Exemption
Offered by Franklin County for goods that are detained in Texas for less than 175 days. Freeport property includes goods, wares, merchandise, and certain aircraft parts.
Economic Development Corporation Incentives
Graduated Rental Assistance
Rental assistance reduces the burden of rental expenses for a new business and help to offset initial startup costs.
Existing Business Structure Assistance
Business structure assistance is designed to assist commercial building owners and lessees with renovations.
Job Creation Incentives
Job creations incentives reward new/expanding businesses for new hires and provides additional bonuses for new employees that live in Mount Vernon.
Mount Vernon Economic Development Corporation Incentives
The three programs above are directly managed by Mount Vernon Economic Development Corporation. All EDC incentives are subject to EDC board approval and assistance over $5,000 is subject to City Council approval. Mount Vernon Economic Development Corporation is a City of Mount Vernon department.
Franklin County Incentives
Franklin County Commissioners manage the following incentive programs:
Franklin County Information
- Reinvestment Zone in participation with City Council (tax abatement program)
- Franklin County Revolving Loan Fund
- County Hotel / Motel Tax
