Incentive packages are based on the number, quality of jobs created and/or capital investment. Incentives usually take the form of cash grants to the company spread over a two to five year period, depending on the total amount of the grant. In the past, grants have ranged from $500 to $5,000 per job, depending on the type of job. A company which qualifies for a cash grant package employing 200 people at $5,000 per job would receive a total of $1 million in incentives payable over an agreed upon term.
Ad Valorem Tax Rebates
The city, county and college districts have a strong track record of tax abatement or rebate participation on new building and equipment. Local Governments can enter into agreements with businesses to rebate local Ad Valorem taxes on real and personal property for up to ten years.
All taxing entities, the City of Denison, Grayson County, Grayson County College and the Denison Independent School District offer a Freeport inventory tax exemption which exempts certain personal property from property taxes. Freeport goods are defined as, "goods, wares, merchandise, other tangible property...are exempt from ad valorem taxation if:
- The property is acquired in or imported into this State to be forwarded outside this State
- The property is detained in this State for assembling, storing, manufacturing, processing, or fabrication purposes
- The property is transported outside this State not later than 175 days after the date the person acquired or imported the property in this State."
Foreign Trade Zone
Denison is served by Foreign Trade Zone Number 39. The zone is comprised of 18 acres located at the Grayson County Airport, four miles west of Denison. Businesses engaged in international trade within this zone benefit from special customs procedures when exporting and warehousing, manufacturing or assembling goods within the designated areas.
Revolving Loan Program
The Denison Community Investment Corporation has one million dollars available that can be loaned to businesses for the acquisition of property or equipment. Rates can be as low as 3 1/2% below national prime and terms can be up to ten years.
Skills Development Fund
This state fund provides grants to community and technical colleges to finance customized job training for local businesses.
The Denison Development Alliance owns and manages two industrial parks. Sites in the park are available for free or below market rates for qualified businesses. The land is valued at $10,000 per acre.
Funds are available for the installation or improvement of water and sewer lines and access roads.
Denison may pay for a portion of moving costs incurred when a manufacturing business relocates or expands to Denison. Funds are also available to established industries that move new equipment to their Denison location.
Matching Facade Grant
The Façade Grant program is a matching (50/50) grant program funded by the Denison Development Foundation (DDF) to improve the exterior (façade) appearance of buildings in the downtown and “gateway” areas. Any existing or new retail, non-profit, or commercial building/business owner within the qualifying area is eligible to apply for the matching grant funds.