Our Incentives PackageBonham and Texas are serious about attracting new business. Locating a business in Bonham may qualify the business for tax incentives and/or exemptions. Improvements to property may be eligible for tax incentives, exemptions, refunds or abatements.
State Aid Programs
- Job Training Assistance
- Texas Manufacturer’s Assistance Center (TMAC)
- Smart Jobs Fund
- Capital Access Fund
- Texas Capital Fund Infrastructure Program
- Texas Capital Fund Real Estate Development Program
- Texas Enterprise Zone Program
- Texas Leverage Fund
- State of Texas Industrial Revenue Bond Program
- Texas Linked Deposit Program
Bonham BEDCO Incentives
Thank You for your interest in growing or expanding your business in Bonham, you’ve made a sound decision! In fact you may already be benefitting from BEDCO incentives in our city’s streetscape, curb appeal and quality-of-life investments, or perhaps the efficient transportation network in and around Bonham-Fannin County. These public investments are geared toward enhancing our community’s economic advantages.
BEDCO is also willing to help facilitate your dialogue with local officials and Texas Workforce Solution – Texoma staff to see how they too can assist with your business growth or expansion.
In terms of potential direct BEDCO incentives the following Interim Incentive Guidelines are being established while a more formal policy is developed in the weeks ahead. Please note that all incentive requests must be submitted on the “front end” of the prospective project. Retro-active incentives are typically NOT granted since they clearly were not essential to the project’s success.
BEDCO Interim Incentive Guidelines
- ALL incentive requests are granted at the discretion of the Bonham Economic Development Corporation (BEDCO) Board of Directors and subject to the ratification of the Bonham City Council.
- Request for incentives must be made in writing. Simply write BEDCO a letter in c/o the Executive Director telling us; who you are, what your business does, what it will be doing in Bonham, what it will do FOR Bonham (e.g. capital investment, anticipated jobs & annual payroll to be created or retained, anticipated sales tax to be generated, if any), and a statement that your business will not knowingly employ any undocumented workers – this is required by state statute HB 1196 passed in 2007, AND be sure to include what you would like BEDCO to do for you.
- Staff will initiate an economic impact analysis and a due diligence review* of you/your firm’s ability to do what you have said you will do (based on what the applicant/requester indicated in Item #2 above).
- Staff will present the findings and recommendations to the BEDCO Board of Directors for their consideration and possible action.
- Upon board approval** and city council ratification of the incentive request ALL incentives will be tied to a written Performance Agreement that will spell-out who is to do what, when, for how long, and will include “re-capture provisions” should the applicant not perform/sustain what they said they would do. Consider the Performance Agreement to be the contract between us. It is geared toward eliminating confusion and tailored for the protection of BOTH parties!
*The due diligence review will be tailored to the size and nature of the incentive request and the complexity of the arrangements under discussion. It may include but is not limited to: a reference and credit check, review of financials, visiting other similar projects to ascertain their impact and viability, and such other additional information as the Board deems relevant to determining the merits of the project and the incentive being requested. Staff may work with a sub-committee of the board or consult with outside experts where their specialized expertise is warranted. These due diligence reviews are generally considered to be confidential since a prospect’s business plan or other proprietary information may be involved. BEDCO staff IS willing to enter into a “non-disclosure” statement at the prospect’s request.
**Each incentive request is only eligible for consideration/action once by the board (e.g. “one bite at the apple”). If the request is not approved by an affirmative vote that particular project may NOT re-submit. Other future projects proposed by that applicant will be considered on a case-by-case basis within the normal submittal process.
These Interim Incentive Guidelines are effective immediately (12/11/2012, were revised 12/17/12 to conform to state statues and again on 2/4/13) and will remain in place until a formal policy is adopted by BEDCO’s Board.
For More Information
514 Chestnut St.
Bonham, Texas 75418
Steve Filipowicz, Executive Director, Economic Development
Office: 903-640-0717 or 903-583-0717 ext 106
Equal Opportunity Public Notification Policy
In accordance with Federal law and the US Department of Agriculture’s policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, or disability (not all prohibited bases apply to all programs.)
To file a complaint of discrimination, write to: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice), or (202-720-6382 TDD).