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
In terms of potential direct BEDCO incentives the Interim Incentive Guidelines were established as organizational policy more than five (5) years ago, have served us well and remain in effect. Please note that all incentive requests must be submitted on the “front end” of the prospective project (this continues to mean BEFORE ground is broken). 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!