Project Grant | LexingtonTXEDC

Lexington Economic Development Corporation (EDC)

PROJECT FUNDING GRANT APPLICATION

Applicant Business Name: (Print)______________________________________________________________________

Business Owner’s Name: (Print)____________________________________________ Date:____________________

Representative, if different from owner: (Print)______________________________________________

Property Address: ___________________________________________________________________________

Mailing Address, if different:__________________________________________________________________

Phone:___________________________________ Alternate phone:_________________________________

Representative email address:_________________________________________________________________

Property Legal Description:____________________________________________________________________

□ Inside city limits □ Annexed into city limits □ Outside city limits but within Lexington ISD*

PROJECT INFORMATION:

Give at least a one paragraph abstract describing the proposed project. Attach any additional documentation.

_____________________________________________________________________________________________________________

Date projected for occupation of project/initiation of operations: ____________________________________

PROJECT JUSTIFICATION: (Choose at least one of the following: The project. . . .

□. . creates or retains an identifiable Primary Job in an enumerated sector. **

□. . promotes new or expanded business development at a cost less than or equal of $10,000.00

□. . promotes new or expanded business development at a cost of more than $10,000.00 ***

□. . supports job training for the promotion or development of business enterprises.

□. . supports infrastructure necessary to promote new or expanded business enterprises

□. . supports career centers

□. . supports facilities relating to the operation of commuter rail, light rail, motor buses, or airports

□. . supports professional or amateur sports or athletic facilities

□. . supports public parks, facilities, events, or open space improvements

□. . supports entertainment, tourist, or convention facilities

□. . supports affordable housing

□. . supports development of water supply facilities or water conservation programs

□. . provides an incentive that promotes new business development or enterprises

□. . provides an incentive that promotes expanded business development or enterprises

AMOUNT REQUESTED:

Include funding amount requested, in-kind matching, and any funding request previously denied. Attach additional documentation as needed. You must agree to provide EDC with bids/invoices, then receipts for actual work and agree to an inspection from EDC.

Project Total Cost:__________________________________________________________________________

In-Kind Matching:__________________________________________________________________________

Funding Requested:________________________________________________________________________

PROJECT TIMELINE:

When would you anticipate starting the project?________________________________________________

When do you expect the project to complete?___________________________________________________

SUSTAINABILITY PLAN:

What type of maintenance will the completed project require? What will provide that maintenance?****

_____________________________________________________________________________________________________________

PROJECT IMPACTS:

Employment Impact:

Total number of hours of employment brought to Lexington: ________________________

Total number of full time equivalent jobs brought to Lexington: ______________________

Types of jobs created: _________________________________________________________________

Total annual payroll: __________________________________________________________________

Fiscal Impact:

Anticipated new taxable sales generated, if any: ___________________________________________

Estimated percent of sales, if any, anticipated to come from outside Lexington: _________________

Total real and personal property value, if any, to be added to the tax rolls: ______________________

Any other city revenues generated, e.g. occupancy taxes, utility revenues: ______________________

City infrastructure changes required, if any:_____________________________________________________

__________________________________________________________________________________________________

Community Impact:

The expected effect, if any, the project will have on the local housing market: __________________

__________________________________________________________________________________________________

The expected environmental impact, if any, created by the project: _____________________________

__________________________________________________________________________________________________

The compatibility of the project with the city’s comprehensive plan: ____________________________

__________________________________________________________________________________________________

Competitive Impact:

The types of products or services, if any, to be sold which are available from existing Lexington merchants: _________________________________________________________________________________________________________

_________________________________________________________________________________________________________

The effects, if any, the project would have on existing businesses in Lexington: ________________________

_________________________________________________________________________________________________________

A list of specific businesses, if any, seen as direct competitors: _________________________________________

_________________________________________________________________________________________________________

PERFORMANCE AGREEMENT:

EDCs cannot simply give sales tax proceeds to businesses. An EDC must enter into a written performance agreement with any business enterprise that it funds directly or makes expenditures that benefit an eligible project. At a minimum, the performance agreement must contain:

A schedule of additional payroll or jobs to be created or retained;
The capital investment to be made by the business enterprise; and
The terms for repayment of the EDC’s investment if the business fails to meet the performance requirements specified in the agreement.

Schedule of additional payroll or jobs to be created or retained as a result of this project:

__________________________________________________________________________________________________________

Capital investment to be made towards this project by the business enterprise: ________________________

___________________________________________________________________________________________________________

Terms of repayment of the EDC’s investment if the business fails to meet the performance requirements specified in the agreement: ______________________________________________________________________________

____________________________________________________________________________________________________________

I attest that I have provided information herein as accurately as possible. I recognize that completion of this form does not constitute or imply project consideration or approval.

____________________________________ ____________________ ____________________________

Signature Date Position

NOTES:

References refer to the Texas Local Government Code, available at http://www.statutes.legis.state.tx.us/?link=LG

* Section 501.159(a) of the Local Government code provides that an economic development corporation may undertake projects outside of the city limits with permission of the governing body that has jurisdiction over the property. If the project is located completely within the jurisdiction of another municipality, the corporation would need approval of the city council for that municipality.

** A primary job is related to a project that provides “public safety facilities, streets and roads, drainage and related improvements, demolition of existing structures, general municipality owned improvements, and any improvements or facilities related to a project” [Sec. 505.155(1)] or “available at a company for which a majority of the products or services of that company are ultimately exported to regional, statewide, national, or international markets infusing new dollars into the local economy”. The “enumerated sectors” include the following specific sector numbers of the North American Industry Classification System (NAICS): 111, Crop Production; 112, Animal Production; 113, Forestry and Logging; 11411, Commercial Fishing; 115, support Activities for Agriculture and Forestry; 211 to 213, Mining; 221, Utilities, 311 to 339, Manufacturing; 42, Wholesale Trade; 48 and 49, Transportation and warehousing; 51 (excluding 512131 and 512132), Information (excluding movie theaters and drive-in theaters); 523-525, Securities, Commodity Contracts, and Other Financial Investments and Related Activities/Insurance Carriers and Related Activities/Funds, Trusts, and Other Financial Vehicles; 5413, 5415, 5416, 5417, and 5419, Scientific Research and Development Services; 551, Management of Companies and Enterprises; 56142, Telephone Call Centers; 922140, Correctional Institutions; 928110, National Security and for corresponding index entries for Armed Forces, Army, Navy, Air force, Marine Corps, and Military Bases. [Sec. 501.002(12).]

*** If the project promotes new or expanded business development at a cost of more than $10,000, the City Council must adopt a resolution authorizing the project after giving the resolution at least two separate readings. [Sec. 505.158(b).]

**** The EDC may use tax money to fund project maintenance under certain circumstances. [Sec. 505-303.]

LEXINGTON ECONOMIC DEVELOPMENT CORP

Lexington, Texas