Elgin incentivizes economic development
Businesses operating, expanding or relocating in Elgin have numerous incentives and financing available. The City of Elgin has a Tax Increment Reinvestment Zone (TIRZ) to capture new growth and development of the tax base within its boundaries and dedicate a portion of those new revenues for needed infrastructure and public projects. Please see our Tax Increment Reinvestment Zone page for further information.
Elgin EDC believes every project is unique and determines local incentives based on job creation and the scope of the project. Contact the EDC to discuss your project.
Incentive Programs
380 Agreements
Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Specifically, it provides for offering loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity.
Destination Entertainment Incentives
The Principal of the Destination Entertainment Grant is the Elgin Economic Development Corporation (EDC).
The principal purpose is to enhance the economic sustainability of the City of Elgin by recruiting unique
entertainment and dining destinations with multi-generational amenities to fill a gap in the market and stimulate
new construction by providing financial assistance to qualified applicants.
Elgin Opportunity Zone - Census Tract 9502
The Opportunity Zone Program offers capital gains tax abatements to capital investors in distressed communities throughout the United States, spurring economic development and job creation. Elgin is home to one of three Bastrop County Opportunity Zones, with the Elgin Business Park within its borders.
