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
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.
Financial assistance to property owners or business tenants located in the downtown district through a matching grant of up to $20,000.
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.
The Elgin EDC can offer land in the Business Park at a discounted rate based on job creation and the scope of the project.
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.
The Texas Workforce Commission’s Workforce Skills Development Fund helps Texas businesses and their employees with site-specific, customized training opportunities to develop all skill levels continuously.
Elgin and Bastrop County are part of the Foreign Trade Zone of Central Texas (FTZ 183). New and existing businesses operating in a Foreign Trade Zone receive certain advantages like duty deferrals and exemptions, inverted tariffs and other exemptions. Retail trade is not allowed in FTZ 183.
The Texas Enterprise Fund is a grant incentive awarded to companies choosing Texas for a new project over out-of-state sites.
As a state sales and use tax refund initiative, the Texas Enterprise Zone Program encourages private investment and job creation in economically distressed areas of the state.
Texas Economic Development is an essential resource for understanding and accessing all incentives and finances available to various business pursuits in Elgin.
