The Celina Economic Development Corporation (CEDC) will assist progressive, sustainable companies with its half cent sales tax funds. CEDC can designate its funds to be issued to assist a firm’s relocation or expansion with infrastructure and site development issues. The CEDC can also provide relocation subsidies, job training assistance, loans, grants and often customized programs to meet a company’s needs.
CEDC’s incentive package is determined based on the following criteria:
- The number of jobs that will be created.
- The average wage and the gross annual payroll generated, initially and over time.
- The capital investment that will be made – including property, building, renovation, equipment, etc.
- The amount of new taxes that will be generated by the project.
Once this information is finalized, the CEDC can structure an incentive package. Other areas of assistance can be considered that are deemed essential by the company. The final package is subject to approval by the Board of Directors of the CEDC.
The City of Celina is committed to the promotion of high quality development in all parts of the City. On a case-by-case basis, the CEDC and the City will give consideration to providing tax abatement on the incremental value added to a particular property over time. When considering the request for incentives, a development proposal will be reviewed as to the extent it meets the economic goals and objectives of the City and CEDC.
The tax abatement shall not be considered to apply to any portion of the inventory or land value of the project. Tax abatement may be offered on improvements to real property owned by the applicant and/or on new personal property brought to the site by the applicant.
Tax abatement will not ordinarily be considered for projects which would be developed without such incentives unless it can be demonstrated that higher development standards or other development and community goals will be achieved through the use of the abatement. Projects which are developed involving leased real property shall be governed under special terms and conditions which may be set forth in the agreement governing each individual tax abatement.
Triple Freeport Tax Exemption
The City of Celina, Celina School District and Collin County offer a Freeport inventory tax exemption which exempts personal property consisting of goods, wares, merchandise or ores other than oil, natural gas and petroleum, from property taxes. To be eligible, property must be transported out of the state within 175 days of acquisition, but it may first be assembled, stored, manufactured, processed or fabricated locally.
For More Information About Celina
Contact the Celina Economic Development Corporation.