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City Looking to Bring in 2 New Businesses

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The Eagle Pass City Council and administration is working on potentially bringing in two new businesses into the community.

Although the names of those businesses or type of services they will provide has not been made known public, we do know that they're beginning to negotiate contracts through the City's Economic Development Department under a Chapter 380 Agreement.

Labeled Projects Lincoln and Venus, they were both discussed at Tuesday's meeting under executive session.

Once back in open session, the Eagle Pass City Council voted to approve that the Economic Development Department and City Manager George Antuna begin the process to execute the Chapter 380 Agreement with those involved at the other end of the coming developments.

What we know is that a Chapter 380 Agreement is an incentive to lure businesses into our community.

Chapter 380 of the Texas Local Government Code allows Texas municipalities to provide a grant or a loan of city funds or services to promote economic development. A Chapter 380 development agreement bypasses the need for upfront government incentives and kicks in only when a project is operating, thereby avoiding the prospect of a failed development taking incentive dollars.

Under a Chapter 380 agreement, a developer and taxing body negotiate a contract to provide sales tax incentives in return for the project meeting performance benchmarks. The agreement should help the business offset some costs associated with construction and infrastructure.

Back in 2020 the City of Eagle Pass Economic Development Department used a Chapter 380 Agreement to lure in Starbucks into our community.

That agreement was called Project Phoenix.

Last modified on Monday, 01 November 2021 23:56

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