Incentive Application (Word Document)
A prime location within the Dallas/Fort Worth region, The Colony offers highly desirable properties for retail and office development.
The Colony and The Colony Economic Development Corporation (TCEDC) provide incentives for qualified projects in accordance to guidelines that encourage economic growth and expansion. The City and/or TCEDC both consider projects on a case-by-case basis to address the unique aspects of each applicant and to individualize a total incentive package.
TCEDC provides economic development incentives by contract to selected applicants, subject to procedural requirements set forth in contract along with applicable federal, state and local laws. Nothing in these guidelines shall imply or suggest that the City or TCEDC is under any obligation to provide any economic development incentive to any applicant.
The purpose of this policy is to establish guidelines for providing economic development incentives. Notwithstanding these guidelines the City and TCEDC retain the right to take any action allowed by law without the necessity of amending these guidelines.
Available Business Incentives:
TCEDC provides competitive financial incentives to companies that invest in The Colony. Qualified applicants may receive individualized packages to expedite and facilitate their development projects in a way that will offset costs.
The City encourages a business-friendly environment that fosters sustainable economic development that adds value to the community.
facilitates a fast track permitting process for qualified applicants
if the development project is economically justified. The City's
business-friendly process will minimize red tape and expedite the
permitting process to meet the project's timeframe under existing
The Colony Ranked 1st in Permitting Time
The National Association of Industrial and Office Properties (NAIOP) recently surveyed its membership to determine which municipality was the fastest and most efficient in permitting time.
The Colony offers tax abatements to qualified property developments based upon the added tax base value of the new or expanded improvements to the City. Tax abatements may be offered to applicants that pursue construction of a new or improved facility to house the applicable project. To qualify, the project must meet the City tax abatement criteria and have $3 million capital investment.
The City provides sales tax rebate incentives based on a percentage of the sales and use tax received from the sale of taxable items by the qualified applicant. The TCEDC is authorized to provide grants for retail clients utilizing the funds for infrastructure improvements. The minimum requirements to qualify for a sales tax rebate is a capital investment in the project of at least $1 million.
The City sponsors TIF incentives to finance needed public infrastructure improvements within a defined area (the "zone") to encourage economic development. Once a city has initiated tax increment financing, other taxing units may participate. The cost of improvements is repaid by the contributions of future tax revenues by each participating taxing unit in the area.
The Colony offers all training programs available to companies through the Texas Workforce Commission and Skills Development Fund. The Colony is located within a commuting distance of 34 institutions of higher learning, with close access to major institutions such as Brookhaven College, The University of Texas at Dallas, Devry Institute of Technology, Richland College, North Lake College, Collin Country Community College, University of Dallas.
The City authorizes development fee rebates to qualified businesses on a "case-by-case" basis as an incentive to companies that invest in the area and provide jobs. The Colony may approve the waiver of all or a portion of certain permit and development fees and/or TCEDC may reimburse the applicant or directly pay all or a portion of certain permit and development fees. Rebates are payable after Certificate of Occupancy and contingent upon funding availability.
The City and/or the TCEDC may participate with qualified applicants to assist with costs related to the construction, reconstruction or extension of public infrastructure necessary for approved development projects. The infrastructure development may include streets, waterlines, sewer lines, railroad lines, electric lines, phone lines, gas lines and/or fiber optic lines.
The City provides funding and/or assistance for construction of a building or structure needed for eligible development projects. TCEDC also provides construction funding and/or assistance for industrial and manufacturing projects. The Colony encourages construction of buildings or structures that foster economic development, revitalization and employment opportunities.
TCEDC assists corporations that want to relocate their business to The Colony. Financial assistance is available to help firms with relocation expenses related to their business and personnel. Help is provided with support services and products or family-related services, such as housing, schools, banking, health care, shopping, arts and culture.
TCEDC actively attracts corporations that are expanding their operations or relocating their facilities to The Colony. Assistance is available for a qualified applicant's senior and middle management as it relates to the cost of temporary housing, offices and transportation vehicles.
Companies relocating their operations to The Colony may be reimbursed for recruitment expenses related to senior and middle management personnel. The City and/or TCEDC may provide assistance to businesses for employee recruitment costs for eligible industrial and manufacturing projects that contribute to The Colony's economic development.
Cash grants may be available to companies that are expanding, relocating or will be new to The Colony. These grants may be used for engineering studies, site preparation, and office development or facility renovation. Partial reimbursement is also available to qualified applicants for project development fees, broker fees, and land/building acquisition closing costs.
TCEDC offers Triple Freeport Exemption from all local taxing authorities on "in transit" inventory. The exemption applies to inventory that is shipped out of Texas within 175 days, and it provides substantial savings for interstate shippers who experience frequent inventory turnover each year. The Colony grants the Triple Freeport Exemption to qualified applicants from the City, the Lewisville Independent School District and Denton County.
Incentives: Customized Packaging