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Finance and Incentives
The Benbrook Economic Development Corporation (BEDC), the City of Benbrook, and the State of Texas offer a variety of incentives to assist qualifying new and expanding businesses:

HALF CENT SALES TAX AND INFRASTRUCTURE ASSISTANCE
In 1995, City of Benbrook voters approved the adoption of a half-cent economic development sales tax (Type B) to fund projects to increase economic activity with the City. The BEDC may fund manufacturing and industrial development projects and may pay for land, buildings, equipment, facilities, targeted infrastructure and improvements for development to enhance the quality-of-life within the community.

The BEDC is authorized to assist with infrastructure projects for existing or developing commercial areas. Although the BEDC may not directly assist individual retail businesses, it may improve an area by providing infrastructure assistance to more than one affected business. The Storefront Improvement Program is a 50% matching grant for qualified businesses.  

RETAIL INCENTIVES
The State of Texas and the City of Benbrook currently do not have specific incentive programs for retail businesses. The City and the BEDC may provide sales tax rebates (known as Chapter 380 assistance) on a case-by-base basis to retail redevelopment and expansion by reimbursing the developers from sales tax funds collected from a specific area.

FREEPORT EXEMPTION
Companies in Benbrook that ship certain products out of Texas within 175 days can obtain a reduction in taxes by using the Freeport exemption. Companies in Benbrook are eligible for a double Freeport exemption from Tarrant County and the Fort Worth ISD. The city currently does not offer a Freeport exemption.

TAX ABATEMENT 
Tax abatements are available to eligible businesses on a case-by-case basis. Tax abatements can lower property taxes on new plant and equipment expenditures for new and expanding companies for a period of up to 10 years. All or a portion of the increased taxes may be abated and after the expiration of the tax abatement agreement, the property is taxed at its full rate. The terms and conditions of tax abatement agreements are negotiated on a case-by-case basis following an economic impact analysis. Currently, there are no tax abatement agreements in Benbrook.

A myth regarding the use of tax abatement is that it REMOVES taxes from the tax rolls. In fact, all tax abatement projects continue to generate the same amount of taxes, if not more, than they did prior to being approved for the abatement. The taxes that are abated apply only to NEW capital investment in real and personal property and can never be applied toward the purchase of land or on existing plant and equipment to reduce the existing tax level.

The City of Benbrook can assist with new and redeveloping businesses by reducing or waiving building and application permit fees, on a case-by-case basis, as a financial incentive.

TAX INCREMENT FINANCING
Tax Increment Financing (TIF) is a tool that Benbrook can use to finance infrastructure improvements within a defined area. In areas designated as TIF districts, tax-base increased revenue from the “captured” tax base in the District is used to finance site improvements or other economic development costs.

The City of Benbrook has designated Tax Increment Finance Reinvestment Zone No. 1. The TIF Board serves as an advisory body to the City Council on projects to be included in the TIF Project Plan and makes recommendations on TIF financial matters. The TIF District will expire in November 2022 unless extended by the City Council.

TEXAS ENTERPRISE FUNDS

The Texas Enterprise Fund provides the state’s leaders with a “deal closing fund” that has the flexibility and finance resources to help strengthen the state’s economy. The fund can be used for a variety of economic development projects, including infrastructure development, community development, job training programs and business incentives. Before funds can be awarded, the Governor, Lieutenant Governor and Speaker must unanimously agree to support the use of the Texas Enterprise Fund for specific projects.



Cathy Morris
BEDC and Marketing Director
Email
Ph: 817-249-6090

Hillary Cromer
BEDC Specialist 
Email
Ph: 817-249-6091

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