GMJ has been directly involved in assembling decisions to attract more than $30 billion in commercial and industrial expansion projects, including some of the most recognizable names in business and industry, creating tens of thousands of construction jobs and thousands of permanent jobs. The key to an effective economic development strategy is understanding the long-term needs of a community and formulating goals to achieve those needs. GMJ works with clients to identify their needs, develop goals, and implement successful economic development strategies and incentive packages.
Economic Development Incentives
Virtually every state and local community utilizes economic development incentives to remain competitive in attracting new investments and jobs. Incentives can vary greatly from community to community but, depending on the investment, can be millions of dollars and can substantially reduce start-up and ongoing project costs for years. Though incentives shouldn’t be the sole determining factor in a site decision, they can and should be an important consideration.
Incentives vary from community to community and state to state, but some of the more frequently utilized incentives include:
- Real Property Tax Abatements
- Chapter 380 and 381 Agreements (Texas)
- Chapter 313 Agreements (Texas)
- Enterprise Fund (Texas)
- Sales and Use Tax Refunds
- Tax Increment Financing
- Economic Development Grants
- Infrastructure Grants and/or Installation
- Expedited and/or One-Stop Permitting
- Workforce Training Grants
- Low-Interest Loans
- Enterprise Fund Grants
After identifying communities that meet our client’s criteria, GMJ evaluates potential incentives available from contender communities. We organize and lead briefings for local officials, economic developers and community groups to underscore the project’s potential economic impact and to advocate for competitive incentive packages. The entire process, from initial contact with the community until the incentives package is finalized, is treated as part of the negotiation process.
Once incentives are finalized and the project moves into the construction phase, we work with our client to ensure that commitments made by both the client and the community are honored. We continue to work with our client through the life of the incentives to ensure compliance with reporting and other contractual obligations.
GMJ offers a unique perspective to business consulting because of our knowledgeable subject matter experts and because of our multi-field experience.
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