Trophy Club EDC approves amendments to Thrive Business Grant Program

The Trophy Club Economic Development Corporation approved a resolution to amend the Thrive Business Grant Program, changing grant requirements, adding monitoring and accountability provisions and setting a timeline for the grant cycle.

The amendments, presented to the board by town staff, add specific procurement and locality requirements for equipment and exterior work, require performance agreements with a 60-day signature deadline, and set a schedule that places EDC review and council approval later in the summer.

The changes matter because they formalize procurement and oversight rules for a town-funded business-support program and create a public timeline for application review, agreement execution and project start dates.

Under the revised grant requirements, equipment purchased with grant funds must remain within the town of Trophy Club for the operational lifespan of the business. The approved language also allows the agreed grant amount to be adjusted up to 10% to account for unforeseen increases in purchasing costs.

Exterior improvements — including but not limited to painting, building additions and changes to exterior appearance — must be submitted to the town for approval before work begins. The program maintains a competitive-quote standard: applicants must provide three quotes, and at least one quote should be from a local business defined as having a registered address in Trophy Club or being owned by a Trophy Club resident. If an applicant cannot obtain a local quote, they must document the steps taken to seek one.

The amendments state the grant will not reimburse international shipping or customs fees for overseas purchases.

On monitoring and accountability, the board approved a requirement that performance agreements be signed within 60 days of receipt; if not signed in that window, the grant will be rescinded and the applicant must reapply in a future cycle.

The revised timeline adopted by the EDC sets application activity beginning in April, with an approximately two-month application period. The EDC will review and approve awards in July, followed by Town Council consideration in August. Performance agreements are to be signed in September and returned to the EDC in October for final signatures. Projects may begin after EDC signing, with the expected completion timeline set at roughly one year from the signing date (the schedule places the overall cycle at about 1½ years from the April start to project completion under typical timing).

Town staff reported the item will return to town council; staff described council feedback as mixed, saying some council members questioned whether the program is an appropriate EDC activity while other council members support the grant program. A board member asked staff whether council had given additional direction; staff replied that some council members were “on the edge” but that several council members like the program.

The board also approved the meeting minutes from the Feb. 27, 2025 Economic Development Corporation meeting. Both motions were carried by voice vote; no roll-call tallies were recorded in the transcript.

The EDC chair moved to adjourn at the end of the meeting, and the session adjourned shortly thereafter.