Garland attracts new company with 65 percent tax increment incentive over 25 years

In a recent government meeting held in Payson, Utah County, discussions centered around economic development strategies aimed at attracting businesses and improving local infrastructure. The meeting highlighted the importance of offering competitive incentives to entice companies to establish operations in the area, particularly in light of recent successes in neighboring regions.

One significant point raised was the comparison of Payson’s efforts to those of Garland, Texas, which successfully attracted a major company by offering a 65% tax increment over 25 years. This move resulted in the creation of 400 jobs in a community of just over 3,000 residents, showcasing the potential impact of strategic economic incentives. Local officials expressed a desire to replicate such success, emphasizing the need to retain residents who currently commute to work in other areas, thereby reducing traffic congestion and enhancing local employment opportunities.

The meeting also addressed the funding mechanisms for these initiatives. Officials explained that the financial resources for economic development projects would primarily come from local property tax revenues, rather than relying heavily on grants or external funding. This approach aims to empower communities to invest in their own growth, minimizing the administrative burdens often associated with grant applications.

Concerns were raised about competition among various project areas for business opportunities. However, it was noted that many communities are already competing without realizing it, and the focus should be on collaboration rather than rivalry. The meeting concluded with a report on the progress of various projects, indicating a response rate of 360 on 200 unique projects over the past 18 months, with a win rate of approximately 5%.

Overall, the discussions underscored a proactive approach to economic development in Payson, with a clear focus on leveraging local resources and fostering an environment conducive to business growth. As the community moves forward, the emphasis will remain on creating sustainable job opportunities and enhancing the quality of life for residents.