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EDC adopts small-business incentive scorecard, adjusts medium-revenue bracket
Summary
The Rio Grande City EDC approved a small-business incentive application and scorecard, adding a $100,000—$3,000,000 revenue range for the medium-business category and retaining negotiation flexibility for large projects.
The Rio Grande City Economic Development Corporation approved a small-business incentive application and accompanying scorecard designed to streamline incentives for micro, small, medium, large and major businesses. The board approved the scorecard after discussion and an amendment to the revenue ranges: the medium-business gross revenue band was changed to $100,000 to $3,000,000. The board approved the item with that exception and directed staff to use the tool to evaluate applications more quickly. Board members described the scorecard as a structural tool to give the EDC goals and speed up decision-making for applicants. Board members discussed examples of how businesses would be categorized by employees and investment, and agreed that large and major projects should remain open to negotiation because of complexity. The scorecard includes proposed incentives tied to employment outcomes and a bonus for full-time positions with benefits. The board noted the scorecard is a starting point and will be revised as staff gains experience evaluating applicants. One member said the intent is to provide quick yes-or-no guidance to prospective businesses rather than long delays in negotiation.
