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Gainesville EDC urges Cooke County to adopt Freeport exemption; commissioners table decision
Summary
The Gainesville Economic Development Corporation on Thursday asked Cooke County to adopt a county-level Freeport exemption to help recruit and retain manufacturers. Commissioners asked for more information and voted unanimously to table the measure for two weeks.
County Judge and the Cooke County commissioners on Thursday heard a presentation from the Gainesville Economic Development Corporation on adopting a county-level Freeport exemption to reduce inventory taxes for qualifying businesses, then voted to table the request for two weeks.
The presentation, delivered by William Myers, executive director of the Gainesville Economic Development Corporation, and Will Preston, vice president of the EDC, described the Freeport exemption as a tool used by neighboring counties to lower the tax burden on inventory that is held in county facilities for less than 175 days and then shipped out of state. Myers said some site selectors and prospective companies consider a jurisdiction’s Freeport status a “checkbox” in early site searches and that not having county participation can exclude Cooke County from consideration. “They’ll always ask, ‘do you have…
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