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Galveston IDC to begin accruing $100,000 annually for business incentive grants; expands 380 agreement discussion
Summary
The Industrial Development Corporation agreed to begin accruing $100,000 per year in the economic development silo for a future business incentive grants program and asked staff to pursue legal review and draft policy. Board members also instructed staff to broaden the scope of existing Chapter 380-style incentives and review TIRZ/TIRs options.
The Industrial Development Corporation voted unanimously to begin accruing $100,000 annually in the economic development silo for a future business incentive grant program and directed staff to seek legal review and draft program guidelines.
The motion, made and seconded during item 8B on the agenda, instructs staff to begin accruing the earmarked funds and to return with proposed policy, eligibility criteria and legal analysis before any disbursements. “I’ll make a motion to have the business incentive grants program undergo a legal review…and then have that $100,000 dollar earmarked begin to accrue,” a board member said; the motion was seconded and passed unanimously.
Context: Board members spent an extended discussion reviewing tools the city and IDC can use to attract and support development, including…
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