September 12, 2017 11:04 PM
(ABC 6 News) -- It's something that nearly every community in America has in common--they'd all like to see new businesses and new jobs. Now the city of Austin is getting a new tool that could help make it happen. It's called "Grow Austin".
"It's really a marketing technique for us to be able to promote the community and go out and market it to prospective businesses," Austin City Administrator Craig Clark told us.
"I think having a 'Grow Austin' fund like this, it's easier to show them what we have to offer, that hopefully stands out a little bit from most communities,” said John Garry, director of the Development Corporation of Austin.
Businesses would receive incentives for creating jobs that pay at least 140% of the federal poverty level.
"The more that they pay in wages the higher incentive that we'll have,” Clark explained. “We start at the lowest level of $250 a job and go up to $3,000 a job."
Participants could also receive a one percent rebate--capped at $100,000--on capital improvements.
"So a business is going to have to make an investment of at least $250,000," Clark told us.
Austin Utilities would offer per-job rebates:
"They've structured theirs based on load demand," Clark explained.
The incentives will be available to local existing businesses as well as those that are new to the community.
"We want every business in Austin to have the opportunity to grow and we want to make sure we're helping support that,” Garry said.
And since the "Grow Austin" incentives build on state incentives ...
"It adds another layer,” Clark said, “and another reason to grow their business in Austin and locate in Austin."
Created: September 12, 2017 11:04 PM
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