LOCAL INCENTIVES
Local Incentives for Qualified Businesses
			On a case by case basis, give consideration to providing abatement
			of Ad Valorem taxes up to 100% on real property and eligible
			personal property improvements to qualified businesses for a period
			of up to 10 years as authorized under Section 11.24 and Chapter 312
			of the Tax Code.
			On a case by case basis, give consideration to an accelerated permit
			process to qualified businesses and/or accelerated service extension
			and analysis.
			Technical assistance in the preparation and the submission of grant
			and loan applications to qualified businesses.
			Assistance in the application for job training for new, permanent jobs
			through the Texas Workforce Commission, Skills Development Fund
			and/or other available programs to qualified businesses.
			On a case by case basis, give consideration of additional benefits to
			qualified businesses.
STATE INCENTIVES
The State of Texas, Office of the Governor Economic  Development and Tourism (EDT) maintains a pro-
business attitude with limited state controls and taxes on business activities. TxED's mission is to market
Texas and to assist communities maximize economic development opportunities in a global
economy.  EDT partners with communities to further their economic development efforts.  It is
EDT's role to market Texas to compete both nationally and internationally, includes marketing the
state's business climate, strategic location, workforce and natural cultural resources, offering
economic development incentives and information to enhance community's ability to compete,
diversify and prosper.  Primary duties include:
	Marketing the state as a tourist and business travel destination
	Marketing the business climate in the state
	Facilitating the location, expansion and retention of business investment in the state
	Providing business and communities with research and data services
	Providing information and referrals for business and community economic development
	Marketing and administering economic development programs and services
TEXAS BUSINESS INCENTIVES
Program			Benefits
Texas Enterprise Zone Program			The purpose of the Texas Enterprise Zone Program is to
			encourage job creation and capital investment in areas of
			economic distress.  The program provides communities with
			an economic development tool to offer state and local
			incentives and program priority to new or expanding business
			in these designated areas.
			The Office of the Governor Economic Development and Tourism
			(EDT) administers and coordinates local, state and federal efforts.
			EDT provides community and business assistance, approves
			applications and evaluates and reports the program's effectiveness
			to the Legislature.
			Encouraging job creation and capital investment by providing tax
			incentives to businesses in economically distressed areas
			http://www.txed.state.tx.us/TexasEnterpriseZone/
Texas Capital Funds			Texas Capital Funds are administered by the Texas Department
			of Agriculture and the Office of Rural Community Affairs with
			funding from the U.S. Department of Housing and Urban
			Development.  Capital Funds are used to encourage business
			development, retention and expansion by providing funds to
			communities to work with specific businesses.  Funds are also
			awarded to assist in the creation of new permanent jobs or
			retention of existing permanent jobs, primarily for low- and
			moderate-income persons.  Funds are available ranging from
			$50,000 to $750,000.  These funds may not exceed 50% of
			total project cost.
			http://www.txed.state.tx.us
Infrastructure Development			The Texas Capital Fund Infrastructure Development Program is an
Program			economic development tool designed to provide financial
			resources to non-entitlement communities.  Funds from this
			program can be utilized for public infrastructure needed to assist
			a business which commits to create and/or retain permanent
			jobs, primarily for low and moderate income persons.  This
			program encourages new business development and expansions.
Real Estate Development			The Texas Capital Fund Real Estate Development Program is an
Program			economic development tool designed to provide financial
			resources to non-entitlement communities.  Funds must be used
			for real estate development to assist a business that commits to
			create and/or retain permanent jobs, primarily for low and
			moderate-income persons.  This program encourages new
			business development and expansions.
Main Street Improvements			The Texas Capital Fund Main Street Improvements Program is
Program			designed to foster and stimulate the development of small
			businesses by providing financial assistance to non-entitlement
			cities (designated by the Texas Historical Commission as a
			Main Street City) for public improvements.  This program
			encourages the elimination of slum or blighted areas.
Texas Linked Deposit Program			The State of Texas Linked Deposit Program was established to
			encourage lending to historically underutilized businesses,
			non-profit corporations, and/or small businesses located in an
			Enterprise Zone by providing lenders and borrowers a lower cost
			of Capital.
			http://www.txed.state.tx.us/TexasLinkedDeposit/
Texas Leverage Fund (TLF)			The Texas Leverage Fund is an "economic development bank"
			offering an added source of financing to communities that have
			passed the economic development sales tax.
			EDT's Role: Office of the Governor Economic Development and
			Tourism may loan funds directly to a local Industrial Development
			Corporation (IDC) to finance eligible projects.  Sales tax revenues
			pledged by the Industrial Development Corporation need only be
			specified in the Texas Leverage Fund Program Guidelines.  This
			allows cities to leverage their economic development sales tax and
			to pursue additional projects.
			Loans to cities that have the economic development sales tax
			http://www.txed.state.tx.us/TexasLeverageFund/
Texas Industrial Revenue			The State of Texas Industrial Revenue Bond Program is designed
Bond Program			to provide tax-exempt financing to finance land and depreciable
			property for eligible industrial or manufacturing projects.  The
			Development Corporation Act allows cities, counties,
			conservation and reclamation districts to form non-profit industrial
			development corporations or authorities on their behalf.  The
			purpose is to issue taxable and tax-exempt bonds for eligible
			projects in their jurisdictions.
			The industrial development corporation acts as a conduit through
			which all monies are channeled.  Generally, all debt services on
			the bonds are paid by the business under the terms of a lease,
			sale, or loan agreement.  As such, it does not constitute a debt
			or obligation of the governmental unit, the industrial development
			corporation, or the State of Texas.  Tax-exempt financing to
			businesses for land and depreciable property.
			http://www.txed.state.tx.us/TexasIRBProgram/
Texas Capital Access Fund			The Texas Capital Access Fund was established to increase the
			availability of financing for business and nonprofit organizations
			that face barriers in accessing capital.  Through the use of the
			Capital Access  Fund, businesses that might otherwise fall
			outside the guidelines of conventional lending may still have the
			opportunity to receive financing.  The essential element of the
			program is a reserve account established at the lending institution
			to act as a credit enhancement, inducing the financial institution
			to make a loan.
			Loan program for businesses with fewer that 500 employees
			http://www.txed.state.tx.us/TexasCapitalAccess/
Skills Development Fund			Funding for customized job training through community and
			technical colleges (Texas Workforce Commission)
			http://www.twc.state.tx.us/
Defense Economic			State sales tax refunds of up to $2,500 for each job created up
Readjustment Zone Program			to 500 jobs per year. And franchise tax reductions for businesses
			in designated defense readjustment zones.
			Tax incentives for businesses located in adversely impacted
			defense-depended communities
			http://www.txed.state.us/defense/
State Sales and Use Tax			The state levies a sales and use tax of 6.25% on sales of
Exemption			tangible personal property and certain services.  Cities, counties,
			and transit authorities any add to the sales tax rate up to a
			maximum combined state and local rate of 8.25%.
			Texas grants sales and use tax exemptions on machinery and
			equipment utilized in the manufacturing process.  Purchases
			of machinery and equipment, replacement parts, and accessories
			that have a useful life of more than six months, and that are
			used or consumed in the manufacturing, processing, fabricating,
			or repairing of tangible personal property for ultimate sale, are
			exempt from state and local sales and use tax.  Natural gas
			and electricity are exempt from sales taxes when sold to
			commercial businesses that are "predominantly" manufacturing.
Ad Valorem/Property			Texas has no state property tax.  Local governments and
Tax Exemption			special taxing district levy taxes on real and tangible personal
			property.  All property is appraised at full market value, and
			taxes are assessed by local county assessors on 100% of
			appraised value.  The total tax rate is the sum of the rates of all
			applicable taxing units including cities, counties, schools, and
			special district.  Local governments can enter into agreements
			with businesses to abate local ad Valorem taxes on real and
			personal property for up to 5 years.
Freeport Exemption			A community may choose to offer Freeport exemption for
			various types of goods that are detained in the state for 175
			days or less for the purpose of assembly, storage, manufacturing,
			processing or fabricating.
Texas Strategic Military			The 75th Legislature directed Texas Economic Development to
Planning Commission (TSMPC)			establish and maintain an Office of Defense Affairs.  During that
			session, the Legislature also established the Texas Strategic
			Military Planning Commission (TSMPC).  Governor George W.
			Bush appointed nine citizens of Texas to serve as Commissioners.
			In March 2002, Governor Rick Perry appointed eight people to fill
			expiring terms on the nine-person TSMPC.  The ninth member
			carried over from the previous TSMPC.  The Commission serves
			as an advisory group to the Office of Defense Affairs.  The
			common themes in the charters of both the TSMPC and the
			Office of Defense Affairs are to develop a pro-active statewide
			strategy to prevent future defense closures and realignments and
			assist defense-dependent communities to prepare for future
			base realignments or closures.
Other Tax Credits			Research and development tax credits, investment tax credits in
			strategic investment areas, and job creation tax credited in
			strategic investment areas benefiting businesses are available
			starting January 1, 2000.
Other Funding Opportunities			Information about other opportunities for funding from the State of
			Texas
			http://www.txed.state.tx.us For more information on the State's Economic Development Bank contact  (512) 936-0100.

Building Blocks Program
     Virtual Building Design   2003

18th Anniversary of Summers Last Blast Hosted By Vernon Street Machine & Classics Association www.vsmca.com  TEST & TUNE CRUISE:  Test & tune your cruiser Friday night.  A free, open cruise along Vernon's drag.  This is a great chance to meet your fellow cruisers and check out some of the BAD Street Machines, Rods, and Classics that ruled the streets.  Friday night is a must for Cruisers and on lookers alike.  NOSTALGIC CRUISE NIGHT:  Saturday night join The Vernon Street Machine & Classics Association as they sponsor a nostalgic cruise along one of the longest drags in North Texas and Southern Oklahoma. Relive the "GOLDEN DAYS" when true Muscle cars and Rods ruled the streets.   See 1500 of the most prestigious Classics, Street Rods, Muscle Cars, Pro Streets and Antiques cruise in front of over 20,000 spectators that help make this Cruise one to remember for a lifetime.  Listen to the Rock and Roll Hits of the 50's and 60's from a live remote on the drag.  SOUTHERN REGIONAL SHOW COMPETITION:  Don't miss the Show on  Sunday sponsored by The Street Machines & Classics Association.  Kick back in Roy Orbison Park to inspect over 300 Rods, Classics, Pro Streets, Muscle Cars, and Antique Autos as they compete for the Regions most sought after Trophies,  This is truly one of the toughest Car Shows in North Texas and Southern Oklahoma.  Many compete but only a few drive off with Trophies.  So mark you calenders for the second weekend in August and experience these and all the other festivities!