To stimulate and encourage purposeful economic growth through new business development, relocation assistance, and expansions of existing local businesses, Princeton EDC offers a number of incentives for businesses on a case-to-case basis.
Chapter 380 of the Texas Local Government Code allows Princeton to offer a range of incentives for economic development, including the ability to rebate some of the city's portion of the 1.0% sales and use tax collected from business entities located in the jurisdiction.
Princeton has a direct incentive program, which may be used to provide cash grants to qualifying projects and companies.
Qualifying businesses considering locate in Princeton have the opportunity to apply for a property tax abatement on new value created as a result of the project.
The City has historically utilized Tax Increment Reinvestment Zones (TIRZ) as a powerful vehicle to develop and redevelop qualified projects based on City goals and objectives.
Economic Development & Diversification In-State Tuition for Employees is a program that allows employees—and those employees’ family members—of a qualified business considering a relocation or expansion of its operations in the State of Texas to pay in-state tuition rates at public institutions of higher education in the state without first establishing residency.
The Product Development and Small Business Incubator Fund (PDSBI) is a revolving loan program financed through original bond issuances. The primary objective of the program is to aid in the development, production and commercialization of new or improved products and to foster and stimulate small business in the State of Texas.
Established by the 74th Legislature in 1995, The Skills Development Fund was designed to better utilize the public community and technical college system in Texas as well as other training organizations and have them partner with businesses throughout the state (with priority on small businesses) to train workers to meet the labor needs of employers and the regional labor market.
Supports rural business development, retention and expansion by providing funds for public infrastructure, real estate development, or the elimination of deteriorated conditions.
The Texas Enterprise Fund (TEF) awards “deal-closing” grants to companies considering a new project for which one Texas site is competing with other out-of-state sites. The fund serves as a financial incentive for those companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy.
The Texas Enterprise Zone Program (EZP) is a state sales and use tax refund program designed to encourage private investment and job creation in economically distressed areas of the state.
The Work Opportunity Tax Credit (WOTC) is a federal income tax benefit administered by the U.S. Department of Labor (DOL) for employers who hire individuals from specified target populations. WOTC reduces a business’s federal tax liability, serving as an incentive to select job candidates who may be disadvantaged in their efforts to find employment.
The Façade Improvement Matching Incentive Grant Program provides reimbursement up to a maximum of seventeen thousand five hundred dollars ($17,500) for eligible improvements to façades in the City of Princeton. Participants are eligible for up to one (1) incentive per twelve (12) month period from completion of a previous project under this program, if applicable. Applicants who meet the match threshold are eligible for waiver of building permit fees. Only building permit fees which are part of the incentive application will be waived. Building permit fees for improvements not related to the incentive application and/or is not visible from the street, parking area, or public park are not eligible for fee waiver.
The New Restaurant Incentive Grant Program provides funding for authorized improvements such as the installation of a Grease Interceptor, Water and Waste Water Lines, Fire Sprinklers and Alarm Systems.