Old Town Incentive Program
What is the Old Town Incentive Program?
The City of Leander has introduced a new pilot incentive program to encourage new business development and expansion within the “Old Town” District (see map).
Within the confines of the district the city has committed $250,000 to assist individual businesses with a top potential investment of $100,000 per project. The money can be used to provide needed infrastructure support for a business (water lines, sidewalks, etc.) and/or to help with loan financing associated with investments that will increase the property tax value of the business property within the district. Awards will be based upon an economic impact model constructed by City staff members demonstrating the incremental value the business will provide through sales and property taxes, generally measured over a five year period. Final awards will be approved by the City Council.
Infrastructure investments will be made by the City directly. City financial participation will be through the primary financing entity in the form of a secondary investment tied to the larger principle. There is no mechanism to require repayment to the City by the business owner(s) of the City’s portion of the total investment.
Interested business may apply for consideration by submitting a request to the City Economic Development Division via mail at:
City of Leander (C/O Mark S. Willis)
Leander, TX 78641-0319
Or via email to: firstname.lastname@example.org
The package is required to include:
- Name(s), addresses and contact information of the business or potential business owner(s)
- Legal description of the property related to the request
- A description of the infrastructure and/or financial assistance requested
- Address and contact information for other individuals or institutions involved in financing of the business
- A full Business Plan, less individual financial data