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Economic Development
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Mount Vernon Economic Development Corporation
In 1994, the citizens of Mount Vernon passed a half-cent sales tax dedicated to economic development. This 4B tax has been an invaluable tool in recruiting business, retail, quality of life, and tourism projects to Mount Vernon. Since 1995, sales tax collections have increased over 100% and over 1100 jobs have been created. To date, over $900,000 has been reinvested back into the community to enhance and stimulate the local economy.
A partial list of projects funded in whole or in part by Mount Vernon EDC:
Lowe's Distribution Center
Northeast Texas Rural Rail Transportation District
Nations Bird Egg Exhibit
Don Meredith Sports Memorabilia Exhibit
Cultural Arts Center
Art Music Park for Children
Highway 37 Road Infrastructure for Business
Improvements to Little Creek Park
Mount Vernon Music Venue
Bankhead Highway Visitors' Center
Retail Projects
Promotional / Advertising Expenditures
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| MVEDC Board of Directors |
The 4B Mount Vernon Economic Development Corporation Board is comprised of seven directors:
Charles Lowry, President
Darlene Hatcher
Margaret Sears
Greg Carr
Kenneth Greer
Larry Scott
Vacant
The economic development office is located in City Hall, 109 N. Kaufman Street, Mount Vernon, Texas, on the west side of the Square.
Board meetings are held at City Hall at 5:30 p.m. on the first Tuesday evenings of each quarter: January, April, July, and October.
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| Franklin County Industrial Foundation |
Franklin County Industrial Foundation is also actively involved in economic development. Established over fifty years ago, the Foundation has a time-proven history of attracting new business to Mount Vernon and Franklin County.
2009 Franklin County Industrial Foundation Goals:
1 Develop a model proposal for retail and industry and consistently pursue quality economic growth that will enhance Franklin County's way of life and economy.
2 Evaluate I-30 infrastructure development
3 Support incentive program for housing growth and rehabilitation
4 Actively support existing industry and retail
5 Support the continuing attraction of Franklin County as an ideal place to live, including:
ETMC, MVISD, Lake Cypress Springs, Northeast Texas Water Coalition / Marvin Nichols Project, Certified Retirement Community, Farmers Market, Mount Vernon Music, Franklin County Arts Alliance, Franklin County Historical Association, Meredith Exhibit, Franklin County Chamber of Commerce, City of Mount Vernon Comprehensive Development Plan, Future High Speed Rail Corridor, Main Street, Visionaries in Preservation, Mount Vernon Economic Development Corporation, agriculture related organizations, all governmental bodies, and all worthwhile activities.
Industrial Foundation meetings are held the second Fridays of January, April, July, and October.
Franklin County Industrial Foundation Officers:
Jerry Hubbell, President
Wayne Foster, Vice-President
Charles Lowry, Secretary
Kenneth Greer, Treasurer
JD Baumgardner, Appointed
Rick Flanagan, Appointed
Bob Stinson, Appointed
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| For more economic development information, CLICK HERE |
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| Economic Development Incentives |
The following list identifies many of the economic development incentives potentially available at the local level. In addition to local incentives, the Mount Vernon Economic Development Corporation staff will assist businesses in gaining maximum benefit from state, federal, and governmental incentives.
4B SALES TAX
Industrial, retail, and 'qualify of life' project grants, loans, and assistance to qualifying businesses. Application is available from Mount Vernon Economic Development Corporation or click below.
FRANKLIN COUNTY REVOLVING LOAN FUND
Low interest loans available to qualifying businesses. Job creation and capital investment requirements. Application is available from Franklin County Treasurer.
FREEPORT EXEMPTION
Franklin County and City of Mount Vernon offer Freeport Exemption for goods that are detained in Texas for short periods of time. Freeport property includes goods, wares, merchandise, and certain aircraft parts. Freeport property qualifies for city and county exemption from ad valorem taxation only if it has been detained in the state for 175 days or less for the purpose of assembly, storage, manufacturing, processing, or fabricating.
MVISD taxes are not exempted under Freeport Exemption.
REINVESTMENT ZONE
Tax abatement for up to 10 years for qualifying businesses. Minimum investment: $300,000 and creation of 3 jobs or $1,000,000 investment with no job creation requirement.
HISTORIC PRESERVATION INCENTIVES
Tax freeze for historic renovations:
Up to 10 years tax freeze at pre-renovation rate for qualifying business projects; subject to Landmark Commission review in addition to City Council and / or Commissioners' Court approval.
Facade Improvement Grant:
Small grant fund implemented by the City of Mount Vernon to assist with signage, paint, and / or facade improvements. Qualifying projects are funded on a 'first come, first served' basis. Projects are subject to Landmark Commission review as well as City Council approval. The grant is a 50 / 50 match.
STATE AND REGIONAL INCENTIVES
Texas Enterprise Fund
Skills Developement Fund
Texas Capital Fund
NE Texas Economic Development Revolving Loan fund
All incentives are based on submission of economic development application and one or all of the following board or governmental body's approval:
City of Mount Vernon
Mount Vernon Economic Development Corporation
Franklin County
For more information, contact:
Teresia Wims, Economic Development Coordinator
903.537.4495 voice
903.537.2634 fax
edc@comvtx.com email
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| For MVEDC incentive application, CLICK HERE |
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