APPLICATION FOR 4B SALES TAX FUNDS
City of Canyon
Canyon Economic Development Corporation
Both the Canyon Economic Development Corporation Board of Directors (CEDC) and the Canyon City Commission must approve all expenditures of 4B funding. Before a project may be considered and awarded any funds, the attached application must be completed and submitted to:
Canyon Economic Development Corporation
308 14th Street, Suite 100
Post Office Box 1044
Canyon, Texas 79015
All actions of the CEDC are subject to the Development Corporation Act of 1979, article 5190.6 Vernon’s Civil Statutes, Section 4B. The CEDC is a legal entity with statutory authority to spend economic development sales tax dollars. The Corporation is city-chartered and governed by a city-appointed board of directors. The CEDC is a 4B Corporation and my fund “project” focused on the creation of “primary jobs” and/or to provide an economic benefit to the City of Canyon, as well as “Quality of Life” projects. Application approvals are subject to funding availability.
APPLICATION
SECTION 1 – DEFINITIONS
Clawback – That provision in a Funding Agreement, which states how and to what extent any incentive payments from public funds must be repaid if the stated Performance Standards are not met.
Current Payroll – the Company’s total expenditure for all employees for the month immediately preceding this application multiplied by 12.
Employee Benefit – Incentives offered to employees and paid for by the employer such as health care coverage, vacation, etc. If an employee pays 30% of the cost, or more, it should not be considered a “benefit” for purposes of this application.
Full Time Job – The employment of a person for minimum of 35 hours per week and offering that person all those benefits adopted by company policy for Full Time Employees. Major stockholders or immediate family members should not be included in this when considering “New Full Time Jobs Created.”
Hourly Wage – The gross amount paid to the employee for each hour worked not including the Employer’s portion of FICA or FWH. Benefits should not be included in this figure, but should be listed separately under the compensation per employee section of the application.
Part-Time Job - A person working less than 35 hours per week. Major stockholders or immediate family member should not be included in this category when completing the application under new part-Time Jobs Created.
Funding Agreement – a written document designed to protect the interest of local taxpayers by putting a businesses’ job creation or capital investment commitments in writing and by linking the payment of any financial incentive to the business fulfilling its written commitments (i.e. clawbacks).
Public Improvements Project – Improvements owned and maintained by the City of Canyon.
SECTION II – APPLICANT INFORMATION
Submittal Date: ________________________ Company Name / Organization: __________________________________________
Address (City/State):______________________________________Phone____________
_________________________________Fax _____________
_______________________________________________________
Name of Company/Organization Contact on this project: ________________________
Contact Address (if different from above):
________________________________________________________Phone___________
________________________________________________________Fax ____________
________________________________________________________________________
City State Zip Code
Type of Business Structure:
Corporation ____
Partnership ____
Sole Proprietorship ____
Principals Name and Address: ______________________________________________
(Please provide copy of Articles of Incorporation)___________________________________________________
___________________________________________________________________
Year Business Started: Year______________ Location_________________________
Current Employment: Permanent Full-Time ____
Permanent Part-Time ____
Average Production Wage_____________
Full-Time Employees receive the following benefits:
__________________________________________________________________
__________________________________________________________________
Financial Information: Five Years Annual Financials Attached___________________
Include: Statement of Profit and Loss; Balance sheet, Cash Flow Statement; IRS reporting forms,
Annual Sales for Corporation / Company $_________________________________
This Facility $_________________________________
Local Sales Tax paid annually $_________________________________
Current Payroll $_________________________________
Has the Company ever filed for bankruptcy protection under Chapter 7 or Chapter 11 of the Bankruptcy Statutes? No ______ Yes______ Details:
SECTION III – PROJECT INFORMATION
This application is for:
Business Development _______
- Expansion of Existing Facility _______
- New Construction _______
- Other _______
Quality of Life Improvement _______
- Parks, Open Space _______
- Other _______
Improvements for Public Infrastructure _______
- Utilities _______
- Roadways _______
- Other _______
The proposed improvements are to be located within the following taxing district:
City of Canyon _______
Randall County _______
Canyon ISD _______
South Randall County Hospital District _______
SECTION IV – PROJECT DESCRIPTION
Please attach a statement on company letterhead and signed by an officer of the company (1) fully explaining the nature and scope of the project; (2) describing the proposed site and existing improvements, if any; (3) describing all proposed improvements; and (4) providing a list of eligible improvements; (5) provide a list of major, fixed equipment along with manufacturer specifications and cost quote fro the manufacturer.
SECTION V – ECONOMIC IMPACT INFORMATION
Part A – Project Investment in Improvements
Total $___________________________
Sq. Footage of New Building (s) ____________________________
Size of Parking ____________________________
Other ____________________________
Part B – Project Investment in Fixed Equipment
New $_____________________________________________________
Manufacturer of Equipment____________________________________
Anticipated Useful Life of Equipment____________________________
Purchase Price $_________________Installation Cost $______________
Anticipated Delivery time from Date of Order______________________________________________________
Part C – Permanent Employment Estimates – (Do not include owners, stockholders or their dependants)
Anticipated Number of New Full-Time Employees as a result of this project ______
Anticipated Number within 12 months of Completion of this project ______
Anticipated Number within 24 months of Completion of this project ______
Typical Job Descriptions ________________________________________________
________________________________________________________________________
________________________________________________________________________
Anticipated starting salaries of these employees: (average) $________/hour
Part D – Permanent Part-Time Employment Estimates - (do not include owners, stockholders or their dependents)
Anticipated Number of New Full-Time Employees as a result of this project ______
Anticipated Number within 12 months of Completion of this project ______
Anticipated Number within 24 months of Completion of this project ______
Typical Job Descriptions ____________________________________________________
________________________________________________________________________
________________________________________________________________________
Anticipated starting salaries of these employees: (average) $________/hour
Part E – Payroll Impact
Within 12 months of Project Completion_______ within 24 months of Project Completion_______
$_____________________________ $__________________________
FTE x Avg. Wage x 40 Hrs x 52 wks PTE x Avg. Wage x 20 hrs x 52 wks
SECTION VI – OTHER ASSISTANCE
Has the Company applied for any State or Federal assistance on this project?
No____ Yes ____
Describe:________________________________________________________________
________________________________________________________________________
________________________________________________________________________
To the best of my knowledge, the above information is an accurate description of the proposed project details.
____________________________
Name
____________________________ _________________________
Title Date
|
