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Groesbeck Economic Development

  • Chartered in 1997 by the Mayor and City Council to Support Business Growth

    Established as a separate but integral arm of the City. Our purpose is to strategically invest sales tax revenue back into the community in ways that help create long-term business growth via primary job creation, retention and meaningful expansion of the sales tax base.

  • Funded by .5% of Sales Tax Revenue collected within Groesbeck City Limits

    Each time a sales taxable transaction occurs in Groesbeck, 8.25% is added and collected by the State Comptroller. The City is re-disbursed 2% to split between economic development, road repair and general revenue. Of that 2%, one-half of a percent (.5%)

  • Regulated by Texas State Law

    Groesbeck EDC is a "Type B" economic development corporation. All Type-B's and regulated by the Texas state laws found in Section 501 & 505. Those statues spell out authorized projects, eligible expenditures as well as governing procedures.

  • Governed by Local Leadership

    The Board is comprised of the City Mayor, Mayor Pro-Tem, two elected Council Members and three appointed members from the local business community. Every binding agreement, contract and program is approved by majority vote of the Board of Directors. Day-to-to operations are overseen by the hired Executive Director.

Our Partner Entities

City of Groesbeck
Small Business Development Center
Small Business Administration
US Economic Development Administration
Heart of Texas Council of Governments

Working with the GEDC

Step 1

Application

Our short but thorough application helps us both see and understand the big picture of your business.

Step 2

Follow-Up

We'll discuss your business, project, available resources and how GEDC can help you.

Step 3

Decision Prep

We'll have work to do before a decision can be made. Gathering documents, performing an impact analysis and preparing for the Board.

Step 4

Board Meeting

All binding agreements are made by a Board of local citizen and business leaders.

Example Projects & Investments

Creating Opportunity

The Corner Parkette

Family memories had always been made here and we wanted to preserve that ability. The GEDC took on the project of converting what had become a dangerous building - into an open, flexible, community space downtown.

Business Development

Kamdan's Cafe

A homegrown food truck outgrew itself. The owners partnered with the EDC to aquire a vacant, historic building to bring hometown cooking and a new local favorite to downtown Groesbeck, Tx.

Story Coming Soon
Business Development

Black Cactus Armory

Married couple, first responders and military vets worked with the EDC to bring their dream of opening a gun store in downtown Groesbeck.


Story Coming Soon
Get Started with GEDC Today
Tell us a little bit about you and your company or experience.
It takes less than 3 minutes.
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Still have Questions?

Here are the most frequently asked questions and "need to know" guidelines

EDCs are not angel or venture funding initiatives. In short, we can’t fund your your start-up or business. We can help you plan, start, grow and expand a local business or relocate one to Groesbeck.

If you are starting from scratch, we can help point you in the right direction.

Although the term “grant” may be used, the EDC doesn’t  give funds freely.

Eligible businesses must be able to show that the investment will lead to expanding facilities, needed services, primary job creation,  add to or enhance the local supply chain, increase sales tax dollars or add or improve needed amenities.

If mutually determined performance criteria are met over time, re-payment can be forgiven. If metrics are not met, each agreement includes relevant “claw back” guidelines.

There are also other ways we can help. Our short but thorough application helps us and you as the business owner better understand how we can help your business. 

You can find it here: Business Development Application

Program and business development funding dollar amounts are set at the beginning of the budget year. Approvals are determined as funds allow, on a first come, first served basis by majority vote of the board.

Incentive funding dollar amounts are guided buy a 3rd party professional impact analysis and approved  by majority vote of the EDC board and/or Council. Considered factors include job creation, real estate development and sales tax base expansion.

We’ve had major projects wrapped up in a few weeks and other more complex ventures that have have taken a year or more. It’s completely unique for each business because each has different needs, abilities and options.

If a project involves real estate, legal or other contractors their timelines can effect the project.

We’ll be able answer that once you have completed a project application, we understand your business, needs and our ability to help. 

Programs

You can see a full list here 

groesbeckedc.com/programs-incentives/

Because the EDC board makes decisions for business initiatives and incentives, 99% of agenda items require work on the proposal beforehand to be actionable by the board. You’ll need to contact the office to receive an agenda request form. 

The completed request form and all supporting documents must be turned in by the close of business the Monday before the proposed meeting date.

Groesbeck EDC holds regularly scheduled meetings every 3rd Monday of each month.

An EDC must enter into a written performance agreement with any business enterprise that it funds directly or makes expenditures that benefit an eligible project.

EDCs cannot simply gift or “grant” sales tax proceeds to businesses. An EDC must enter into a written performance agreement with any business enterprise that it funds directly or where it makes expenditures that benefit an eligible project.

Texas Government Code Chapter 501.00

At a minimum, the performance agreement must contain each of the following:

  • a schedule of additional payroll or jobs to be created or retained
  • the capital investment to be made by the business enterprise
  • the terms for repayment of the EDC’s investment if the business fails to meet the performance requirements specified in the agreement

 

Authorized Projects:

  • Business Enterprises that Create Primary Jobs (Section 505.155)
  • Business Enterprises in Landlocked Cities (Section 505.157)
  • Business Development in Small Municipalities (Section 505.158)
  • Job Training (Section 505.151)
  • Affordable Housing (Section 505.153)
  • Recreational or Community Facilities (Section 505.152)
  • Water Supply Facilities and Conservation Programs (Section 505.154)
  • Recycling Facilities (Section 505.151)

There are some limitations on how sales tax revenues can be used to fund a project.

Texas Government Code Section 501.00

EDCs do not have complete discretionary control over what types of projects they can take on or fund. Project expenditures can only contribute funding to ventures related to job, quality of life and enterprise developments.

There are some limitations on how sales tax revenues can be used to fund a project.

Texas Government Code Section 501.00

EDCs do not have complete discretionary control over what types of projects they can take on or fund. EDC project funds are most often tied to a hard asset, improvement or service that leads to business development, expansion or performance  improvement.

Eligible expenditures include:

  • acquisition of land
  • machinery and equipment
  • construction costs
  • facility improvements
  • professional services related to the project
  • financial transactions and reserve funds
  • administrative and other necessary expenditures
  • job training

Need more detailed or specific answers?

Reach out however best works for you - phone, email or text message.

Contact Groesbeck EDC