Incentives are based on project investment, the number of new basic jobs and payroll. Any request for incentives must be approved by the Board of Directors of the BSEDC and the Big Spring City Council.
The main requirement is that the businesses bring new money into the community by providing primary jobs. A primary job is one at a company that exports a majority of its products or services to markets outside the local region, infusing new dollars into the local economy. Primary jobs are further limited to specific industry sectors such as agriculture, mining, manufacturing and scientific research and development. Those industry limitations can be found in Local Government Code, Chapter 501.
The BSEDC must enter into a written performance agreement with any business enterprise that it funds directly or makes expenditures that benefit an eligible project.
A schedule of additional payroll or jobs to be created or retained;
The capital investment to be made by the business enterprise; and
The terms for repayment of the BSEDC’s investment if the business fails to meet the performance requirements specified in the agreement