HomeMy WebLinkAbout(0117) 2019_Fort Worth_380 Policy_A1 (Exhibit ''A'').PDFEXHIBIT "A"
6. ELIGIBILITY REQUIREMENTS FOR RESEARCH AND DEVELOPMENT
PROJECTS.
Target Industry applicants are eligible to receive 380 Grants equal to a percentage of their Qualified
Expenses relating to ongoing research and development activities that take place in the City of Fort Worth.
Qualified Expenses outside the City of Fort Worth will not be considered.
380 Grants under this Section may be made for a period of up to 105 years equal to up to 50% of
Qualified Expenses that are reported for a given year during a period of up to 10 years. At no time will
the amount of any 380 Grant exceed 7-5% of annual incremental real property and Business Personal
Property taxes received by the City in the preceding year from the subject propertyof an applicant or an
assignee.
The maximum amount of each 380 Grant under this Section will be determined by the location
in which the Target Industry research and development project is located, as set forth in the table below:
Maximum Potential
R&D Reimbursement
Central Business District/ Innovation Equal to 50% of
District TaxesQualified
Expenses
Equal to 35% of
Designated Investment Zones Qualified
Equal to 25% of
Other Fort Worth Location I Qualified
Notwithstanding Section 4-819.6 of this Policy, a Target Industry business receiving 380 Grants
pursuant to this Section 6 may assign, sell, or transfer its right to receive the 380 Grants to any party it
wishes, subject to execution of a written agreement between the City, the Target Industry business, and
the assignee party memorializing this arrangement. The Target Industry Business will still be required
to submit any reports and documentation required by the Economic Development Program Agreement
in order for the City to verify the amount of each 380 Grant. The amount of any transferred or assigned
380 Grant will be reduced by 5 percentage points to account for the City's additional administrative costs
in overseeing the program. No property that is zoned Residential by the City shall be permitted to be
included as Dart of an Assignee's Subiect ProDerty except where such zoning may be chanced to facilitate
new development (example: a property zoned for One -Family Detached subsequently rezoned for
Industrial in connection with new development). Properties that are zoned Mixed -Use (including any
Dart of a form -based code) or DroDerties that are zoned Planned DeveloDment may be included as Dart of
an assignee's subject property