04-06-15 Meeting of the La Porte Development Corporation Board of Directors

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tax. This incentive is also applicable for natural gas and electricity consumed by companies that use more than 50 percent of their utilities in the manufacturing, processing or fabricating of products for resale. Tax Exempt Industrial Revenue Bonds Tax Exempt Industrial Revenue Bonds are designed to provide tax-exempt financing to finance land and depreciable property for eligible industrial or manufacturing projects. The maximum bond amount is $20 million (which can include certain capital and administrative costs). These bond issues must receive a reservation under the State's volume limitation ("volume cap") managed by the Texas Bond Review Board. Texas Product Development Fund The Texas Product Development Fund provides financing to aid in the development, production and commercialization of new or improved products within the state. Products appropriate for the fund are inventions, devices, techniques or processes that have advanced beyond the theoretical stage and are ready for immediate commercial application. Preference for funding will be given to the state's defined industry clusters within emerging technology fields, including: semiconductors; nanotechnology; biotechnology and biomedicine; renewable energy; agriculture and aerospace. Businesses with unencumbered assets that are available to collateralize loans are suited for further consideration of this fund. Texas SmallBusiness Fund The Texas Small Business Fund provides financing to foster and stimulate the development of small and medium sized businesses in Texas. Special funding preferences will be given to emerging technologies including: semiconductors, nanotechnology, biotechnology and biomedicine, renewable energy and aerospace. Additional preference will apply to applicants that have acquired other sources of financing, have formed companies in Texas and are receiving assistance from designated state small business development centers or through the Small Business Innovation Research program (SBIR). Pollution Control Property Tax Abatement This incentive is available to companies with facilities, devices and equipment used to control air, water or land pollution. Companies wishing to apply for tax relief for their efforts in controlling pollution can apply for a tax credit from the Texas Commission on Environmental Quality (TCEQ). Texas Economic Development Act The Texas Economic Development Act is a mechanism for school districts to offer temporary property tax limits to companies undertaking a large-scale capital investment project in the community. Under current law, only the following project categories are eligible: manufacturing; research and development; clean coal projects; advanced clean energy projects; renewable energy electric generation; and nuclear electric power generation. State of Texas Incentives City of La Porte Economic Development Incentives, Page | 6