In 1998, the citizens of Lampasas adopted a one-quarter of one percent sales tax to promote new and expand existing industrial and manufacturing activities. The sales tax proceeds may be used to fund promotional and development activities related to business attraction/retention; financial assistance to businesses; land and building purchase, lease and upgrade; infrastructure upgrade and placement; and training and education.
The City of Lampasas will consider a reinvestment zone for the purpose of tax abatements, tax increment financing and public improvement districts.
Property Tax Abatement
To promote and retain high quality development in all parts of the city, the City of Lampasas and Lampasas County will consider providing property tax abatement on the appraised value of real property improvements and business personal property in accordance with the City's guidelines and criteria for granting a tax abatement.
Economic Development Grants/Loans
Chapter 380 of the Local Government Code provides legislative authority for municipalities to establish a program for making loans and grants to promote state and local economic development and to stimulate business and commercial activity in the City.
Other Incentives That Will Be Considered Include:
- Free land
- Development Grants and Waver of all City fees
- Participation in all public infrastructure development activities relating to projects
- Reduced rates on water, sewer and solid waste if feasible
By law the Lampasas City Council must consider incentives on a case-by-case basis and incentives cannot be guaranteed until the City Council considers in a formal public meeting. All incentives will be tied to a development guarantee or "claw back" agreement between the developer and the City of Lampasas. A cost/benefit analysis will be performed on each project.