SEDCO Board Approves "Buy Local" Grant Increase
14 Jan 2020
January 14, 2020
The Sherman Economic Development Corporation (SEDCO) Board of Directors voted Tuesday to increase the incentive amount of the “Buy Local” Grant for future performance agreements with new and existing industries.
At Tuesday’s Regular Scheduled Board Meeting, the SEDCO Board approved Resolution No. SEDCO-2020.01 authorizing an increase in the maximum amount of incentive award for the “Buy Local” Grant from $20,000 to $50,000 with the retention of the five percent threshold.
“By increasing the maximum amount of this particular incentive, SEDCO is enticing projects and companies they invest in with incentive dollars to acquire more goods and services from local vendors and businesses,” said SEDCO President Kent Sharp. “This just further demonstrates our commitment to partnering with the local business community in economic development.”
The SEDCO “Buy Local” Grant was established in January 2016 to be added to the Economic Development Performance Agreements with the purpose of encouraging industries to purchase goods and services within Sherman’s city limits. A proof of purchase is required, and the additional grant is computed at the end of the performance agreement.