Sugar Land, TX - Sugar Land City Council and the Sugar Land Development Corporation (SLDC) recently increased minimum requirements for tax abatements and direct incentives used to attract targeted businesses.
The effort was intended to ensure Sugar Land remains a leading location for primary employment and corporate headquarters.
“Our focused but aggressive economic development tools have played an important role in our economic success,” said Sugar Land City Manager Allen Bogard. “Actions taken to strengthen requirements for business incentives will continue to play a pivotal role in attracting capital investment and new jobs to the City of Sugar Land. This ensures a strong economy that helps pay for the quality services our residents expect and supports one of the lowest tax rates in the state.”
It has been more than 10 years since substantial policy changes were made to the minimum requirements in the City’s tax abatement guidelines and the SLDC’s direct incentive policy. The following changes were made to strengthen minimum requirements for incentives and solidify Sugar Land’s position as a regional employment center and corporate headquarters destination.
To encourage economic growth, three primary business incentive tools are used to encourage business investment. Each has its own unique purpose and role in supporting economic development in Sugar Land:
The City of Sugar Land has achieved its sustainable, strong local economy through an aggressive, focused economic development program that creates opportunities for new business investment and jobs. Sugar Land now has more than 63,500 jobs and is home to high-profile regional and international corporations housed in more than 25 million square feet of commercial space, including more than 15 Fortune 500 companies with a significant presence. Further, Sugar Land’s assessed commercial valuation has more than doubled in just over a decade—increasing by over $2 billion.
“The City’s growing economy provides an excellent location for relocating and expanding companies to thrive, and we are proud to be recognized as a regional employment and business center of excellence,” said Bogard.