Mayor Henry Cotton said there are three things that are needed to bring businesses to town and that is “land, labor, and capital.” “We are not just competing with businesses in immediate industries but on a national level as well,” he said. “The nature of this meeting was to strategize to create economic development zones.”
The City of Bastrop and the Morehouse Economic Development Corporation are working hard to develop economic incentives that could ultimately attract businesses and industries to the area.
An Economic Incentive Development workshop was held on Monday at the Visitors Center.
Mayor Henry Cotton said the problem with the lack of businesses and industries coming to Bastrop is the lack of incentives, and the meeting focused on creative ways to develop incentives for businesses.
Kay King, MEDC CEO, she said it was the best educational economic meeting they have had in 12 years.
“We need to develop programs that will help the community attract businesses and figure out how to fund them without burdening tax payers,” King said. “The meeting was a success and many community members and representatives attended.”
Cotton said there are three things that are needed to bring businesses to town and that is “land, labor and capital.”
“We are not just competing with businesses in immediate industries but on a national level as well,” he said. “The nature of this meeting was to strategize to create economic development zones.
“Money is always a problem,” Cotton said. “There are special ways that we can raise the money. There are things like tax incentives and payment in lieu of taxes (PILOT). These are types of devices that can be used to create and make businesses doable.”
Cotton said David Wolf, an attorney, gave pertinent information that will help Bastrop in the long run.
The next step for the city is “revitalize,” Cotton said.
“We have had industrial boards before and we need them active again,” he said. “We need to focus on creative ways to fund incentives that would make Bastrop more competitive with other industrial sites.”