Promoting Economic Development
In 1998, the residents of Dickinson approved a 1/2 of 1% sales tax dedicated to promoting economic development in the City of Dickinson. These funds must be expended in accordance with state law to facilitate the development of eligible projects. The responsibility of the Dickinson Economic Development Corporation (DEDC) is to reinvest these funds in Dickinson to expand the city’s property tax base and create quality job opportunities for Dickinson residents.
Companies are required to complete a DEDC Economic Impact Survey to be considered for an Economic Incentive Proposal. A 3rd party conducts an Economic Impact Analysis for the DEDC to determine the projected economic impact the project will have on the City of Dickinson.
Economic Incentive Proposals
Based on the projected economic value of the project to the City of Dickinson during a specified time, the DEDC prepares an Economic Incentive Proposal, which outlines the company’s performance requirements that must be met to qualify and receive the DEDC economic incentives.
The performance requirements may include the number of full-time jobs to be created, the capital investment, size of space leased or built and the other details specific to the project. DEDC economic grants are paid as a reimbursement grant of project expenses over a period of time based on the company’s attainment of negotiated performance requirements on or before an agreed date.
To formalize the deal, the DEDC prepares a performance agreement for DEDC Board of Directors approval containing the terms and conditions for which DEDC economic incentives will be paid upon the verification that the company has met the performance requirements specified in the agreement.
Qualifying projects may be offered DEDC economic incentives on a per job basis of $500, $1000, or more.