The Texas Department of Economic Development said $1 million in grant money is available. Communities such as Austin, which lost Bergstrom Air Force Base (now Austin-Bergstrom International Airport), and San Antonio, which lost Kelly Air Force (now KellyUSA), can apply for a share of the money. Communities whose bases have new missions also are eligible.
A panel appointed by the executive director of the economic development department will judge the applications and the agency's governing board will award the grants. The awards can range from $50,000 to $2 million, according to the state law that authorized the grants. The state, however, has just $1 million for them.
A community with a big idea may get the entire $1 million, agency spokeswoman Brianna Wanant tells GlobeSt.com or it could be divided into smaller chunks for several cities.
Communities can apply to purchase property owned by the Department of Defense, rehabilitate facilities or infrastructure or purchase capital equipment or insurance.Since the grant program was created in 1995, it has awarded $19.5 million to nine communities for 16 projects. Most of it has been spent on property and infrastructure to help lure defense-related businesses to the grant-winning cities.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.