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Governor Proposes $390M Texas Enterprise Fund

AUSTIN-Gov. Rick Perry says the funds would be used to help close deals, spur development for tech and biotech companies, retain a semiconductor research firm and provide health and disaster relief.

By Tim Green | Updated on February 19, 2003

AUSTIN-As part of the $133-million incentive package that helped bring a Toyota Motor Corp. truck assembly plant to San Antonio, the state of Texas kicked in $15 million to help build a short railroad line to serve the plant. Toyota had wanted the line to ensure rail competition at the site.

That kind of state aid could be more common if Gov. Rick Perry’s proposed economic development effort makes it through the state legislature this session. The governor wants to create a $390-million Texas Enterprise Fund go help close deals, spur development related to technology and biotechnology, keep a semiconductor research group in the state and provide health and disaster relief.

Perry proposed the fund as part of his “State of the State” address to the Texas Legislature. The plan calls for paying for the proposals by taking money from the state’s Economic Stabilization Fund, also called the Rainy Day Fund. Perry says the money would not be used for recurring budget items, but would be invested in job growth. “We could fund these initiatives, and more, so that Texas has a stronger, more diverse foundation for the future,” Perry said. “The best way to avert future rainy day scenarios is to grow our economy.”

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