Page 147 - City of Fort Worth Budget Book

Special Revenue Fund Economic Incentives

The use of the EDIF to support private projects was recommended by the Economic Development Strategic Plan
that was recently updated in 2022. The recommendation was guided by the City’s Economic Development
Program Policy which identifies the EDIF as an incentive tool that may be used to support qualified projects in all
industries, but with strong consideration given to applicants that operate in Target Sectors outlined in the policy
and as approved by City Council.

FY2024 DISCUSSION AND SIGNIFICANT CHANGES
Since the inception of the fund, the City Council has approved four awards for a total amount of $2,090,750
subject to verification that project commitments have been achieved.
These approved awards include: $1,000,000 to Wesco/Incora Aircraft for the creation of 615 jobs (and other
project commitments), $218,750 to Watts/PVI for the creation of 243 jobs (and other project commitments),
$212,000 to Ariat International for the creation of 450 jobs (and other project commitments), and $660,000 to
Smart Action for the creation of 81 jobs (and other project commitments). Of these authorized projects,
agreements for Wesco/Incora Aircraft and Watts/PVI were either unexecuted or terminated for non-performance
and, therefore, grants from the EDIF will not be delivered to the companies but will instead remain deposited in
the EDIF for use towards future projects.

The FY2024 Recommended budget increases by $3,000,000 for Economic Incentives, fully funded by a transfer
from the General Fund.

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