Synergy Park at Elder Lake in Kilgore, Texas, is a place where the words "nature" and "industrial park" work together. KEDC's newest business location offers premier property in a campus-style setting. Strategically located just minutes away from the Interstate 20/U.S. 259 corridor, the park boasts a 10-acre lake and adjacent green belt that serve as the backdrop for a scenic industrial park, complete with walking and jogging trails. Sites are available from 4 to 140 acres with access to abundant water and sewer from the City of Kilgore. Options for natural gas are available, and the regulated electric rates are some of the lowest in the nation.
Location incentives include a Foreign-Trade Zone with an Alternate Site Framework designation, Triple Freeport Tax Exemption and an Enterprise Zone as well as direct local economic incentives and access to applicable State of Texas incentives. Welcome to Synergy Park, where we roll out the green carpet.
For property covenants click HERE
For property standards click HERE
For a Master Plan click HERE
for a two-minute video tour.
Summary of Local and State Economic Incentives
The mission of the Kilgore Economic Development Corporation (KEDC) is to enhance a business climate that is conducive to job creation and retention, improving the standard of living for Kilgore residents.
Economic Development Corporation Incentives
The KEDC Board of Directors oversees the use of local economic development funds. The members will work with interested parties on the use of these funds as an incentive for locating or expanding in Kilgore, Texas. An incentive reimbursement is dependent on the number of jobs and payroll created as well as the amount of the company investment in Kilgore. KEDC is committed to utilizing all state and local incentives for which the company qualifies.
Triple Freeport Tax Exemption
Freeport Tax Exemption is granted by three of the four taxing entities in Kilgore: the City of Kilgore, Kilgore College and Kilgore Independent School District, entities which represent 88 percent of the property tax imposed on inventory.
Gregg County, which represents 12 percent of the local ad valorem taxes here, is proactive toward industry and may consent to another incentive with any company that could off-set the impact of the county's Freeport Tax.
Ad Valorem/Real and Personal Property Tax Abatements
Tax abatement on real and personal property improvements may be granted by all taxing entities except Kilgore Independent School District. The company must meet requirements associated with the value of capital improvements and either job creation or payroll increases maintained throughout the term of the agreement. The City of Kilgore will create a reinvestment zone and adopt a tax abatement agreement with companies.
Foreign-Trade Zone with Alternate Site Framework Designation
The U.S. Department of Commerce recently approved the modification of Gregg County’s Foreign-Trade Zone to provide a new benefit for businesses. The new designation, the Alternate Site Framework, is the first of its kind in the nation and will allow companies located within Gregg County to secure Foreign Trade Zone status for warehousing and distribution operation within approximately 30 days, faster than the usual timeframe. Manufacturing companies benefit from the streamlined procedures as well.
Access to State of Texas Incentives
Kilgore will vigorously pursue incentives available at the state level, including:
SKILLS DEVELOPMENT FUND
Grants are provided to help companies and labor unions form partnerships with local community colleges and technical schools to provide custom job training.
TEXAS ENTERPRISE ZONE PROGRAM
Upon a community designating a business as an enterprise project, and upon that project’s designation being approved by the state, the business would be eligible for: State Sales and Use Tax refunds dependent on investment amount and number of jobs created/retained.