EASTLAND ECONOMIC DEVELOPMENT, INC.

Eastland Economic Development, Inc. (EEDI) is a non-profit economic development corporation representing the citizens of Eastland as caretaker of the proceeds of the sales tax levied in accordance with Section 4A of the amended Development Corporation Act of 1979, Tex. Rev. Civ. Stat. Ann. Art. 5190.6. The mission of the Corporation is to facilitate the creation of new and better jobs, enticing capital investment and diversifying the tax base of Eastland, Texas.

ELIGIBLE ACTIVITIES

In accordance with the applicable state laws, their Articles of Incorporation, and the By-Laws of the Corporation, funds under the care of the Corporation shall be used to:

retain and expand existing industry and business

encourage and assist the formation of new industry and business and

encourage and assist in the relocation and expansion of industry/business to Eastland.

In pursuit of the above objectives, priority shall be given to the creation of new jobs and those endeavors that result in increased manufacturing and industrial activities.

ASSISTANCE PROGRAM

Qualified projects include land purchase or lease, building purchase or lease, construction or rehabilitation, capital improvement purchases, infrastructure improvements, employee training, relocation and moving expenses, loans and loan guarantees, grants and reimbursement of development and other related fees.

The main criteria used in evaluating business development by the EEDI are job creation, annual payroll, increased tax base, and capital investment. However, each client is further evaluated on its own merit.

INFORMATION AND APPLICATION

Information concerning financial assistance under the program and requirements for making formal application may be directed to: Tom Bailey, Executive Director, Eastland Industrial Development, Inc., P.O. Box 749, Eastland, Texas 76448 or telephone (254)271-9374.

Eastland Economic Development, Inc.

Requirements for Financial Assistance and Making Application

All projects receiving financial assistance from the Eastland Economic Development, Inc. (EEDI) must be located in the City of Eastland or within the economic influence of the city.

A business or activity receiving financial assistance from the EEDI may not move or be sold without prior written consent of the EEDI or until all financial liabilities existing under the responsibility of EEDI are paid in full.

If the application is for a Start-Up Business, the following is required:

a short business plan detailing the project and a resume of the principal officers including qualifications and personal financial statements,

the projected number of employees for years 1 through 3, and

a projected balance sheet and income statement along with monthly cash flow analysis for year 1.

A copy of your credit report dated within the past 90 days.

If the application is for an existing and/or relocation of a business or activity, the following is required:

a business plan detailing the project including the number of new jobs created and economic activity generated.

a copy of last 3 fiscal year end financial statements and/or tax returns on the business,

most current interim financial statement on the business

a current personal financial statement on all principal owners of the business.

copy of a current credit report (dated within the past 90 days) on the principals

If the application is for a public project, the following is required;

a written proposal detailing the project,

a projection of costs and sources of funding outside of EEDI support, and

the projected direct and indirect economic impact on the City of Eastland.

Depending upon the project, additional information may be required.

To the extent possible, the Eastland Economic Development, Inc. will give assistance in the preparation of the above information to persons who are interested in making application for financial assistance. Also, the Small Business Development Center in Abilene can help you prepare these items at no cost to you. Their number is (915) 670-0300.

Eastland Economic Development, Inc.

Time Factors and Expectations

Complete and submit Request for Assistance form to EEDI office along with a business plan and financial statement as detailed on page two.

The application will be and other documents will be reviewed and investigated as necessary.

Project under consideration is placed on the agenda of the upcoming regularly scheduled EEDI meeting at which time the application will be reviewed and action taken.

If approved by the EEDI Board, the project will be presented to the City Commission at the ensuing regularly scheduled Commission meeting for approval.

If the City Commissioners approves, EEDI assistance for project is implemented.

Estimated time frame from submission of application until to funding may be 30 to 90 days.

REQUEST FOR ASSISTANCE

Eastland Economic Development, Inc.

P.O. Box 749, Eastland, Texas 76448 or telephone (254)271-9374.

Applicant Name	Date

Mailing Address

Tax ID or

Phone	Social Security No.

Description of Project:

Projected Cost of Project:

Your investment in Project:

Amount of Assistance sought from EEDI:

Purpose for requested amount:

Projected economic impact on the community over the next three years:

1st yr.	2nd yr. 3rd yr.

Number of Jobs Created -
Estimated Sales Tax Generated
Estimated increased Property Value
Purchases from Local Suppliers
Annual Payroll

Please include a business mission statement, current financial statements on businesses and principals, a business plan that includes pro forma cash flow projections for income and expense for the business.

Current Information

When was company/business established?

Number of employees:	full time	part time

Hours of operations:

Description of product line or services:

Description of facility in use:

Previous business/ employment experience:

Other Information:

I/We have applied for financial assistance from the Eastland Economic Development, Inc.(EEDI). I/We certify that all the information is true and correct. As part of their review process the EEDI is authorized to check my past credit history and references that may be used in their decision process.

________	Date	Date