The McKinney Economic Development Corporation (MEDC) Board took action on two Emerging Technology applications that were presented during the April board meeting.
The board voted to approve funding for two McKinney-based businesses:
- LocalHitz, located in the historic Flour Mill at 407 E. Louisiana, is an online advertising and reporting company that helps businesses expand their online reach.
- CredSystems, which will be expanding in the Prosperity Bank Building at 321 N. Central Expressway, is a business credit and funding company that uses dynamic system software and technology development.
Both were awarded 50 percent of actual rent paid (to a maximum of $4,167 monthly).
About the Emerging Technology Program: The MEDC Emerging Technology Program helps facilitate the expansion of high-tech industry and job growth. This specific initiative includes working with state, regional and local resources to identify potential areas of development.
MEDC budgets $500,000 yearly for Emerging Technology projects, to be used to subsidize half of rent to third party leased space, up to $50,000 per company. Funding is for one year, with board discretion to fund an additional year.
MEDC offers incentives to high-tech start-up companies that are in the process of growing. Each awarded company must demonstrate that its technology fits MEDC’s technology targets and that it has intellectual property ownership, investors and the financial ability to execute a commercial lease.
If the MEDC Board approves the project for the MEDC’s Emerging Technology Program, real estate rental cost assistance can be awarded to the company for up to one year with a maximum of $50,000 per company.
The Emerging Technology fund for incentives is limited. Incentives are awarded on a first-come, first-served basis.
For more information, visit mckinneyedc.com.