THE CITY OF PUNTA GORDA and CHARLOTTE COUNTY

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1 I. Date: February 17, 2010 THE CITY OF PUNTA GORDA and CHARLOTTE COUNTY To: From: Subject: Issue: Board of County Commissioners and City Council Roger Baltz, County Administrator Howard Kunik, City Manager Economic Development Incentives Review of a comprehensive package of economic development incentives for Charlotte County and the City of Punta Gorda. Recommendation: That the Board of County Commissioners and City Council review the comprehensive set of economic development incentives and consider appropriate measures to be implemented in the County and City jointly or separately. Discussion: At the December 11, 2010 joint meeting of the Board of County Commissioners and City Council, staff was given direction to proceed with development of a comprehensive set of economic development incentives ideas for both the County and City. Over the past three months, County and City staff reviewed and developed such a package for consideration by both elected bodies. The information is attached for your review and assembled in the following manner: City of Punta Gorda (current programs) Charlotte County (current programs) Charlotte County Industrial Development Authority (current programs) Enterprise Florida (current programs) U.S. Commerce Department (current programs) U.S. Agriculture Department (current programs) Southwest Florida Workforce Development Board (current programs) Attributes that Attract Business Options for Consideration o Real Estate o Impact Fees o Infrastructure Enhancements o Open for Business Initiatives Action Steps

2 While the above agencies currently offer a number of programs aimed toward business retention and attraction, the package identifies a myriad of opportunities that can be undertaken by both bodies. The opportunities range from enhanced internal operations that improve service delivery to establishment of earmarked funding mechanisms for specific economic development initiatives. Marketing the County and City as open for business and putting in place appropriate programs and funding mechanisms, where applicable, will go a long way toward accomplishing objectives of tax base diversification and job creation. To summarize, the information presented is intended to provide an overview of existing economic incentives and offer new suggestions for consideration. Staff will be available to elaborate upon the ideas suggested at our next City-County joint meeting.

3 Economic Development Incentive Programs for New and Existing Business 1

4 Current Programs Offered by: The City of Punta Gorda Charlotte County Enterprise Florida - OTTED (Office of Transportation, Tourism and Economic Development) U.S. Department of Commerce Economic Development Administration US Department of Agriculture Charlotte County Industrial Development Authority Southwest Florida Workforce Board Angel and Venture Capital Investors 2

5 The City of Punta Gorda City Impact Fee Installment Plan City Non-Residential Fair Share Impact Fees CRA Program Within CRA - Adopted, not funded Daily Services Incentive For new Daily Service Business - 50% matching up to $30,000 Flood Proof Ground Floor Incentive For Commercial & Mixed Use Buildings - 50% matching up to $15K Retail Rent Incentive New Retail Business 10% matching up to $7,500 Non-Profit Incentives Site Improvements 50% matching up to $7,500 Landscape Improve Visually For Commercial Structures - 50% matching up to $7,500 Building Expansion Impact Fee For Commercial Structures - 75% matching up to $10K New Project Incentive Mixed Use - 50% matching up to $20K Façade Improvement For Commercial Structures - 50% matching up to $15K StreetScape - Improve Visually For Commercial Structures - 50% matching up to $20K Trabue Woods ED Corp. For Commercial and Residential Loan, not funded Fast Track Permitting Currently 3 to 4 weeks Main Street Funding $30K Tax Increment Financing Projects Laishley Park and Herald Court Centre 3

6 Charlotte County Dollars for Jobs $1,000 - $2,000 per job min. of 10 jobs created at 15% above county average wage Capital Investment $1,000 per $100,000 invested 10 jobs created at 15% above county average wage IDA Bonds Industrial Development Revenue Bond for manufacturers IDA $500,000 Incentives funded Recovery Zone Bonds $12 Million (total) open to most business sectors EB-5 Regional Center $500,000 to $1,000,000 per 10 Direct or Indirect Jobs Foreign Trade Zone 1999 modification of Fort Myers FTZ-includes 60 acres at Charlotte County Airport Rapid Response Permitting Expedited Permitting Infrastructure Incentive Oversize line ext. program (20% up to $250K) in ECAP New Market Tax Credit Equity Investment in Qualified Census Track Economic Impact Model Measures Net Benefit and ROI Regional Angel Fund First Stage Capital Gulf Coast Venture Forum Venture Capital 20% Match-State Tax Refund Required for State QTI Program Brownfield Redevelopment Tax Refund - to $2,500 per empl. (local match not required for 80% of tax refund) Charlotte Harbor CRA Impact Fee Assistance, Façade and Sign Grant, Land Acquisition, Infrastructure Incentives, Provision of parking facilities, Development of a marketing plan and materials EDO provides support staff Enterprise Charlotte Economic Council EDO provides support staff Industrial Development Authority ECAP Created an overlay district for economic development purposes Annual Budget $767,000 Charlotte County Economic Development Office Grant Applications EDO provides staff to research and apply for economic development grants Out-reach Program Visitation Program for Existing Business 4

7 Charlotte County Industrial Development Authority Industrial Development Revenue Bonds (IDRBs) DRBs are securities issued for the purpose of financing manufacturing projects. $500,000 total funds for Economic Development Incentive Program (no set program to replenish funds) Utility facilitate the issuance of bonds Conduit to the Bond Market IDA can borrow from the marketplace to develop a variety of projects Recovery Zone Bonds (Temporary Program) $12 Million (total) open to most business sectors 5

8 Enterprise Florida Qualified Target Industry Tax Refund Brownfield Redevelopment Tax Refund Quick Response Training (QRT) Incumbent Worker Training Program Qualified Defense Contractor Tax Refund Economic Development Transportation Fund High Impact Business Performance Incentive Grant Capital Investment Tax Credit State Sales and Use Tax Exemption Closing Fund 6

9 U.S. Department of Commerce Economic Development Administration Investment Programs Public Works and Economic Development Investments Economic Adjustment Assistance Program Research and National Technical Assistance Program Local Technical Assistance Program Planning Program - helps support planning organizations University Center Economic Development Program - partnership between the Federal government and academia Trade Adjustment Assistance for Firms Program Source: 7

10 US Department of Agriculture USDA provides grants and loan guarantees to agricultural produces, businesses and cooperatives located in rural communities Rural Business Loans and Grants Designated areas and cities determined by US census Water-Environment Programs Grants and Loans Community Facilities Loans and Grants Areas and towns of up to 20,000 population for construction, enlargement, improvement for health care, public safety and public services. Essential Utility services Electric program and telecommunications program Infrastructure and Rural Development Policy 4.6 Billion allocated in recovery act funding to bring Broadband to Americans Rural Energy Loans and Grants To purchase renewable energy systems and make other energy efficiency improvements, to increase the economic viability of biomass projects, and to finance energy technology. 8

11 Southwest Florida Workforce Development Board Employed Worker Training On the Job Training (OJT) Human Resource Recruiting Customized Training Grant funding for customized training for existing for profit businesses Expanded services funded by the federal American Recovery and Reinvestment Act of 2009 ($6,500 per stays with employee) The programs include additional job training, individual counseling, enhanced assistance for local businesses and outreach services to assist more Floridians. 9

12 Ideas: 10

13 What Attracts Business? Debt and/or Equity Financing Ready Real Estate at the Right Price Transportation Infrastructure Education Labor Local Governments Open for Business Quality of Life Brand Local and Regional Tax Structure State and Local 11

14 Options for Consideration: 12

15 Ready Real Estate at the Right Price In order for Charlotte County to be competitive in attracting new business, it will need to offer attractive business sites, more quickly, and for a competitive price. Land concentrate efforts on currently owned resources and develop attractive properties Swap raw county property for already developed land to expedite use Wetland mitigation and infrastructure on IDA property acres (12 x 100k sf buildings - utility cost & impact fees approximately $5 million) Build a 40K - 100K sf building spec facility Trade Land for Tax Base - $0 to $1 per sf depending upon the qualified prospect 120 acres Propose other property to be used for an EDO purpose (trade land for tax base) Subsidize rent / Waiver Develop an Incubator Program County to offer non-residential Impact Fee Installment Plan City to mirror County s ECAP Infrastructure Incentive Program (at a proportionate share) for water & waste water improvements, and road impact fees Property Tax Stimulus Program - Equivalent to Ad Valorem Abatement Program (modeled after Collier County) Ad Valorem Tax Exemptions requires referendum need 30 days notice to get on the ballot (modeled after Hardee County) City to Fund approved CRA incentive programs which are not currently funded Budget funds for a Charlotte County Business Park 13

16 Impact Fees Impact Fees Up-front funding pay back over time Elimination of impact fees County to mirror city installment plan Reimbursement of Impact Fees 14

17 Infrastructure Create a Charlotte County owned Foreign Trade Zone based within the ECAP boundaries Create a Master Plan for the ECAP Appealing and Competitive Extend the County s ECAP Infrastructure Incentive Program into other areas of the county City reduction of 15% surcharge for water and waste water in ECAP (criteria to be determined) Consider extending the possible city surcharge incentive into other areas Explore funding options to bring water & sewer to Tuckers Grade (500 industrial acres on rail between US 41 & I75) More property zoned industrial or CI near the water Renewable energy incentives Consider the reduction of permitting and impact fees Fund Green Ordinance Incentives MSBU Program (PACE Program) Support State Programs (Rebates and Renewable Portfolio Standard) Investigate and research creative options for Renewable Energy projects for new and existing buildings More property zoned industrial or CI near the water 15

18 Community Open for Business Services Funding Survey all sector businesses to assess the needs of existing business Encourage voluntary extension of the Brownfield Extension Designation within the ECAP for economic development purposes Investigate the creation of a Pre-permitting program for the IDA owned acreage in the ECAP IDA Relocation Incentive either a per diem reimbursement process or pre-arranged lodging, set-up by the IDA Dedicated funds (0.1 mil) for economic development purposes to replenish IDA funds Revolving Loan Fund for small business (would require a dedicated staff person) County and City Small Business Entrepreneurial Revolving Loan Program (developing) Investigate creating a Targeted Home Rule TIF District - begin with an area close to the hospitals 16

19 Action Steps: Study other competitive locations to understand what incentives make their community attractive to business. Identify and prioritize Commercial County land available for Economic Development Commit to Funding Sources, Plan, and Take Action 17

20 Don s Top Three! Develop the IDA property Develop financing alternatives for projects Ad Valorem Tax Abatement 18

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