B. INCENTIVE PROGRAMS & FUNDING SOURCES There are a wide variety of incentives available throughout the county and state. While cities are not inclined to provide local general funds to the private sector, there are certain market conditions that cannot be overcome without some form of financial assistance. The cities that choose to utilize taxpayer dollars for incentives need to ensure the programs are effectively addressing problems that the private sector market can’t address alone. Also, the “but for” test should be applied to all incentive programs, i.e. “but for” the city’s assistance, a project or investment in a project, would not happen. City incentives can be extremely effective at stabilizing weak or unstable real estate conditions, especially in areas where the small business owner or large development site cannot afford to invest funds in the property and still produce a positive cash flow. By assisting property and business owners, the city can create a stable real estate climate and attract new investment that would not have otherwise been realized. At the time of this study, there are approximately 707 businesses within the east Sunrise Study Area. The large number of businesses in the district is beneficial from a collective cluster standpoint. The famous Aristotle quote “The whole is greater than the sum of its parts” applies in this instance. Opportunity exists for better coordination among merchants as well as business retention and recruitment programs.
THE FOLLOWING SECTION DEFINES CURRENT AND OPTIONAL INCENTIVE PROGRAMS AS WELL AS OTHER FUNDING SOURCES FROM COUNTY, STATE AND FEDERAL SOURCES.
City of Sunrise Incentives
• Are primarily available for headquarters facilities and regional operations that require high-wage corporate employees. Technology-based, value-added operations are also incentive candidates. • May be awarded upon receipt of a certificate of occupancy, or over a specified period of time. • Vary by project, but award amounts generally range from $50,000 to more than $1million.
Broward County Incentives
• Broward Redevelopment Program - The Broward Redevelopment Program provides funding for eligible projects in defined redevelopment areas which have demonstrated blighting conditions, higher unemployment rates and lower property value growth than those of the municipality which the project is located or the County. The county has a formal application process and incentive funds are capped. • Broward County Job Growth Incentive - The incentive is a direct cash incentive paid to new or existing companies creating jobs in excess of 115% of the County's average annual wage. This program requires the joint participation of Broward County and the municipality in which the company is, or will be located. Companies could receive up to $2,000 per new job created to a maximum Broward County contribution of $200,000 per company. • Worker Training Programs - Career Source Broward offers employer’s financial assistance through several grant funded training programs for both new hires and existing employees. • Metropolitan Planning Organization Funding - The City should work with the MPO and advocate for additional transportation investments that will improve connectivity and aesthetics of the area’s main corridors.
DATA FOR ALL BUSINESSES IN AREA
EAST SUNRISE STUDY AREA
CITY OF SUNRISE
BROWARD COUNTY
Total Businesses:
707
4,776
97,729
Total Employees:
3,924
50,011
1,066,495
State Incentives
• Qualified Target Industry Tax Refund - The Qualified Target Industry Tax Refund incentive is available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. • Brownfield Incentives - Florida offers incentives to businesses that locate on a brownfield site with a Brownfield Site Rehabilitation Agreement (BSRA). The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds of up to $2,500 for each job created. • Research and Development Tax Credit - Florida provides a corporate income tax credit for certain qualified research expenses for eligible businesses in the following industries: Aviation and Aerospace, Cloud Information Technology, Homeland Security & Defense, Information Technology, Life Sciences, Manufacturing, Marine Sciences, Materials Science, Nanotechnology
(US Census Bureau, Census 2010, ESRI Inc.)
120 | EAST SUNRISE IMPROVEMENTS MASTER PLAN
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