• Manufacturing Machinery and Equipment Sales Tax Exemption - Offers tax exemption on the purchase of machinery and equipment purchased by qualifying Florida manufacturing companies. • New Markets Tax Credits - The New Markets Tax Credit (NMTC) Incentive Program provides low interest, private- sector financing for commercial and mixed-use projects in low income areas. Eligible projects must meet a minimum capital investment of $5 million and varying job creation thresholds for consideration. Tax credits totaling 39 percent of the original investment amount are issued to individual and corporate investors making one- time, upfront equity contributions to qualified development projects through community development entities and claimed over a period of seven years. • Department of Economic Opportunity Grants - The Florida Department of Economic Opportunity (DEO) provides grants to local governments for the planning and implementation of economic development initiatives. Grants are usually in the $40,000 range. • Economic Development Transportation Fund - Enterprise Florida developed the Economic Development Transportation Fund, commonly referred to as the “Road Fund,” an incentive tool designed to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million. The award is made to the local government on behalf of a specific business for public transportation improvements. Federal Programs • Industrial Revenue Bonds - Established expressly for existing small and mid-sized manufacturers, and 501(c) (3) non-profit corporations, the Industrial Revenue Bond (IRB) program is marketed and coordinated in Broward County by the OESBD. This is a federal program providing tax exempt financing for qualified capital projects. Bond proceeds must be used for the acquisition of land and/or a building, construction of a new facility, renovation of an existing facility or purchasing machinery or equipment. • Community Development Block Grants - CDBG funding is available for eligible projects through Broward County. The program funds can be used to build community facilities, roads, parks, and repair or rehabilitate housing, provide new or increased public services to residents, or fund initiatives that generate or retain new jobs. • Housing and Urban Development Grants and Loans - The US Department of Housing and Urban Development (HUD) provides low-interest loans to local governments for the implementation of capital projects for revitalization and economic development, including streetscape and infrastructure improvements. These loans can be supplemented by Economic Development Initiative (EDI) grants from HUD.
Additional Incentive Programs (City Incentive crafted for specific city goals) • Facade & Business Site Improvement Program - This program encourages business owners to enhance their existing business facades through exterior improvements. This includes most exterior elements including windows, doors, paint, signage, design elements, etc. The CRA provides 80% of project costs up to a maximum contribution of $20,000 per property address, linear footage etc. Amounts can vary per program guidelines. • Strategic Investment Program (SIP) - This program, which uses a formula that considers the amount of new tax increment generated from each project, is for rehabilitation or renovation of properties, tenant improvements, etc. Payment is made on a reimbursement basis. The maximum grant amount can be established to meet the needs of each district. Generally the incentive range from $10,000 - $50,000 for large buildouts such as restaurants. • Capital Improvement Grant Program - This “interest only” program works in conjunction with the lenders and provides an incentive of 50% of the interest on a loan amortized over a five year period. The maximum loan amount the incentive will apply against is $350,000. The interest payment amount is intended to reduce the upfront costs of renovation to buildings. • Strategic Investment Streetscape Program (SISP) - This program is designed to work in concert with new development and public infrastructure upgrades to create a higher quality environment and develop a sense of community. Eligible expenses include sidewalk and streetscape improvements or other streetscape elements related to a project. • Relocation and Development Incentive Program - This program allows the city to cover moving expenses or other items associated with attracting targeted tenants to the area, or relocating an existing tenant. Each project is considered separately since conditions vary from project to project. • Real Estate Development Accelerator (REDA) - This program is for all major projects that are (usually) ground up development projects. The minimum amount of investment must be $5 million in construction. This mimics a tax increment financing program whereby the incentive funds come from the development itself based on the new city taxes created from the new development. • Public Private Partnerships - Municipalities routinely partner with developers to encourage design and/or construction of parks and other public facilities and infrastructure projects. This type of partnership between the city and private sector community has been used to deliver projects such as entertainment and cultural facilities, governmental facilities, infrastructure improvements and land development. • Business Improvement District (BID) - This is a long-term goal. The City’s business retention and attraction program should initially focus on businesses and building relationships for future BID implementation. Once the business community is stabilized a BID can be created for street beautification such as planter beds, marketing and promotion of area businesses, and general upgrades to a specific area.
NEXT STEPS
5 5 Review incentives and choose which ones to incorporate into the implementation of the plan 5 5 Create an incentive “package” that defines what assistance is available in east Sunrise and share with the business community
121 | EAST SUNRISE IMPROVEMENTS MASTER PLAN
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