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ECONOMIC DEVELOPMENT PROGRAM UPDATE
FY 15-16
Karen Stewart, CEcD County Economic Development Official
Neighborhood Services Department Manatee County Government
12/13/2016
Economic Development Defined
A program, group of policies, or activity that seeks to improve the economic well-being and quality of life for a community by creating and / or retaining jobs that facilitate growth and provide a stable tax base.
Economic Development Program
Rapid Response
Performance based Incentives
Business Liaison
• Scoping •Customized
•Economic Development Incentive (EDI) •Transportation Impact Fee Incentive (TIFI) •Tax Abatement
•Partnerships •Collaboration •Multi-faceted approach •Business Friendly Government
Economic Development 101
Targeted Industry Wage/Jobs
Investment Confidentiality
Eligibility
Economic Development Making Connections
Connections to Resources
Colleges / Universities
Job Fairs Small
Business Expos
Business Walks/
Outreach
Connections to Resources
Incentives Approved by BOCC Economic Development Incentive (EDI) $9,317,254 Transportation Impact Fee Incentive (TIFI) $ 807,773 Qualified Targeted Industry Tax Refund (QTI) $1,359,798 (Local Financial Support – 20%)
Total: $11,497,825
INCENTIVES INVESTMENT
4,865 new + 334 retained =
5,199 Projected Jobs
INCENTIVES UPDATE
Average company wage of projects approved for incentives: $ 50,278
(37% over 2014 Manatee County average wage)
Potential Wages Created in Manatee County over 5 -10 years (Direct and Indirect jobs)
$2 Billion
INCENTIVES UPDATE
Return on Investment
For every $1 of County investment there is a projected $70 in capital
investment in the community.
Total projected capital investment: $648,425,000
EDI Jobs Projected 2009 to 2022
Total: 4,865
Manufacturing - 41%
Headquarters - 31%
Infotech - 20%
Life Sciences - 5%
Sports Performance - 2%
Hospitality - %
Global Logisitics - 1%
Clean Tech - 0%
EDI Jobs created 2009 - 2015
Total: 2,648
Local Incentives Adopted 2009-2015
Total EDI: $9,317,254
Local Incentives Paid through 09/30/2016
Total: $3,446,254
Projected Capital Investment
Total: $648,425,000
RETURN ON INVESTMENT MODELS
Economic Development Southwest District
Business Retention & Expansion (BRE)
Technical Assistance
Outreach
Connections to Resources
• Over 500 direct business visits • 105 completed business surveys • 16 public involvement events
– Small Business Expo – Business Recovery Expo – Business Walk Events
• 43 Rapid Response Team projects • 35 Project Scoping meetings • 84 businesses connected to resources
Southwest District Outreach
Business Walks
Business Recovery Expo
Small Business Expo
Brownfield Assessment Grant A brownfield is a real property, the expansion, redevelopment, or reuse of which may
be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
• Three year, $500,000 Brownfield Assessment Coalition Grant – Community involvement / outreach – Site assessments (Phase I and II) – Quality Assurance Plans (Area / Site) – Cleanup Alternatives / Reuse planning
Rolling out the Blue Carpet For Business!
Opportunities for FY 16-17 Redevelopment & Economic Opportunity
Department Community Development / Economic Development / Redevelopment
• Economic Development Strategic Plan • Redevelopment Strategic Work Program • Linking Community Development, Economic Development and
Redevelopment programs
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December 13, 2016 - Regular Meeting Agenda Item #56
Subject Economic Development Incentive Program Update Briefings None Contact and/or Presenter Information
Karen Stewart County Economic Development Official Ext. 3029
Action Requested
Presentation to the Board regarding Economic Development Incentive Program goals and accomplishments for FY 2015-2016.
Enabling/Regulating Authority
F.S. 288.106 Tax refund program for qualified target industry businesses.
F.S. 288.075 Confidentiality for economic development projects
Manatee County Government Economic Development Incentive Program
Background Discussion
On April 21, 2009, the Manatee Board of County Commissioners adopted the Manatee County Economic Development Incentive Program which provides for Economic Development Incentive Grants (EDI).
EDI/TIFI grants are available to qualifying businesses creating new high wage job opportunities, either by expanding an existing business or by bringing a new business to Manatee County. The incentive is customized per business based on the number of jobs created and percent above 115% of the average Manatee annual wage of the company.
This report provides an update and demonstrates the results of the Economic Development Incentive Program for FY 2015-2016.
Manatee County Government Administrative CenterCommission Chambers, First Floor
9:00 a.m. - December 13, 2016
County Attorney Review Not Reviewed (No apparent legal issues) Explanation of Other Reviewing Attorney N/A Instructions to Board Records
None.
Cost and Funds Source Account Number and Name N/A Amount and Frequency of Recurring Costs None Attachment: Economic Development Report to BCC12.13.16.pdf
Manatee County Government Administrative CenterCommission Chambers, First Floor
9:00 a.m. - December 13, 2016
ECONOMIC DEVELOPMENT
PROGRAM UPDATE
FY 15-16
Karen Stewart, CEcDCounty Economic Development Official
Neighborhood Services Department
Manatee County Government
12/13/2016
Manatee County Economic
Development Goals
Manatee County Economic
Development Goals
Economic Development Defined
A program, group of policies, or activity that seeks to
improve the economic well-being and quality of life for a
community by creating and / or retaining jobs that facilitate
growth and provide a stable tax base.
• Job creation
• Increased wealth or assets
• Bringing new dollars to the region
Economic Development Program
Rapid Response
Performance based Incentives
Business Liaison
•Scoping
•Customized
•Economic Development Incentive (EDI)
•Transportation Impact Fee Incentive (TIFI)
•Tax Abatement
•Partnerships
•Collaboration
•Multi-faceted approach
Economic Development 101
Targeted Industry Wage/Jobs
Investment Confidentiality
Eligibility
Economic Development
Making ConnectionsConnections to Resources
Colleges / Universities
Job FairsSmall
Business Expos
Business Walks/
Outreach
4,865 new + 334 retained =
5,199
Projected Jobs
INCENTIVES UPDATE08/09/2016
Incentives Approved by BOCCEconomic Development Incentive (EDI) $9,317,254
Transportation Impact Fee Incentive (TIFI) $ 807,773
Qualified Targeted Industry Tax Refund (QTI) $1,359,798
(Local Financial Support – 20%)
Total: $11,497,825
INCENTIVES INVESTMENT08/09/2016
Average company wage of projects approved
for incentives: $ 50,278
(37% over 2014 Manatee County average wage)
Potential Wages Created in Manatee County
over 5 -10 years (Direct and Indirect jobs)
$2 Billion
INCENTIVES UPDATE08/06/2016
Return on Investment
For every $1 of County investment
there is a projected $70 in capital
investment in the community.
Total projected capital investment:
$648,425,000
EDI Jobs Projected to 2022
Total: 4,865
Manufacturing - 41%
Headquarters - 31%
Infotech - 20%
Life Sciences - 5%
Sports Performance - 2%
Hospitality - %
Global Logisitics - 1%
Clean Tech - 0%
EDI Jobs created through 2015
Total: 2,648
Local Incentives Adopted
Total EDI: $9,317,254
Local Incentives Paid
through 09/30/2016
Total: $3,446,254
Projected Capital Investment
Total: $648,425,000
RETURN ON INVESTMENT
MODELS• Analyzes 10 year net benefit for County
• Project inputs:
• Direct / indirect job creation (industry specific multipliers)
• Salaries of direct / indirect jobs
• Capital investment
• Project benefits:
• Property taxes
• Business tangible taxes
• New residential property taxes
• Building permits and fees paid
• Utility revenue
• Miscellaneous taxes and fees
• Communications services taxes
• Project Costs
• Cost of utility services
• Cost of government services
RETURN ON INVESTMENT
MODELS
• Analyzes Impact Summary for company
expansion/location
• Direct / indirect job creation (industry specific
multipliers)
• Salaries of direct / indirect jobs
• Capital investment
• Provides
• Direct Effect (of the project defined by employment
and capital investment)
• Indirect Effect (impacts on firms that directly or
indirectly supply the project.
• Induced Effect (spending of households receiving
income based on direct and indirect effects)
Former 14th St W CRA Projects
• 14th St West landscaped medians
• Peace Community Park
• Road Gang
Former South County CRA Projects
• Pride Park Cameras
• Road Gang
• Street lighting
• Placemaking Signs
• Sidewalks
• Enhanced Patrol
Economic Development
Southwest District
Business Retention & Expansion (BRE)
Technical Assistance
Outreach
Connections to Resources
• Over 500 direct business visits
• 105 completed business surveys
• 16 public involvement events
– Small Business Expo
– Business Recovery Expo
– Business Walk Events
• 43 Rapid Response Team projects
• 35 Project Scoping meetings
• 84 businesses connected to resources
Southwest District Outreach
Business Walks
Connections to Resources
Business Recovery Expo
Small Business Expo
Brownfield Assessment GrantA brownfield is a real property, the expansion, redevelopment, or reuse of which may
be complicated by the presence or potential presence of a hazardous substance,
pollutant, or contaminant.
• Three year, $500,000 Brownfield Assessment Coalition Grant
– Community involvement / outreach
– Site assessments (Phase I and II)
– Quality Assurance Plans (Area / Site)
– Cleanup Alternatives / Reuse planning
Rolling out the Blue Carpet For
Business!
Opportunities for FY 16-17Redevelopment & Economic Opportunity
DepartmentCommunity Development / Economic Development / Redevelopment
• Economic Development Strategic Plan
• Redevelopment Strategic Work Program
• Linking Community Development, Economic Development
• and Redevelopment programs
