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Home My WebLink AboutOther - Attached shown by Mr. John Jones during discussion of Regular Agenda Item 600 Date: June 14, 2010 The attached was shown to the City Commission by Mr. John Jones during the discussion of Regular Agenda Item "600" held during the June 14, 2010 City Commission Regular Meeting. Winter Springs Eoonom Development I - _ - _ - t t., INCENTIVES _ 0 a . L� "' " - Winter Springs Cliy Commission i m. Meeting ...( .,.. _. _ Jung 74, 1070 INCENTIVES Can be used for primary business recruitment or retention (cash & regulatory) Can be used to stimulate a specific type or look of development (regulatory) Can also be service - incentives such as expedited development review and permitting (regulatory & time saver) PROVIDERS Federal Government State of Florida Nit le ■ ti Seminole County Government . 5aIklf CiV City of Winter Springs o1 • PROVIDERS E Federal Government, DEP -SEED Program City has three brown -field (SEED) areas ''s. • Vlllag YVAW, e1N Town Center SEED ., leltl _••• , SEED /brown A rea Area • Interchan� � .SEED /OrownBeltl IVO r Area 1 — t d PROVIDERS Federal Government, DEP -SEED Program Additional $ for Job Creation projects Clean -up Cost reimbursement Liability reductions Tax Abatement Transferrable Environmental General Economic Clean -up Economic QvaaeeeoLxwioss egweloomem Prelim Building Materials Sales Tax Rebate on residential projects containing 20% or more workforce housing units_ 100% 100% Cash Reba. on projects generating Se million in capital investment outlays and Nan QTI• jobs -52001 Non QTI• jobs -$2000 at least 5 new full -lime jobs. QTI• jobs - $5.000 QTI' jobs - $5.000 Tax abatements and cash outlays for elean-ap expunas lea up to S2 million Sole of Tax Abatements to a Third Party ,va up to 52 minion Limits on lender liability for clean -up requirements tva Yes Limits on liabiliy for clearvup on adjacentpmpenias a Yes Limits Federal enforcement intervention. nra Yes PROVIDERS E Federal Government,2009- American Recovery and Reinvestment Act (ARRA) Build America Bonds ( "BABs "): a new type of federally subsidized taxable debt for state & local governments. Recovery Zone Bonds: the Act creates two categories of bonds to spur economic development in specially designated "recovery zones". la I PROVIDERS Federal Government Build America Bonds: Two general types of Build America Bonds: — Issuer Subsidy (direct payment to issuer of 35% of the interest on the bonds) — Investor Subsidy (tax credit to bondholder equal to 35% of the interest on the bonds) to PROVIDERS E Federal Government Recovery Zone Bonds: Two categories of bonds to spur economic development in specially designated "recovery zones'. c Recovery Zone Economic Development Bonds — newly created hybrid, taxable, tax credit bonds in which issuer receives a subsidy equal to 45% of the total interest on the bonds I. Recovery Zone Facility Bonds — new category of tax - exempt, private activity, exempt facility bonds to finance capital l projects to be used in certain permitted business activities PROVIDERS Federal Government Seminole County has received an allocation from the federal government to utilize each type of Bond • 1 PROVIDERS 4 ;► State of Florida, Office Trade Tourism and Economic Development (OTTED) Qualified Target Industry Tax refund program (QTI) Quick Response Training program (QRT) Incumbent Worker Training Fund (IWT) Economic Development Transportation Fund (EDTF) ()rigid° Aviation Industry Tax Exemptions ECONOMIC DEVELOPMENT Capital Investment Tax Credit c .,,..,0, High Impact Performance Grant program (HIPI) and Streamlined O Expedited Permitting a d St d e e P Permitting feiaprlu Hen* PROVIDERS Seminole County Government, Jobs Growth Incentive program (JGI) Target Industries Salary Thresholds Performance Based Requires Performance Agreement Requires Surety instrument (Clawback) County incentives can be combined with other State and local incentives OSIL SEMINOLE CO 7T' PROVIDERS E Seminole County Government, Community Redevelopment Areas US 17 - CRA Portion in Winter Springs Along US 17 -92, near SR 434 intersection and near 5- Points Soccer Complex Mini -Grant (Facade Grant, $5,000) Site and Facility location assistance SEED (Brownfield Incentives) Development Partnership Public Improvements /Streetscape TIF $ for potential rebate use e PROVIDERS � City of Winter Springs (Currently provides) / SEED Areas 3 SEED (Brownfield Areas) / -7 Reduced Permitting & Review Fees 30% reduction in Permitting and Development Review Fees Expedited permitting Rapid — response permitting and development review for special projects _ Regulatory Incentives Increased FAR in Greeneway Interchange District 1.0 FAR up to 2.0 FAR Increased Dwelling Unit Density in Town Center Area Up to 36 DU per acre ,pt.tertp Increased FAR and DU in Mixed Used area o m r. 1.0 FAR and up to 12 DU per acre "2oa�oA' [ INCENTIVE PROGRAM RECOMMENDATIONS Recommendations Winter Springs Jobs Growth Incentive PI/ Program 666 Performance -based cash incentive program CRA Based Tax Increment Fund Rebates Micro -Loan program Additional Regulatory Incentives Additional review fees and application fees reductions Additional development incentives for targeted areas it 1 Recommendations E Winter Springs Jobs Growth Incentive Program Performance -based cash incentive program for target industries • Claw -back mechanism Stackable with other State and County incentives �INTEg City Commission final approval Z cl Recommendations CRA Based (US 17 -92 CRA) Tax Increment Fund Rebates Project receives partial refund of property tax Performance -Based Micro -Loan program I In discussion w /partner banks and Seminole County Up to $40K loans for CRA based projects a � *�E+� Applicable to entire US 17 -92 CRA 4. i U P 'COR19r Next Steps Winter Springs Jobs Growth Incentive Program Commission direction to proceed Review legal agreements by City Attorney o Identification of potential funding sources o Presentation to City Commission City Commission final approval Ordinance Adoption (2 Public Meetings) cf 9 0 tis Z.ORIPP • Next Steps CRA Based (US 17 -92 CRA) Tax Increment Fund Rebates Commission direction to proceed Coordination w/ US 17 -92 CRA Director Presentation to CRA 9/16/10 Micro -Loan program Commission direction to proceed Coordinate w /partner banks and Seminole County �40,-E."6., Presentation to CRA 9/16/10 i um 'town II I It � Winter Springs Economic his -� Development , It' INCE $ ` ;: ri i '4 ' V Winter Springs CIty.Commission ti 47 ,' 3 Meeting ri June 14, 2010