|
Economic Incentive Programs
Broward County Direct Cash/Job Creation Incentive Program
Economic Impact Incentive Program
State and Federal Local Match Program
Employment Diversity Training Grant
Public Facilities Improvement Program
Targeted Industries
Broward County participates in economic incentive programs whereby businesses considering relocation to or expansion within the County may receive financial benefits directly related to job creation and positive economic impact on the community. To support the pro-business climate, Broward County offers the following economic incentive programs:
- Broward County Direct Cash/ Job Creation Incentive Program
- Economic Impact Incentive Program
- State and Federal Local Match Program
- Employment Diversity Training Grant Program
- Public Facilities Improvements Program
In determining whether to provide economic development incentives, an analysis shall be made as to whether the tax revenue generated to Broward County Government from the new or expanded business will cover the amount of any actual incentive award granted to an applicant within a period not to exceed six (6) years from the date of such award, and that the County will receive a net positive return on its investment at least 50%. Any tax revenue/incentive payment analysis conducted by the County shall consider sales, personal property, and ad valorem taxes generated by the applicant.
Broward County Direct Cash/Job Creation Incentive Program
Broward County Direct Cash/ Job Creation Incentive Program and the State and Federal Match Program both provide incentives for companies creating a minimum range of 25-100 jobs. The cash incentives shall not exceed more than two thousand dollars ($2,000) for each full time, permanent job created, up to a maximum total award of two hundred thousand dollars ($200,000). Authorized Direct Cash incentives may be combined with local match funds. Cash incentives may be granted to qualified companies that pay one hundred fifteen percent (115%) of the average annual wage and meet the required job creation threshold.
The County will negotiate with local municipalities a share of any local participation for jobs created within a municipality. The County's share, if any, shall be negotiated with the municipality after an analysis of tax revenue receipts projected over a period not to exceed six (6) years and the return on investment for the County in comparison to that of the municipality.
Economic Impact Incentive Program
Broward County may award cash incentives to companies relocating to or expanding their existing business within the County based on the economic impact that a company will have on the economy. Incentives will be awarded based on a number of factors:
- High wage permanent jobs retained in the County
- Tax revenues generated by the business activity
- Multiplier effect of the business activity on the local economy
- Company is a basic and local target industry
State and Federal Local Match Program
The Florida Qualified Target Industry Tax Refund Program is a state program available for companies creating a minimum requisite number of jobs and meeting criteria set forth in Section 288.106 Florida Statues.
Broward County may provide local matching funds as a portion of an overall job creation incentive offer to companies considering relocating to or expanding their existing businesses within Broward County . The total local match commitment provided by the County for state or federal job creation programs is put together with other awards provided through the Job Growth/Economic Development Incentives Program. Companies eligible for County participation must meet the applicable state or federal agency criteria. Listed below are several criteria:
- Jobs created must be target industry businesses. Manufacturing, Warehouse and Distribution, Motion picture production, Administrative/Operations Offices, Information Technology, Biomedical Research and Development, Pharmaceuticals, Surgical and Medical Instruments, Computing Equipment, Electronics, Book and periodical Publishing, Corporate or Regional Headquarters and Other Non-Retail Operations, or target industries identified under the State of Florida Qualified Target Industry Tax Refund Program
- Company must meet the minimum number of jobs to be hired within a 12 month period.
- Company must retain new hire positions for a minimum of a 12 month period.
- Broward County may pay 100% of any state or federal job creation proportional match requirement for jobs created in the unincorporated areas of Broward County . The County may negotiate with the municipality within Broward County a share of any local match requirement for jobs created within the municipality. However, Broward County shall not be obligated to participate in any local match for jobs created within the municipality.
Employment Diversity Training Grant
Broward County may consider offering training assistance grants to companies relocating to or expanding within Broward County after all available education and training resources have been exhausted and a demonstrated need for additional training is provided by the company. The County's training assistance grant will be on a one-time grant award payable to the company after one (1) year and after satisfying the County's audit/review of training records. The company may claim the reimbursement for training assistance for only those individuals hired who meet the job creation program requirements.
The total amount of training assistance funding under this program is $500 per employee hired, not to exceed a total of $50,000. Local municipalities may match this amount if desired.
Public Facilities Improvement Program
Facilities located within municipalities may be improved if the County is responsible for maintaining them. The County will not offer to make improvements to municipal-owned facilities or private properties, but may consider making direct improvements to public facilities including roads, traffic signals, greenways, lighting, and water and sewer systems.
Targeted Industries
Warehouse and Distribution;
Motion picture production;
Administrative/Operations Offices;
Information Technology;
Biomedical Research and Development;
Pharmaceuticals;
Surgical and Medical Instruments;
Computing Equipment;
Electronics;
Book and periodical Publishing;
Corporate or Regional Headquarters; and
Other Non-Retail Operations, or target industries identified under the State of Florida Qualified Target Industry Tax Refund Program
|
