How has OEDSBD worked with new and existing businesses to build economic stability in Broward?
The Office of Economic and Small Business Development provides technical support in various forms to businesses and non-profit organizations. This technical support can be through internship/co-op programs between local universities and business needs, and assistance with grants and incentive information. New and existing businesses can inquire upon applications for bonds and other financial assistance programs that could help businesses grow resulting in job creation, as well as grant information to aid in the implementation or expansion of a new headquarters, district or business.
Among the tools and resources employed by OESBD to accomplish these objectives are:
Qualified Target Industry Tax Refund (QTI)
New and existing companies that create high wage jobs in targeted industries may be eligible for this incentive. The incentive includes refunds on corporate income, sales, ad valorem (property taxes), tangible & intangible personal property, insurance premium, and certain other taxes. Applicants who create jobs in these industries at 115% of the County's average annual wage could be eligible for incentive tax refunds of up to $6,000 per new job created.
Program Award Receipients
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CBeyond, Inc.
CBeyond, Inc. was approved for a QTI totaling $80,000 for fiscal years 2009 through 2014 based on the creation of the minimum jobs and capital investment for Broward County. OESBD has worked closely with the City of Miramar to negotiate the best QTI and Job Growth/Direct Cash incentives for CBeyond. The City of Miramar commits to providing total local support for the project in the amount of $80,000. CBeyond proposes to lease 20,000 square feet of office space, with a total capital investment of $14,549,646 and will create 100 new full-time jobs with an annual wage of $85,828. This exceeds the 115% of Broward County's average wage requirement for each new job created under the Qualified Target Industry Tax Refund Program.
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Aetna RX Home Delivery, LLC
Aetna RX Home Delivery, LLC was approved to participate in the QTI program in January 31, 2006 and became eligible to receive its tax refunds for the state fiscal years of 2007-2008 ($69,000.00), 2008-2009 ($94,500.00) and 2009-2010 in the amount of $94,500.00 all including local financial support. Aetna RX occupies 172,000 square feet of warehouse, distribution and office space, hiring 858 new employees during the next three fiscal years. Average wages to be paid by Aetna RX exceeds the 115% of Broward County's average wage requirement for each new job created under QTI.
Broward County Job Growth Incentive
Both new and existing businesses creating high skill/high wage jobs and serving multi-state or international markets may be eligible for this incentive. The incentive is a direct cash incentive paid to companies creating jobs in excess of the 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.
Program Award Receipients
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Home Diagnostic, Inc.
Home Diagnostic, Inc. (HDI) has been approved for a Job Creation/Direct Cash Incentive Grant in the amount of $135,000 for fiscal years 2008 through 2011, through the County's Job Growth/Economic Development Incentive Program, specifically subject to the condition that the City of Fort Lauderdale also commit to providing $135,000 in local financial support. HDI has committed to create or relocate to Broward County at least 135 new full-time jobs with an average salary equal to or greater than $42,629 per year and shall maintain each new job for a period of not less than 12 months.
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WTVJ Channel 6
WTVJ Channel 6 was approved for a Direct Cash Incentive/Job Growth Incentive in 1998 in the amount of $500,000. This incentive requires that the company expand its operations in Miramar, Broward County; satisfy the County's criteria of $26,000,000 in property, facilities and equipment investments; and pay all applicable State and Local taxes and fees. This project will transfer 245 employees from Miami-Dade County to a new headquarters and operations building in Miramar. The average wage of these employees is $65,000 for full-time employees and $45,000 for part-time employees. Enterprise Florida estimates the economic impact on the community within the first year, including indirect and direct jobs will create 395 employment opportunities.
High Impact Performance Incentive Grant
Both new and existing companies operating in a Florida Office of Trade, Tourism and Economic Development designated high-impact sector, creating at least 100 new full-time equivalent jobs (if a R&D facility, create at least 75 new full-time equivalent jobs) in Florida in a three-year period; and making an investment of at least $100 million (if a R&D facility, an investment of at least $75 million) in a three-year period may be eligible for this grant program. Upon approval by Florida Office of Trade, Tourism and Economic Development, the business would be awarded 50% of the eligible grant upon commencement of operations, with balance of the awarded grant when employment and capital investment goals are met.
Capital Investment Tax Credit
Both new and existing companies operating in the Florida Office of Trade, Tourism and Economic Development designated, high-impact sectors that create at least 100 new jobs at the 115% of the County's average annual wage, and invest at least $25 million in eligible capital costs may be eligible for this tax credit program.
The Office of Economic and Small Business Development's Retention and Expansion programs are also used to attract and recruit businesses.