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Local Government Economic Development Tools Creating Jobs and Growing Our Economy
- 1. Local Government Economic Development Tools Creating Jobs and Growing Our Economy Broward County Commissioner Chip LaMarca (District 4) House Community & Military Affairs Subcommittee January 11, 2012 11:30am – 2:00pm
- 8. Kaplan, Inc. Industry: Higher Education Jobs: 300 Incentive Amount: QTI (County Portion): $ 25,000 Direct Cash (County Portion): $ 75,000 Total County Portion: $100,000 Total QTI: $250,000 Total Direct Cash: $150,000 Total Incentive Awarded: $400,000 Investment: Construction/Renovations $ 3,010,000 Equipment $ 1,739,000 Total Investment (Phase III) $ 4,749,000 Source: Broward County Board of County Commissioners’ Agenda 9/1/2009.
- 9. CBeyond, Inc. Industry: Telecommunications Equipment and Service Jobs: 100 Incentive Amount: QTI (County Portion): $ 50,000 Total County Portion: $ 50,000 Total QTI: $500,000 T otal Incentive Awarded: $500,000 Investment: Construction/Renovations $ 1,145,000 Equipment $ 13,404,313 Total Investment $ 14,549,313 Source: Broward County Board of County Commissioners’ Agenda 10/23/2007.
- 10. S & B Industries Industry: Mobile Communications Device Development and Engineering Jobs: 150 Incentive Amount: QTI (County Portion): $ 75,000 Direct Cash (County Portion): $ 50,000 Total County Portion: $125,000 Total QTI: $750,000 Total Direct Cash: $100,000 Investment: Construction/Renovations $ 1,325,000 Equipment $ 15,975,000 Total Investment $ 17,300,000 Source: Broward County Board of County Commissioners’ Agenda 6/2/2009.
- 11. Nipro Diagnostics, Inc. (formerly Home Diagnostics) Industry: Medical Device Development/Manufacturing Jobs: 135 Incentive Amount: QTI (County Portion): $ 40,500 Direct Cash (County Portion): $135,000 Total County Portion: $175,500 Total QTI: $405,000 Total Direct Cash: $270,000 Total Incentive Awarded: $675,000 Investment: Construction/Renovations $ 2,200,000 Equipment $ 27,800,000 Total Investment $ 30,000,000 Source: Broward County Board of County Commissioners’ Agenda 12/12/2006.
- 12. Federated Precision, Inc. Industry: Aerospace Parts Manufacturing Jobs: 66 Incentive Amount: QTI (Broward County 10% Match) $33,000 QTI (City of Deerfield Beach 10% Match) $33,000 QTI (State of Florida – 80%) $264000 Total QTI $330,000 Investment: Equipment $13,875,000 Total Investment $13,875,000 Source: Broward County Board of County Commissioners’ Agenda 6/28/2011.
- 13. Local Government Economic Development and Financing Tools put people to… WORK!
Notas do Editor
- Good morning Chair Workman, Vice Chair Diaz, and Members of the Subcommittee. It is a pleasure to be on this distinguished panel with FAC President Smith, (include other panel members here). THANK YOU for inviting me to address you today to discuss the various tools available to local governments for economic development and redevelopment financing. Specifically, this presentation focuses on productive public-private partnerships and innovative ways our community is attracting, retaining and supporting industry.
- The Alliance is a powerful, public-private partnership designed to create, attract, expand and retain high-wage jobs and capital investment in high-value industries. The Alliance serves as Broward County’s contact for companies considering a relocation or expansion to Broward and markets Broward County as a premier business location to site consultants and company decision makers nationally and internationally. The Alliance works with the County’s Office of Economic and Small Business Development, and Broward County’s various municipalities.
- For the purposes of this report, a “value added” job is a full time equivalent position created in a targeted industry that is paying 115% of Broward County’s average wage; determined each year by Enterprise Florida/DEO with statistics developed by the Agency for Workforce Innovation. Note: The average annual wage in Broward County is $43,811 (as of 2009); 115% of the annual is $50,382.
- Local business tax receipts generate a significant source of funding that our county leverages in its various economic development efforts. The County’s Office of Economic and Small Business Development: Supports new business marketing, recruitment and expansion efforts to bring companies and high-paying jobs. Assists new start-up companies with technical assistance, industrial revenue and private activity bond financing, and export/import training for expansion into Broward County. Establishes valuable collaborative regional partnerships with the private sector. How is “economic development” defined? Economic Development is the coordinated and sustained effort of local policymakers, public service providers and community partners to improve the economic well-being of Broward County through activities which include increasing area competitiveness, creation and retention of value-added jobs, expansion of the tax base, and improvement of the standard of living for Broward County residents. How is it different than a ED Incentive? Economic Development Incentives differ from economic development in that they are tools utilized in the process of economic development. Incentives are monetary and non-monetary inducements and benefits offered on a discretionary basis to encourage economic development in Broward County. What constitutes “small business development”? Small Business Development is the coordinated effort to support the growth and sustainability of Broward County's small businesses through the administration of programs and services designed to increase contracting and vendor opportunities, facilitate new market expansion, assist in capital formation, and generally provide business services aimed at increasing small business competitiveness and capacity.
- If the local business tax is repealed, the state of Florida will lose $156 million, with Broward losing approximately $3 million, including the $1.7 million that will be lost to Broward’s cities. This is critically important to Broward County because we reinvest the LBT money into economic development programs to bring much needed jobs to the County. In these hard economic times, every penny of LBT revenue reinvested toward economic development creates a more prosperous environment for businesses to grow. As you can see, from 2007 to 2011, Broward County has reinvested over $5 million of LBT revenue to meet this goal.
- Members, effectively reinvesting LBT revenue creates results . From 2007 through 2011, Broward and it’s local partners have attracted 50 new companies to the County and served over 1,517 local companies with retention and expansion services. The ten (10) targeted industries in Broward County are: Advanced Materials and High-Tech Manufacturing Alternative Energy and Renewable Resources Aviation / Aerospace Global Business Services Global Media and Production Headquarters and Management Operations Human Resources and Higher Education International Trade and Logistics Life Sciences Marine Industries The 8,668 new targeted industry jobs means that high-wage companies like Federated Precision, Inc., an Aerospace parts manufacturing company, is able to negotiate for economic development incentives and receive County assistance with capital investment.
- Broward County’s Office of Economic and Small Business Development assists all companies, with a special focus on small- to mid-sized companies and provides the following assistance: Business outreach and marketing services of County-sponsored programs and services Assist in the development of top quality marketing materials, as well as relocation, expansion, retention and capital investment strategies. Business development and counseling services support small- to medium-sized targeted and non-targeted industry firms Assist with implementation of commercial campaigns to target customers by zip code, high household income as well as coordination with County agencies. Business finance and incentive programs include Import/Export Training and Assistance, Capital Formation Assistance, Industrial Redevelopment Bonds and Private Activity Bond Financing, County Job Growth/Economic Development Incentives Act as a single point of contact to assist with development of client relations, responsive project management services, and use and development of incentive programs. Regulatory and support functions include Small Business Certification, Project Goal-Setting, Program Compliance, Complaint Handling & Dispute Resolution Assist businesses with regulatory changes, legislative enhancements and other programs to help foster growth. In addition, the County is charged with providing research and program development that promotes and utilizes business intelligence and market research services to help companies in their decision making process.
- Local government economic development and financing tools WORK …. The following 5 slides show highlight success stories: Local and state government incentive programs, like QTI, enabled Broward to bring Kaplan, Inc ., a growing, private university to the region and created 300 new jobs. Kaplan made a $4.7 million capital investment after a $400,000 reinvestment by Broward County and the state. A $400,000 public incentive program brought $4.7 million in private investment to our community. A perfect example of how public-private partnerships WORK.
- Another successful pubic-private partnership is Cbeyond, Inc . which created some 100 jobs high-wage and over $14.5 million in capital investment after a $50,000 reinvestment by Broward County and $500,000 by the state . A 4% ( 3.7 actually ) public investment leveraged $14.5 million in private capital investment . The indirect economic benefit to the community is also significant.
- Next is S & B Industries , a mobile communications device development and engineering company, which brought 150 new jobs and over $17 million in capital investment to Broward County after the County reinvested $125,000 and $750,000 from the state to make this a reality. For a 4.9% public investment the state and County benefitted from $17.5 million in new capital investment.
- Nipro Diagnostics created 135 new jobs and $30 million in capital investment after the County and state reinvested $675,000. For a 2.25% public investment the state and County benefitted from $30 million in new capital investment.
- And finally, Federated Precision, Inc ., an Aerospace parts manufacturing company, decided, after state and Broward’s reinvestment of $330,000 to bring 66 jobs and $13.8 million in capital investment to the County. For a 2.37% public investment the state and County benefitted from $30 million in new capital investment .
- As you can see, local reinvestment of local business taxes and other public economic development tools have been invaluable to our regional growth and stabilization. Please reevaluate the pending legislation intended to repeal the local business tax in the state. As a conservative, I believe in smaller government and fiscal responsibility, but see first-had the value of appropriate, well-managed public reinvestment of taxes to leverage private investment that effectively grows our local and state economy. Mr. Chair and subcommittee members, THANK YOU for the opportunity to tout the ways Broward County is working with its municipalities, private enterprise and the state, to shore up this ailing economy. Specifically, LBT revenue is being invested in the most prudent and efficient manner to help our residents and businesses grow and prosper and make sure Floridians get to work . I look forward to taking questions at the end of the panel discussion and hope this information will be of value to this committee as it considers critical legislation that will impact local governments, business, residents and visitors to this great State. Thank you, again, for your time and attention.