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EDO Incentives Proposal. January 31, 2011. Why Incentives? . Help existing businesses expand Help attract targeted industries Increase Cape Coral's competitive edge Can be combined with Lee County incentives Help market Cape Coral as Business Friendly. Targeted Industries.

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Edo incentives proposal

EDO Incentives Proposal

January 31, 2011

Cape Coral Economic Development Office


Why incentives
Why Incentives?

  • Help existing businesses expand

  • Help attract targeted industries

  • Increase Cape Coral's competitive edge

  • Can be combined with Lee County incentives

  • Help market Cape Coral as Business Friendly

Cape Coral Economic Development Office


Targeted industries
Targeted Industries

  • Medical/Life Sciences

  • Manufacturing/Distribution

  • "Green" Industries

  • IT Industry/Data Processing

  • Finance and Insurance Services

Cape Coral Economic Development Office


Why this proposal
Why this Proposal?

  • Obtain Council's conceptual approval

  • Put forth formal changes in our ordinances and resolutions as necessary

  • Provide flexibility for attracting businesses

Cape Coral Economic Development Office


How incentive requests are processed
How Incentive Requests are Processed

  • Due diligence by staff

  • Targeted industry

  • Cost-benefit analysis - ROI identified

  • Draft a legal agreement

  • Legal review

  • Council approval

Cape Coral Economic Development Office


Existing edo incentives
Existing EDO Incentives

  • Job Creation Cash Incentive

  • Impact Fee Deferral for Job Creation

Cape Coral Economic Development Office


Existing job creation cash incentive created 1998
Existing Job Creation Cash Incentive(created 1998)

  • $750/job when business leases an existing building.

  • $1000/job when business purchases an existing building.

  • $1500/job when business constructs its own building.

  • Minimum # of jobs to be created - 10

  • Cape Coral Economic Development Office


    Existing impact fee deferral
    Existing: Impact Fee Deferral

    • Manufacturers

      • must create 10 or more new jobs

    • Professional or Trades

      • must create 25 or more new jobs

    • Commercial/Retail

      • must create 50 or more new jobs

    Cape Coral Economic Development Office


    Proposed increase job creation incentive
    Proposed: Increase Job Creation Incentive

    • High Wage: $2000/job

      • If wages are 115% of Lee County average wage for each occupation

    • Targeted Industry: $1500/job

      • If wages are 100% of Lee County average wage for each occupation

    • Decrease Minimum # of Jobs to 5

    Cape Coral Economic Development Office


    Customized Incentive Toolbox

    Cape Coral Economic Development Office


    Proposed waiver of all impact fees
    Proposed: Waiver of All Impact Fees

    • Waiver of all Impact Fees for 18 months

    • Must include Residential as well as Commercial buildings.

    Cape Coral Economic Development Office


    Proposed impact fee waiver for change of use
    Proposed: Impact Fee Waiver for Change of Use

    • Waive the Road Impact Fee that would be charged to a business with a higher use moving into an existing building.

      • Incentive to fill existing buildings

      • Encourages higher-use businesses such as medical

      • Already adopted by Collier County, City of Bonita Springs

    Cape Coral Economic Development Office


    Proposed tax increment economic development grant
    Proposed: Tax Increment Economic Development Grant

    • Agreement between the City and an incoming business whereby the City would rebate the City portion of ad valorum taxes paid by the business for an agreed upon period of time or up to a dollar amount.

    Cape Coral Economic Development Office


    Development site land cost write down
    Development Site Land Cost Write Down

    • An agreement between the City and a targeted industry to offer city-owned land at a negotiated rate below market.

    Cape Coral Economic Development Office


    Proposed: Waive or Defer impact fees or give transportation impact fee credits for a building used as a business incubator or virtual office

    • Business incubation is part of a regional strategy to promote business health.

    • Building must be 5000 sf or more.

    Cape Coral Economic Development Office


    Questions
    Questions? impact fee credits for a building used as a business incubator or virtual office

    Cape Coral Economic Development Office


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