ON-POINT DEFENSE TECHNOLOGIES EXPANDS IN FORT WALTON BEACHExpansion will create 29 jobs and a capital investment of more than $1.2 million in Okaloosa County
Okaloosa County, Fla. – To...
EDC Facilitates Record-Breaking Community Redevelopment Seminar Held in Crestview
A Community Redevelopment Agency (CRA) workshop held in the City of Crestview drew a record number of registra...
The Economic Development Council along with Okaloosa County and the State of Florida are committed to providing business assistance programs that will make it easier for companies to expand and develop within our county. The EDC is the conduit for these incentives between the local and state government and our community businesses.
Due to Okaloosa's prestige business climate, high quality of life, and positive economic factors it sells itself, the Fort Walton Beach/Crestview/Destin Metropolitan Statistical Area (MSA), aka Okaloosa County, has been ranked in the top-ten repetitively by national business and family publications. The EDC is responsible for coordinating the state business incentive programs through Enterprise Florida, Inc., the State’s legislatively designated economic development organization, and the Governor’s Department of Economic Opportunity (DEO).
The following set of tools are available to assist your company:
The Fort Walton Beach Commerce & Technology Park
and portions of Hollywood Blvd
in Fort Walton Beach has been designated as Brownfield Sites. The area may be challenged with expansion or redevelopment due to actual or perceived environmental contamination. This designation assists companies with redevelopment and job creation
in the designated area. Brownfield redevelopment projects create new jobs and tax revenues, improve the environment, revitalize neighborhoods, increase property values, eliminate environmental inequities, and enhance the overall quality of life.
An Enterprise Zone is a specified geographic area
targeted for economic revitalization. Enterprise zones encourage economic growth and investment in distressed areas by offering tax advantages and incentives to businesses locating or expanding within the zone boundaries while also providing jobs. The Okaloosa-Crestview Enterprise Zone
is approximately 4.63 square miles located in the northern section of Okaloosa County along portions of Highway 85, partially in the City of Crestview, partially in unincorporated Okaloosa County.
Ad Valorem Tax Exemption
As of March 2014, this county administered incentive which provides a case-by-case tax exemption for real and/or tangible personal property improvements has sunseted. This local option tax incentive will be presented to the voters on the August 2014 ballot. This incentive is reserved for new or expanding businesses. Up to 100% of the assessed value for all improvements to real property made by or for use of a new business may be exempted. An exemption of the assessed value of all added up improvements to real property and the net increase of tangible personal property is also allowed for expanding businesses. The business applying must pay higher than the average wage and hire at least 25 additional employees as a result of the improvements. If a company manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant, the minimum job creation is 10 additional employees.
Economic Development Transportation Fund
The EDTF is available to local governments in need of financial assistance for transportation projects such as roads, taxiways or traffic signals. The local government body, with the assistance of the EDC, applies on behalf of a company that is considering an expansion or location of facilities and that has an existing or anticipated transportation problem. An EDTF award must be an inducement to the company to locate, remain and/or expand in the local government's jurisdiction and can provide up to $7,000 per job created or retained to a specific project.
Note: Okaloosa County has been one of the most successful counties in Florida to benefit from the EDTF Grant Program. In the last 13 years, local companies, on behalf of Okaloosa County and the EDC, have received over $12,000,000 in EDTF grants.
Industry Recruitment, Retention and Expansion Fund Grant Program
A Grant Program of the Governor and the Legislature of the State of Florida, administered by the University of West Florida's Office of Economic Development & Engagement, to aid the Disproportionally Affected Counties of Northwest Florida in their Economic Recovery from the Deepwater Horizon Oil Spill of 2010. The intent of this grant program is to solicit candidate projects for consideration for funding. This program will sunset June 30, 2014 or when all funds are exhausted, whichever occurs first.
IRREF Frequently Asked Questions
IRREF RFP/Application 2013-2014
The Florida Export Finance Corporation makes available pre-and post-shipment capital to small-and -medium-sized Okaloosa County exporters.
Florida Capital Access Plus Program (CAP+)
Cap+ makes financing available to manufacturers and technology-related R&D companies with fewer than 100 employees. The program allows a lender to make a loan which it otherwise might not make.
Industrial Revenue Bonds
IRB financing is available to assist manufacturers with property acquisition, construction, equipment and certain soft costs. The maximum for an IRB issue is $10 million.
Qualified Defense and Space Contractor Tax Refund Program (QDSC)
The Qualified Defense and Space Contractor Tax Refund Program provides for a tax refund of up to $5,000 per job created or saved in Okaloosa County through the conversion of defense jobs to civilian production, the acquisition of a new defense contract, or the consolidation of a defense contract.
Qualified Target Industry Tax Refund Program (QTI)
The Qualified Target Industry Tax Refund Program is an economic development tool designed to create high value-added jobs and encourage the growth of corporate headquarters and other targeted high value industries. It is designed to encourage the expansion of existing businesses or the location of new-to-Okaloosa County businesses. The program provides tax refunds on corporate income, sales, ad valorem intangible personal property, insurance premium and certain other taxes. Pre-approved applicants may receive up to $8,000 per new job created.
Average Wage Requirements for Incentives 2014
Research and Development Sales Tax Exemptions
The State of Florida offers a sales tax exemption on the labor component of research and development expenditures. The Florida Development Finance Corporation, FDFC, focuses on providing access to long-term, fixed-rate debt. The FDFC acts as a special development finance authority working in conjunction with public agencies and local governments through inter-local agreements. It is a partnership of the commercial banking industry and the State of Florida.
Machinery and Equipment Sales Tax Exemptions
Florida allows the purchase of certain manufacturing machinery and equipment (MME) to qualify for an exemption from pay the state sales/use tax. This incentive is available for new or existing manufacturers. For new manufacturers, the machinery and equipment must have been purchased, or a purchase agreement made, prior to the date the business first begins to produce For existing Florida manufacturers wanting to expand, the purchases of machinery and equipment must increase production by at least 5%. *Beginning April 30, 2014, there will be no "productive output" requirement. (See below)
Sales and Use Tax Exemption or Industrial Machinery and Equipment
The state-wide Sales and Use Tax Exemption for Purchases of Industrial Machinery and Equipment is scheduled to start April 30, 2014 and will expire on April 30, 2017. This is a successful initiative that Governor Rick Scott took on to eliminate the current sales tax on manufacturing machinery and equipment which allows Florida’s existing manufacturers to take advantage of reduced costs to expand and make additional capital investments. This exemption is available for purchases of industrial machinery and equipment used at fixed location in Florida by an eligible manufacturing business that will manufacture, process, compound, or produce for sale items of tangible personal property. The exemption also includes parts and accessories for the industrial machinery and equipment if they are purchased before the date the machinery and equipment are placed in service. To learn whether or not your company qualifies for the exemption, please contact the EDC or visit http://dor.myflorida.com/dor/tips/tip13a01-06.html
Small Business Administration Loans
The Small Business Administration's traditional 504 and 7(a) programs are available for new and expanding businesses.
Enterprise Bonds for industry is a private corporation that provides tax-exempt financing for small manufacturers. Financing may be used for the purchase of land, buildings and capital equipment. Loans of $500,000 to $2.5 million are available.
Quick Response Training
The Quick Response Training Program is a customer-driven training program designed as an inducement to secure new value-added businesses as well as provide existing businesses the necessary training programs for expansion. Provides rapid, effective start-up training tailored to meet a company’s specific training needs. Eligible projects are new or expanding existing businesses that produce exportable goods or services, create new jobs and employ workers who require customized entry-level skills training. The program is administered through the local Workforce Development Board.
Incumbent Worker Training Grant
Provides funding to upgrade the skills for existing employees. Local qualifying companies have benefited from this training program that allows them to increase the skills of employees who are already familiar with the company's products, services and growing needs.
Florida Jobs and Benefits Partnerships
At no cost, this state employment agency will recruit, screen, test and refer applicants for hiring consideration.
To make it easier for companies to do business, Okaloosa County and the State of Florida have simplified and streamlined permitting. Through the Expedited Permit Review Process, companies that will make a significant economic impact can obtain expedited review of all needed state and regional permit applications and, at the option of the local government, local development permits or orders and comprehensive plan amendments.
TeCMEN Incumbent Worker Training
To support and promote the expansion of STEM industries and maintaining a technologically skilled workforce the EDC created an Incumbent Worker Training Program through its TeCMEN
organization. The EDC partnered with the Workforce development Board and University of West Florida to target training in the industries of Aviation, Aerospace, Defense and National Security; Health Sciences and Human Performance Enhancement; Renewable Energy and the Environment; Transportation, Logistics Services and International Trade; Information Technology; and Research and Engineering.
The State of Florida's private/public partnership, Enterprise Florida Inc., and its Workforce Development Board, coordinates and evaluates job training, adult education, vocational education, employment placement and other workforce programs administered by multiple state and local agencies. The Economic Development Council is a member of the local Workforce Board and helps coordinate these services between the state and local agencies and the companies receiving these benefits.
Business Investment Programs
l Additional Incentives