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Enterprise Zone geographic area, assesses which incentive may be continued, and provides a <br /> proposed resolution for its continuance. <br /> ANALYSIS <br /> The County currently has two economic incentive programs that give special preference to <br /> businesses located or locating in the former Indian River County/City of Vero Beach Enterprise <br /> Zone. Those incentives are a 10%financial bonus for local jobs grant qualifying businesses and an <br /> Economic Ad Valorem Tax Exemption program that provides reduced qualification criteria. <br /> Local Jobs Grant Program <br /> With respect to the local jobs grant program, authority for the program is derived from the general <br /> authority of the county as established in Florida Statutes. Through the local jobs grant program, <br /> targeted industries county-wide have the opportunity to obtain financial incentives for providing new <br /> jobs anywhere within the county.As structured,the county's jobs grant program provides payments <br /> based on a target industry business providing and maintaining eligible jobs over the course of 3 years <br /> by phase. While the program is open to targeted industries locating/located anywhere within the <br /> county,the county has provided a 10%bonus for those targeted industries located/locating within the <br /> Enterprise Zone (see attachment#1). <br /> Since implementing the Enterprise Zone local jobs grant bonus in 2006, the county has approved <br /> eighteen local jobs grants for companies county-wide. Of those 18 companies, 10 have created new <br /> jobs and received job grant payments. Two of the eighteen companies,Girard Equipment and PCP <br /> Ammunition, are located within the Enterprise Zone. To date, neither company has provided job <br /> reports to the county in order to obtain grant money but the agreements and grant offerings,however, <br /> are still valid and may be used by the companies in the future. Both local jobs grant agreements <br /> provide the 10% Enterprise Zone bonus for each new job created. Based on those agreements, the <br /> maximum potential payment for PCP Ammunition is$294,800($268,000 base+$26,800 Enterprise <br /> Zone bonus)and the maximum potential payment for Girard Equipment is$77,000($70,000 base+ <br /> $7,000 Enterprise Zone bonus). <br /> Now that the Enterprise Zone has been sunsetted,the decisions for the Board to consider are whether <br /> or not to continue to honor the 10%Enterprise Zone jobs grant bonus for the two existing jobs grant <br /> agreements, and whether or not to continue the 10% Enterprise Zone jobs grant bonus for future <br /> applicants expanding within or locating to the geographic area of the old Enterprise Zone. Based on <br /> local jobs grant agreement approval history,maintaining the Enterprise Zone local jobs grant bonus <br /> will have a minor impact on the overall jobs grant program. <br /> The 2014 Gifford Neighborhood Plan contains several action items that promote economic <br /> development in the Gifford area. Those actions include promotion of development on City of Vero <br /> Beach Airport property as well as support for and continuation of Enterprise Zone incentives in the <br /> Gifford area. Therefore, continuation of the jobs grant incentive bonus within the Enterprise Zone <br /> area is consistent with the Gifford Neighborhood Plan (see attachment#2). <br /> 3 <br /> 222 <br />