Fort Walton Beach Council agenda — 08-08-2007 special agenda - budget — reading text

labor force in Okaloosa County is estimated to be 100, 322 of which 97, 944 were employed, giving the county an unemployment rate of 2.4 percent. In this same time period Florida' s unemployment rate averaged 3. 2% while the U. S. averaged 4. 3%. Okaloosa County' s population grew 22. 2% between 1996- 2006. Job Creation Last year at this time Okaloosa County' s work force was estimated to be approximately 99, 502 workers. Our labor force growth has increased by approximately 820 workers. These EDC Program Report 3 Fiscal Year 2007  For The Economic figures indicate a slow- down in the growth of our local labor force. Development Council, attracting and retaining talented workers has become a high priority objective. The challenges associated with maintaining a diversified, well trained and educated labor force is not unique to Okaloosa County. They are the same challenges and concerns of literally every community in the country. 4\< iiIi The EDC will address these challenges and will continue its efforts with public and private stockholders to address these issues: Expand workforce, education and business collaboration. Build more interest among high schools and students in skilled- trade apprenticeships. Increase the opportunities for workers to find attainable housing in close proximity to their workplace. Further engage young professionals in the community EDC Coordinated Business Assistance Programs The EDC is responsible for coordinating the state business incentive programs for Okaloosa County through the State' s legislatively designated marketing organization, Enterprise Florida, Inc., and the Governor' s Office of Tourism, Trade, and Economic Development 1"' Mt OTTED). Economic Develoument Transuortation Fund Grant (EDTF) The EDTF provides for the construction or improvement of transportation infrastructures 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. Note: Okaloosa County has been one of the most successful counties in Florida to benefit from the EDTF Grant Program. In the past few years, local companies, on behalf of Okaloosa County and the EDC, have received over $ 12, 000, 000 in EDTF grants. EDC Program Report 4 Fiscal Year 2007  Ouick Resuonse Trainine:Proe:ram Provides rapid, effective start- up training tailored to meet a company' s specific training needs. The average Quick Response Grant per trainee is $ 650. Incumbent Worker Trainine: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 Defense Infrastructure Grant The state offers defense infrastructure grants as a duel benefit program for communities which house military installations. Recipient: Okaloosa County and its municipalities supporting: Eglin Air Force Base Hurlburt Field 4 2007 Total Funding Awarded: $ 350, 000 Florida Defense Reinvestment Grant This program is made available to EDC organizations m communities with a military presence. Funding for this program is awarded on an as- need basis and is awarded for specific usage where the organization can illustrate a direct intent to support the mission and oW' programs of the local military installations. Recipient: The Economic Development Council ofOkaloosa County, FL supporting: Eglin Air Force Base Hurlburt Field Duke Field 2007 Total Funding Awarded: $ 159, 000 EDC Program Report 5 Fiscal Year 2007 Vit/f The Okaloosa- Crestview Enterprise Zone Redesignation Last year the Economic Development Council applied for and received a redesignation of its Okaloosa- Crestview Enterprise Zone. 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 within the zone boundaries. The intent is to help private businesses and provide jobs. The zone' s targeted industry sectors such as the aviation/aerospace industry can qualify for financial investment opportunities if they are located in this designated area. Tax savings are offered to businesses that employ zone residents, rehabilitate real property or purchase business equipment. Tax investments are also available to businesses that pay either the Florida Corporate Income Tax or the Florida Sales and Use Tax. The Okaloosa- Crestview Enterprise Zone is in effect until December 31, 2015. w4 u.._.. i f I dill EDC Program Report 7 Fiscal Year 2007 Economic Development State Legislative Business Incentives The following list of business incentives was approved by the Florida Legislature and Governor Charlie Crist for the State of Florida in the 2007 Legislative Session. Economic Development Transportation Trust Fund: $ 10, 000, 000 4, 500, 000 ( Defense Military Base Protection and Defense Reinvestment: $ Infrastructure-$ l ,500, 000 ;Defense Reinvestment -$1, 000, OOO; Military Base Protection-$ 2, 000, 000 and Equipment Tax Exemption Eliminates: The $ 50, 000 Machinery threshold in sales tax an existing manufacturer must pay before receiving an exemption. Research and Development Tax Exemption: Eliminates the sales and use tax of machinery used predominately for research and development activities, or by space flight businesses. Reauthorization of Economic Development Confidentiality Statute: Reauthorizes Florida Statute 288. 075, allowing for an exemption from public records requirements for certain information held by economic development agencIes. Additional Lee:islative Toolkit Auurouriations 2, 975, 000 High Impact Performance Incentive 45, 000, 000 Quick Action Closing Innovative Incentive 250, 000, 000 International Grants 1, 900, 000 Centers of Excellence 100, 000, 000 17, 781, 250 Qualified Target industries Qualified Defense Contractors 118, 750 EDC Program Report 8 Fiscal Year 2007  AFFORDABLE WORKFORCE HOUSING Mission Statement The mission of the workforce housing committee is to locate, analyze and communicate solutions and programs for affordable worliforce housing; maintain Housing Solutions + county- wide collaboration in order to identifY the current Essential Workers = E I ntiBI Workforce Ho. and future worliforce housing needs; provide communication as one- voice throughout Okaloosa and its sister counties; and focus on strategies to accommodate the incoming military growth. In the Spring of 2006, the EDC initiated the workforce housing initiative with an all- day Workforce Housing Symposium in collaboration with the Santa Rosa and Walton Counties' EDCs, and the Chambers of Commerce of all three Counties. The main focal point of the symposium was the availability of median income families being able to afford median priced homes. The issue was not that the income level was too low, but that the housing cost was too high and availability was too low. A shared problem from employers is that they are not able to recruit new employees into the area because they can not find comparable homes for their families. A county- wide EDC lead workforce housing committee was formed from this initiative. In the Fall of 2006, the EDC merged their Workforce Housing Initiative Committee with the County' s Eglin Installation Growth Committee on housing in order to pull resources and not create duplication of effort. Eglin AFB reports being able to accommodate 20% of the 7, 000+ military personnel moving to the area as a result of the BRAC realignments. The other 80% will need to live in the civilian communities; our cities and towns. What is affordable workforce housing? For the purpose of this committee the definition of affordable workforce housing IS as follows: EDC Program Report 9 Fiscal Year 2007  Affordable workforce housing targets families making between 80% and 120% of median income with a commute of less than 15 miles with payments of 30- 35% for 4IiII rent or a PITI of$ 1, 000-$ 1, 500 monthly. Key employees, or our essential workforce, are median income families or below including teachers, nurses, law enforcement workers, emergency services providers, medical These individuals work in the technologists and hospitality industry employees. jobs/ services that are essential to keep our economy and our country growing.