Fort Walton Beach Council agenda — 08-14-06 ‎(budget)‎ — reading text

this growing labor force year. The EDC contributed to the employment of This includes 474 jobs the creation of 1, 851 new jobs. by facilitating The investors into our local economy. generated by first time business 0 ( NSA) , one of rate is 2. 30/ the State' s current Okaloosa unemployment and . 50/0 lower then the lowest maintained rates consistently one year ago. unemployment rate in Okaloosa County 3 EDC Program Report Fiscal Year 2006  EDC, created as a whole, the The companies assisted by the and in the entire Northwest Florida highest average wage in the county of which are defense Region. These technologically based firms, many of over $ 21.00 per hour, an contractors, paid an average base wage base wage by 1750/0. amount that exceeds the Okaloosa County EDC Coordinated Business Assistance Programs for coordinating the state business The EDC is responsible Florida, Inc., the State' s incentive programs through Enterprise and the Governor' s Office legislatively designated marketing organization, OITED). of Tourism, Trade, and Economic Development ( Fund Grant tEDTFl Economic Develooment Transportation of transportation The EDTF provides for the construction or improvement traffic signals. The local infrastructures such as roads, taxiways or of the EDC, applies on behalf of a government body, with the assistance an expansion or location of facilities and company that is considering that has an existing or anticipated transportation problem. successful counties in Note: Okaloosa County has been one of the most In the past few years, Florida to benefit from the EDTF Grant Program. EDC, have local companies, on behalf of Okaloosa County and the received over $ 12, 000, 000 in EDTF grants. Quick Response TraiDin, Program tailored to meet a company' s Provides rapid, effective start- up training Grant per trainee is specifictraining needs. The average Quick Response 650. eDC Program Report 4 Fiscal Year 2006 Incumbent Worker Grant Trainin<< Local Provides funding to upgrade the skills for existing employees. that benefited from this training program qualifying companies have who are already familiar allows them to increase the skills of employees needs. with the company' s products, services and growing Florida Defense Infrastructure Grant as a duel benefit program Program offers defense infrastructure grants for communities with military installations. Recipient: Okaloosa County and its municipalities supporting: o Eglin Air Force Base o Hurlburt Field Total Funding Awarded: $ 225, 000 Florida Defense Reinvestment Grant in communities with a Program is made available to EDC organizations on an as- need military presence. Funding for this program is awarded basis and is awarded for specific usage where the organization can illustrate a direct intent to support the mission and programs of the local military installations. Recipient: The Economic Development Council of Okaloosa County, Florida supporting: o Eglin Air Force Base o Hurlburt Field o Duke Field Total Funding Awarded: $ 101, 000 EDC Program Report 5 Fiscal Year 2006  Zone Redesianation The Crestview I Okaloosa County Enterprise for and received a This year the Economic Development Council applied County Enterpise Zone. redesignation of its Crestview jOkaloosa located in and around The Okaloosa County has one zone Crestview jOkaloosa Industrial Airpark. Targeted Industry sectors such investment as the aviationjaerospace industry can qualify for financial area. Tax savings are opportunities if they are located in this designated rehabilitate real offered to businesses that employ zone residents, Tax investments are also property or purchase business equipment. Income Tax available to businesses that pay either the Florida Corporate or the Florida Sales and Use Tax. The Enterprise Zone is in effect until December 31, 2015. Economic Development State LeJdslative Business Incentives the Florida The following list of business incentives was approved by of Florida in the 2006 Legislature and Governor Jeb Bush for the State Legislative Session. Transportation Trust Fund: Economic Development 15, 250, 000 ($ 5, 250, 000 allocated for specific projects) Base Protection and Defense Reinvestment: Military 4, 400, 000 Machinery and Equipment Tax Exemption: Eliminates: The $ 50, 000 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, by or space flight businesses. EDC Program Report 6 Fiscal Year 2006 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. EDC Program Report 7 Fiscal Year 2006  INITIATIVE DEFENSE SUPPORT DSI - Mission Statement resulting the positive economic effects To promote and maintain while enhancing in Okaloosa Caunty from the military presence with civilian communities. the cohabitation relationship Vision Statement and all military organizations ensure the survival and accommodate the growth of To into and AFB Complex in order for it to develop commands which reside on the Eglin air center of excellence for and a high technology remain a joint warfighter complex and training, E, OT E, & special operations, joint readiness armament, munitions, RDT & and initial acquisition. EDC for Okaloosa's economy the With the military presence being the # 1 contributor order to Initiative Committee in maintains a leading edge through the Defense Support Defense in Okaloosa of the Department of ensure the retention and continual growth County.