Title
Enterprise Zone Program Re-Designation (B)
Explanation
The City of Gainesville, pursuant to the amended Florida Enterprise Zone Act of 1982, and in accordance with Chapter 290, F.S., adopted an Enterprise Zone in February, 1995. The Enterprise Zone consisted of three geographic areas covering approximately 10 square miles. The intent of establishing the Enterprise Zone, as indicated in the adopting Resolution, was to provide both state and local incentives in order to induce private investment in these identified economically distressed areas.
In addition to the adopting Resolution instituting the Enterprise Zone, several steps were taken to implement its intent. These included: 1) adoption of a Strategic Plan, outlining the specific objectives of the Program; 2) establishing, by Ordinance, a Gainesville Enterprise Zone Development Agency (GEZDA), responsible for carrying out and overseeing activities associated with the Enterprise Zone Program; and 3) establishment, by Ordinance, of several local incentives, pursuant to Chapter 290, F.S., available to businesses located in the Enterprise Zone including a 50% reduction in building permit and development fees, a 50% reduction in occupational license tax and a 50% reduction in the municipal tax on electric energy.
In addition to locally offered incentives, the Florida Department of Revenue administers a menu of State incentives that include: 1) State Sales Tax Refunds on Building Materials and Business Equipment; 2) State Sales Tax or Corporate Income Tax Credits for Job Creation; 3) Corporate Income Tax Credit, based upon ad valorem taxes paid; 4) State Sales Tax Exemption for Electrical Energy; and 5) the Community Contribution Tax Credit Program.
The Florida Legislature recently reviewed the Florida Enterprise Zone Program in the 2005 Legislative Session to determine whether the Program should be reinstated. This is due to the fact that per Chapter 290, F.S., the Program was due to su...
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