Title
Economic Development: CH2M Hill (B)
Explanation
The CRA has two (2) economic development incentive programs created in April of 2008 to encourage private investment in our redevelopment districts. The purpose of both economic development incentive programs is to help reduce costs associated with physically relocating and/or creating jobs for eligible companies in the redevelopment areas. These programs directly address the CRA’s mission of alleviating blight and economic distress. In August of 2016, both programs were revised to be more inclusive by allowing a broader range of companies eligible for economic investment incentives. The relocation of companies and their employees into the redevelopment area helps to lower vacancy rates, increase employment levels, raise the tax base, diversify economic opportunities and promote redevelopment goals. The encouragement of private enterprise helps the redevelopment areas become self- sustaining in the long term and serves to implement the redevelopment plan objectives for each redevelopment area.
Company relocation expenses are often cited as a barrier for companies that desire to relocate, especially companies that have specialized technical equipment. The Company Relocation Incentive Program offers companies a 50% reimbursement match on eligible business relocation costs, up to a maximum award of $125,000. The Job Creation Program incentivizes the creation and maintenance of full-time employment within the Gainesville CRA Districts by offering a reimbursement grant payment for companies that create or relocate a minimum of 5 full-time jobs within a redevelopment area. The grant is paid out via a reimbursement over a 2-year period after the employees have been hired and/or relocated.
Staff received two (2) economic development incentive applications from CH2M Hill associated with their plans to relocate their business to within the CPUH redevelopment area. After reviewing the application, Staff h...
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