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Business Relocation and Expansion

MIAMI-DADE COUNTY

Incentives Summary

The Beacon Council
Suite 2400 80 S.W. 8th Street
Miami, FL 33130
305-579-1300

TOP AREAS OF INCENTIVES & ASSISTANCE

  1. Targeted Jobs Incentive Fund

      STATE OF FLORIDA QUALIFIED TARGET INDUSTRY (QTI) TAX REFUND
  • Provides tax refunds per each new job created in target industries.
  • Wage Requirement is 115% of State Annual Wage or $36,590 unless located in an Enterprise Zone.
  • Refunds provided on state taxes including corporate income, sales, ad valorem and insurance premiums.
  • Awards amounts:
    • $3,000 standard ($6000 in EZ)
    • $1000 additional if 150% of average wage ($47,726)
    • $2000 additional if 200% of average wage ($63,634)
  • State provides 80% of the total and 20% is matched by Miami-Dade County.
  • Three year job creation.
  • Paid out over a minimum of four years.
  • Company must apply to Enterprise Florida prior to making location decision.  Any announcement prior to all approvals negates the process.
  • Business must be able to locate in other states.

EXAMPLE 1:

COMPANY: WORLD FUEL SERVICES 
Number of new jobs

50

Average Wage  $36,000 (115% of the State average wage in 2003) 
Capital Investment $4,250,000

INCENTIVE BREAKDOWN

Incentive award per job $3,000
Total Incentive $150,000
80% Payout by State  $120,000 
20% Payout by Miami-Dade County $30,000 

EXAMPLE 2:

COMPANY:    MIA SHOES

Number of new jobs

30

Average Wage

$117,142   (over 200% of the State average wage in 2003)

Capital Investment

$1,600,000

Incentive Breakdown

Incentive award per job

$5,000

Total Incentive

$150,000

80% Payout by State

$120,000

20% Payout by Miami-Dade County

$30,000

STATE OF FLORIDA QUICK RESPONSE TRAINING (QRT) GRANT
  • An inducement for job creation.
  • To provide quick, effective training.
  • Funding not eligible for: trainees' wages, on-going staff development, training programs for retail establishments or training programs offered in the local community.
  • Training is specially tailored and designed to meet the needs of Florida business and industry that create new, high-quality jobs.
  • Training grant program requires the creation of full time jobs at salary level of $36,590. Salary requirement may be waived in an Enterprise Zone location.Grant monies are provided for up to 18 months and average $500 - $600 per job.
  • Grant provided to a qualified local education entity chosen by the company.
  • Training can be conducted at company headquarters, or at education facility.
  • Instructors can be full or part-time educators or professional trainers chosen by the company.
  • Approval is within10 days after receipt of complete application by QRT Committee or the Jobs and Education Partnership.
  • $300,000 or more - QRT Committee
  • $1,000,000 or more - JEP

EXAMPLE 1:

COMPANY:    BOSTON SCIENTIFIC

Number of new jobs

120

Average Wage

$31,775

Capital Investment

$14,000,000

QRT Grant Breakdown

Incentive award per job

$836

Total Incentive

$100,320

 

EXAMPLE 2:

COMPANY:    IVAX CORPORATION

Number of new jobs

57

Average Wage

$55,000

Capital Investment

$4,500,000

QRT Grant Breakdown

Incentive award per job

$2,268

Total Incentive

$129,276

Top

Economic Development Transportation Fund (Road Fund)

  • The "Road Fund" was designed to alleviate transportation problem of locating or expanding businesses.
  • Up to $2,000,000 may be provided to a local government:
    200 or more jobs:  $1,000,000 -$2,000,000
    100 - 199 jobs:  $200,000 - $1,000,000
    99 jobs or less: Up to $199,000
  • No job requirement for request under $200,000.
  • Local government entity must apply and receive approval of funds PRIOR to final location decision.
  • Grant is paid to local government entity.
  • Only businesses in target industries serving multi-state and/or international markets are eligible. Business must be able to locate in other states.   

 

EXAMPLE:

COMPANY:    SYSCO FOOD SERVICES

Number of new jobs

120

Capital Investment

$52,000,000

New Square Feet

450,000

Transportation Impediment

Transportation Problem

No rail access to facility

Proposed Transportation Project

Construction of new lead track and rail switch

Transportation Project Cost

$540,000

Total Approved Road Fund

$540,000

Top

Enterprise Zone Benefits

  • Property Tax Abatement - Up to 100% can be abated for up to 5 years. Refund of Impact Fees - Includes road, police, fire, emergency service, water and sewer impact fees (within a municipality, the city must also authorize tax abatement).
  • Enterprise Zone Property Tax Credit - 96% credit against corporate income tax on any advalorem property taxes not abated by local government, for a period of up to 5 years.
  • Enterprise Zone Jobs Tax Credit - A State sales or corporate tax credit equal to 20% or 30% of wages paid to new Enterprise Zone residents.

   Empowerment Zone Designation

  • $130 million in tax exempt financing over 10 years.
  • Local, State and Federal matching funds available for business development activities.
  • Brownfields Tax Incentives:
    • Environmental Cleanup
    • Cost Reduction

Top

Permitting Assistance

  • Ordinance No. 99-140 provides for a timely review of building plans submitted for permitting (50 days).
  • Criteria o Commercial and Industrial projects creating 50 or more new jobs o Project must include a state or local incentive o Project capital investment must exceed $500,000
  • Coordinate meeting with Mayor's Office and Building Department divisions for a plans pre-submittal meeting.
  • Plans resubmitted after initial review are expedited for final review and issuance of permits.

EXAMPLE: FLT Glass is a manufacturer of impact hurricane resistant glass for residences and businesses. The company contacted the Beacon Council and requested immediate assistance with permitting. The president of FLT Glass explained to the Beacon Council that his permit was being delayed and going back several times for revisions. He explained to the Beacon Council about the amount of business he was losing due to the slow process. The Beacon Council contacted a representative with the Miami-Dade County Mayor's office and informed him of the situation. The representative submitted the project as part of the expedite permit program and was subsequently approved in a timely manner.

Top

  Targeted Jobs Incentive Fund (TJIF)

  • This incentive from Miami-Dade County is modeled after the State of Florida's Qualified Target Industry Tax Refund Program, which gives tax refunds to expanding or relocating companies that create jobs.
  • The TJIF is an inducement program available only to companies from outside the County (with the exception of Palm Beach, Broward, and Monroe Counties) wishing to relocate here, and to Miami-Dade companies which undertake a business expansion and which create jobs as a result of the local expansion. Nevertheless, a Palm Beach, Broward or Monroe County-located Company that is planning to relocate outside South Florida is eligible for this program.
  • Under this program, Miami-Dade County may provide the company with up to 100% of the incremental tax revenue generated by the company's expansion. This would be determined based on the capital investment or the number of jobs created. The benefit could be extended for up to six years.
  • Through the program, the County may provide up to $6,000 per new job as follows: $3,000 for each new job ($4,500 if the job is in a Designated Priority Area); and an additional $1,500 for each new employee that resides in a Designated Priority Area.
  • Or, if the capital investment exceeds $3 million in taxable property value, the company may, for a period of up to 6 years (or longer as may be determined by the Board), receive as a cash award 80% of the amount of Ad Valorem taxes generated by the project; up to 100% if in a Designated Priority Area.
  • The actual amount of award/benefit will be determined by an Economic Impact Analysis and approval by the Miami-Dade Board of County Commission.

EXAMPLE 1 (Based on Capital Investment):

COMPANY:    RYDER SYSTEM, INC.

Number of new jobs

10

Average Wage

$35,000

Capital Investment

$40,000,000

New Square Feet

235,000

Incentive award  (paid out in 10 years)

$1,952,634

 

 

EXAMPLE 2 (Based on New Job Creation):

COMPANY:    GREAT FLORIDA BANK

Number of new jobs

75

Average Wage

$59,000               

Capital Investment

$9,300,000

Incentive Breakdown

Incentive award per job

$3,000

Total Incentive

$225,000

Top

 

 
 
 

 
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