Areas within Miami-Dade County have been designated as having economic development priority. Companies interested in relocating or expanding in Miami-Dade County have attractive local and state tax incentive programs available to them depending on these priority areas.
The Economic Development Fund, funded from the voter-approved Building Better Communities General Obligation Bond, allots $75 million for countywide projects focused on game-changing business expansions in five strategic areas, while another $15 million is aimed at targeted urban areas and empowerment zones. The goal is to attract major new businesses and create high-impact jobs.
Up to $15 million per project can be reimbursed to fund public infrastructure improvements -- like road construction and water and sewer lines, among others -- as long as the project is consistent with the program's intended goals.
The five strategic areas include:
The Opa-locka Executive Airport area
The Civic Center/Medical District
PortMiami
The Kendall-Tamiami Executive Airport area
Homestead Air Reserve Base
Industries sought include
Aviation and aerospace
Financial and professional services
Homeland security and defense
Information technology
Life sciences
International trade and global commerce
Eligible projects in each targeted urban area or empowerment zone are reimbursable up to $3 million.
Brownfields are government-designated sites that are generally abandoned, idled or underused industrial and commercial properties where expansion or redevelopment is complicated by actual or perceived environmental contamination.
The Florida Brownfields Redevelopment Program provides up to $2,500 per job created in a Brownfield area. Economic incentives, tax credits, low-interest loans, and waiver of contamination assessment report review fees are some of the resources available to redevelopers who clean up and develop contaminated sites in brownfield areas. Businesses seeking funding to start a new business or expand an existing one within a brownfield area may be eligible for financial assistance.
Miami-Dade County administers the program locally on behalf of the state.
For more information, call Freenette D. Williams at 305-375-2883 or call 305-375-1254 and ask for a Brownfield representative.
The Targeted Jobs Incentive Fund (TJIF) offers cash incentives for existing Miami-Dade companies in select industries undertaking a business expansion that creates at least 10 new above-average paying jobs and makes a capital investment of at least $3 million.
Disbursements of incentive awards occur after capital investments are made, jobs are created and retained over a specified time period (usually six years), and after paying County property taxes.
New business establishments in Miami-Dade and companies considering relocating to the county are eligible, except for companies relocating their operations from Monroe, Broward or Palm Beach counties. But companies from these counties may be eligible for a TJIF award if the company plans to relocate outside South Florida and may be solicited by The Beacon Council in an effort to retain the business in South Florida.
Businesses that expand or relocate within the boundaries of the Enterprise Zone, Targeted Urban Areas, Brownfield areas and Community Development Block Grant eligible areas are eligible for an additional incentive amount.
For more information, call James C. Kohnstamm at the Beacon Council at 305-579-1300.
Businesses can earn up to a $1,000 tax credit per for new businesses with a minimum of 20 regular and full-time jobs and existing businesses with a minimum of 10 regular and full-time new jobs.
See maps of the different Urban Job Tax Credit Program areas:
Local governments and economic development agencies, acting on behalf of local government, must report information on their budgets, activities, programs and results each fiscal year.
The 2018-19 report shows Miami-Dade County allocated $2,154,902 in direct financial incentives and $38,338,015 in regulatory fees (credits, refunds and exemptions) for the same reporting period.
The 2018-19 report from the County's economic development partner, The Miami-Dade Beacon Council, detail how funds from a surcharge on local business taxes were spent and the outcome of Beacon Council economic development efforts.
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