Vision Council- Guiding South Dade's Economic Development

The State of Florida has a wide variety of incentive programs designed to encourage firms to locate to or to expand facilities in Florida. They are typically targeted to attract specific segments of the business community or to assist geographic areas requiring development assistance. Detailed information on each is available on the Enterprise Florida website. They include:

The Office of Community and Economic Development (OCED) provides core economic development programs that are designed to spur new private sector investment and job creation in designated communities struggling to secure the benefits of the new economy. OCED programs support sustainable economic development strategies that leverage investments from other public and private sources to ensure the long-term viability of the local business community. OCED promotes economic development with the goal of creating and retaining jobs for low- to moderate-income persons. OCED administers the following County programs. You can click on the name for more detailed information.

Commercial Revitalization Program

Brownfield Economic Development Initiatives

Enterprise Zone

Micro-Enterprise Assistance & Peer Lending

Mom and Pop Small Business Grant Program

The Urban Task Force administers the County’s Revolving Loan Program. The loan funds will be available for large scale economic development projects such as:

	Acquisition and/or rehabilitation of real property for commercial, industrial or other business purposes
	Rehabilitation of publicly-owned real property Housing rehabilitation or construction
	Economic development activities eligible under the CDBG Program
	Related relocation, clearance and site improvements
	Payment of interest on the guaranteed loan and issuance costs of public offerings
	Debt service reserves

The Industrial Development Authority ("IDA") was created to enter into contracts and issue revenue bonds. Revenue Bonds issued by the county provide long term financing at approximately 75% of the existing prime interest rate. The bonds range from $2 million to $10 million.

The Florida City Community Redevelopment Agency has “Tax Increment Funds” available to assist businesses wishing to locate in or expand in the CRA area. These funds are almost exclusively used for infrastructure improvements necessary to support a new or expanding business activity that will expand the city’s ad valorum tax base.

The Homestead Community Development Agency operates a Revolving Loan Fund that provides loans at low interest rates and flexible terms. They are available for qualifying businesses locating or expanding in the CRA area of authority for business and industrial development efforts that create jobs.

The Community Redevelopment Agency also has “Tax Increment Funds” available to assist businesses wishing to locate in or expand in the CRA area. These funds are typically – but are not restricted to – infrastructure improvements necessary to support a new or expanding business activity.