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HomeMy WebLinkAboutCity of Tamarac Resolution R-2014-039Temp. Reso. No. 12425 Page 1 of 3 April 8, 2014 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2014 - 3 ?_ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, ADOPTING THE CITY OF TAMARAC 5-YEAR ECONOMIC DEVELOPMENT PLAN FOR YEARS 2014-2019, A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT "A" AND INCORPORATED HEREIN BY REFERENCE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, City staff has completed preparation of the City's Economic Plan for years 2014-2019 (the "Plan"), a. copy of which is attached hereto as Exhibit "A"; and WHEREAS, the Plan is a five (5) year strategic blueprint for economic development efforts; and WHEREAS, the Plan is intended to update the prior Economic Development Plan approved by the City for the years 2005-2010; and WHEREAS, the purpose of the Plan is to position the City as an ideal business location, attract and retain businesses, provide a diverse and adequate- tax base and maintain the attractive quality of life that Tamarac currently offers to the residents and businesses located within the City; and WHEREAS, the Plan contains an updated community profile, highlights the nationally recognized programs that are supported and offered by the City, and supports the identification and marketing of available property, buildings and sites within the City, and WHEREAS, the Plan includes incentives that are intended to promote business and economic development in the City; and Temp. Reso. No. 12426 Page 2 of 3 April 8, 2014 WHEREAS, the Director of Community Development recommends approval of the Economic Development Plan; and WHEREAS, the City Commission of the City of Tamarac, Florida, deems it to be in the best interest of the citizens and residents of the City of Tamarac to adopt the Economic Development Plan for Years 2014-2019. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution. SECTION 2: The City Commission hereby adopts the City of Tamarac Economic Development Plan for Years 2014-2019, which is attached hereto as Exhibit SECTION 3: All resolutions or parts of resolutions on in conflict herewith be, and the same are hereby repealed to the extent of such conflict. SECTION 4: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. Temp. Reso. No. 12426 SECTION 5: passage and adoption. Page 3 of 3 April 8, 2014 This Resolution. shall become effective immediately upon its PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THIS JfA4j�`DAY OF )2014. o � TAM "� /�,,, • • • • i • dim - ;T A CC • : 0*0 � , � o 00 /�] , S A � tr/ i i i• ••• CO ATTEST. ��►►�������` PATRICIA TEUFEL, 62MC CITY CLERK I HEREBY CERTIFY THAT I HAVE APPROVED THIS RESOLUTION AS TO FORM: SAMUEL S. GOREN, CITY ATTORNEY CITY OF TAMARAC, FLORIDA 4 HARRY MAYOR ESSLER, RECORD OF COMMISSION VOTE: MAYOR DRESSLER DIST 1: COMM. BUSHNELL DIST 2: WM GOMEZ DIST 3: COMM. GLASSER DIST 4: COMM. PLACKO 0 ri 0 a E u I I ICA I %A%"# ftv nnmpnt PIS r Table of Contents Executive Summary Page 3-4 Economic Development Mission & Strategic Goals Page 5 Community Profile Page 6-8 1. Demographic, Social and Economic Characteristics 2. Top Employers Quality of Life Page 9 Workforce Development Page 10 Financing Resources Page 11-13 Economic Development Incentives Page 14-15 Projects and Development Page 16 Economic Development Strategic Goals Page 17-23 1. Create a Marketing and Communication Campaign 2. Focus on the Needs of Existing Businesses 3. Create Entrepreneurial and Innovative Opportunities 4. Foster Commercial and Retail Development 5. Diversify the Economic Base Action Plan Appendix -2- , Executive Summary Tamarac is a diverse and emergent community with unique character, charm and opportunity for growth. Once a bedroom community, Tamarac is now emerging as a thriving center for businesses. An excellent quality of life and a supportive environment for business and industry has made Tamarac The City for Your Life. Accelerating Tamarac's economic prosperity centers on our ability to leverage our valuable asset of location, a skilled workforce, attractive business incentives and a government committed to prosperous, high quality and balanced growth. The City of Tamarac's Economic Development Division (TEDD) has developed this 5-year Plan to identify targeted business opportunities to focus its economic development efforts, as well as defining ways to accomplish its strategic goals. TEDD's role is to promote Tamarac as an ideal business location for companies considering relocation or expanding their business along with retaining and growing successful local businesses. This Economic Development Plan is intended to serve as a fluid blueprint for the community's future economic development activities. The City of Tamarac places strong value on its strategic goals and its customer focused approach. There is a biennial survey conducted, residents and businesses have an opportunity to identify and prioritize strengths and opportunities for improvement. Since the City is always looking to improve, this plan will provide a dynamic plan of action for the next five years including short- term tactical and long-term strategic goals along with specific actionable items and budgetary requirements. The plan will be reviewed and updated each month to ensure that we are on task and on target. An annual report will be provided to the city administration, businesses and other key stakeholders. This plan includes the identification of five goals for TEDD to focus its efforts, as well as a number of recommendations with actionable strategies related to each goal. These goals from an economic development perspective are to encourage business development to a level consistent with providing a diverse and adequate tax base; keeping the attractive quality of life deserved by the city residents and producing an environment that is safe, healthy and attractive which balances the needs of both businesses and residential communities. -3- The goals and strategies are: 1.) Create a Marketing and Communications Campaign a. Create an Economic Development Message with "The City for Your Life" b. Create a web presence c. Keep an Audience 2.) Focus on the Needs of Existing Businesses/Industry a. Create a business retention and expansion program b. Support small business development 3.) Create Entrepreneurial & Innovative Opportunities a. Develop partnerships with existing business incubators b. Support Entrepreneurs 4.) Foster Commercial and Retail Development a. Identify appropriate retail prospects b. Build awareness among corporate site selectors c. Attract commercial, retailers and restaurants 5.) Diversify the Economic Base a. Create a Targeted Industry Strategy b. Attract Corporate Site Selectors c. Formalize the Incentives Policy d. Incorporate the Redevelopment Strategy Also throughout the plan, TEDD defines the roles, approaches and elements that are relevant in the creation of a successful economic plan; such as quality of life, workforce development, economic development resources and incentives. The plan calls for a formalized economic development incentives policy, which would give site selectors and developers a clear understanding of which incentives are supported by the city. The only current incentive that requires financial support is the Qualified Targeted Industry Tax Refund (QTI). However, this plan calls for an additional three incentives: Merchant Assistance, Fagade program, and hire a Tamarac Resident incentive, all which requires additional financial commitments. The Merchant Assistance grant is an Incentive that is designed to assist merchants in increasing sales through design, merchandising and marketing techniques. The Fagade Program is an incentive available to businesses for aesthetic improvements to be used for the upgrade of exterior of a commercial building and site. The final incentive is the Tamarac Resident incentive would provide cash or tax relief (to be determined) to a targeted industry business that hires a Tamarac resident under predefined criteria. The city of Tamarac currently has 94.5% of its residents working outside of the city. By incorporating these incentives, TEDD would help elevate the City's vision of creating a live, work, play community. Although Tamarac Village is not specifically discussed in this plan, it is part of all the components of the goals but more specifically the diversification of the economic bases. As the city moves forward in the creation of a mixed used, live, work, play community; TEDD will continue to stay in the forefront of that development. All economic development activities are essential to growth and development of Tamarac Village along with the redevelopment of Tamarac. The goals are meant to bring development, redevelopment and business success to the City of Tamarac. As the vision for economic prosperity becomes relevant in our day to day operations, it is important to note that the task of economic development is a herculean effort. In order to ensure that TEDD meets the needs of existing and new businesses, we would require additional personnel. The creation of a Business Development Specialist along with an Economic Development Coordinator can provide Tamarac an advantage over competing communities. It would ensure TEDD's ability to execute the goals and strategies in the plan, thereby enhancing the future of the City of Tamarac. Economic Development's Mission The Economic Development Division through targeted economic development strategies and activities will strengthen the City's overall economy by ensuring that this premier city remains an ideal home for local businesses to succeed and prosper and is an attractive and compelling location for companies considering relocation, expansion or consolidation; thereby growing jobs and increasing capital investment. Vision The City of Tamarac through its Economic Development efforts will continue to be a vibrant community, improving the quality of life for its citizens. Strategic Goals • Create a Marketing and Communications Campaign • Focus on the Needs of Existing Businesses • Create Entrepreneurial and Innovative Opportunities Foster Commercial and Retail Development • Diversify the Economic Base WE Community Profile The City of Tamarac is a key part of South Florida's vibrant economy and is connected to cultural amenities with easy access to major highways, airports, and seaports. Tamarac covers a 12-square mile area in western Broward County and is home to more than 60,000 residents and approximately 2,000 businesses. Since its founding in 1963, the median age of our residents continues to grow younger and more culturally diverse; all attracted to the neighborhoods, parks and recreation, and business opportunities that make Tamarac "The City for Your Life. " The City of Tamarac is strategically located in the center of Broward County, between Miami -Dade and Palm Beach Counties in South Florida. Tamarac is located within minutes of several major highways, the Ft. Lauderdale Airport, Port Everglades and railway stations. It is easily accessible from the Sawgrass Expressway, the Florida Turnpike and 1-95. The City of Tamarac has a Commission -Manager form of government. The five -member City Commission includes four Commissioners, elected by their respective Districts and a Mayor elected citywide. The Commission passes legislation and sets policy for the City. They also appoint a City Manager who oversees the day-to-day operations of the City, while at the same time carrying out the initiatives and directives of the Commission. The Commission also appoints a City Attorney to represent the City in legal matters. The City of Tamarac is committed to being a business friendly community that provides its residents and businesses attractive and safe neighborhoods all while encouraging a vibrant economy. Our Community Development Department is in the forefront of ensuring that happens. The Department provides assistance to local business through its divisions of Economic Development, Planning and Zoning, Business Revenue, Housing and Code Compliance. The Economic Development Division of the City pursues its primary goal as it continues to make the city an ideal location for local businesses to succeed and prosper and for other companies considering relocation or consolidation. The Planning and Zoning Division ensure the quality of life of the built environment through innovative revitalization efforts and land use planning. The Business Revenue Division is committed to providing and maintaining quality customer service to the business community. The Housing Division provides assistance to the residents to correct health and safety issues, as well as providing assistance for those seeking adequate, affordable housing. Code Enforcement Division ensures high community standards by enforcing the City's Code of Ordinance relating to the health, safety and welfare of the community. City of Tamarac, Florida Demographic, Social, and Economic Characteristics 2010-2012 3-Year Estimates I Total population 1 61,657 1 Male 28,384 Female 33,273 Under 5 years 21764 5 to 9 years 2,500 10 to 14 years 3,350 15 to 19 years 2,942 20 to 24 years 2,284 25 to 34 years 7,631 35to44years 81135 45 to 54 years 81014 55 to 59 years 3,421 60 to 64 years 3,875 65 to 74 years 71426 75 to 84 years 51571 85 years and over 3,744 White 42,736 Black or African American 15,952 American Indian and Alaska Native 168 Asian 11423 Native Hawaiian and Other Pacific Islander 368 Some other race 3,705 Population 25 years and over 47,817 Less than 9th grade 11852 9th to 12th grade, no diploma 2,683 High school graduate (includes equivalency) 17,095 Some college, no degree 11,884 Associate's degree 3,859 Bachelor's degree 7,054 Graduate or professional degree 3,390 Civilian employed population 16 years and over 28,608 Agriculture, forestry, fishing and hunting, and mining 18 -7- Construction 21012 Manufacturing 1,405 Wholesale trade 1,287 Retail trade 4,095 Transportation and warehousing, and utilities 1,019 Information 729 Finance and insurance, and real estate and rental and leasing 2,490 Professional, scientific, and management, and administrative and waste management services 4 147 Educational services, and health care and social assistance 51919 Arts, entertainment, and recreation, and accommodation and food services 2,249 Other services, except public administration 11850 Public administration 11388 "Note: An'N' entry in the estimate column indicates that data for this geographic area cannot be displayed because the number of sample cases is too small. An'(x)' means that the estimate is not applicable or not available." Source: U.S. Census Bureau, 2010-2012 American Community Survey. Prepared by: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics, April 2014. City of Tamarac, Florida Top Employers, January 2013 Employer Name Number of Employees Publix Supermarkets 527 City Furniture Inc. 400 Hearing Aid Man 300 Arrigo Dodge Chrysler Jeep 300 Patrolman Guard Svc Inc. 300 City of Tamarac 300 University Hospital 290 Orlando Sentinel 240 KSM Electronics Inc. 170 Woodmont Country Club 160 Walgreens 151 Applebee's/IHOP Restaurant 130 University Pavilion Hospital 125 Birks & Mayors Inc. 115 Tamarac Elementary School 110 Winn Dixie Stores Inc. 102 Security Services of America 101 Challenger Elementary School 100 [Total Number of Employees 16,395 Note: Some of these employers listed may be duplicative due to this source's use of telephone book listing to compile data (especially hospitals & government offices) Source: Infogroup Employer Database 2013 ed.1 Prepared by: Florida Department of Economic Opportunity, Labor Market Statistics Center, January 2013. Quality of Life Quality of life is used in describing various factors that make a community attractive to live and work. A clean, attractive community is not only a satisfying place to live, but its value lies in a good impression it makes on prospective employers, professionals and others who visit the community cannot be underestimated. The City of Tamarac has nationally recognized programs and is an accredited city. The City's programs include "Let's Move Initiative", "Playful City USA" designation and "Catch Kid Club" which all promote healthy lifestyles that focus on education and nutrition, active lifestyles, and building healthy habits in everyday life. Tamarac is able to tout many programs and activities that provide access to cultural and social services that are desirable to existing residents and are important in retaining existing and attracting new businesses to the community. Most recently created is the Public Art Program that beautifies the appearance of the city and enhances the cultural opportunity throughout the city. Tamarac needs to continue to address the quality of life issues regarding housing, education, transportation and other areas of concern to relocating employers and their employees. Tamarac's economic competitiveness and quality of life are linked to its ability to continue to invest in its community. The city represents a sustained healthy lifestyle and provides access to cultural and social amenities which are important in attracting new business to our city. As we continue to leverage our present and future advantages, there also needs to be a deliberate push to promote the city's diversity and cultural assets, and continue to promote the connections between the City of Tamarac and the larger regional creative economy. There must also be a consideration of our ability to create the necessary infrastructure to support smart growth. The City of Tamarac needs to continue to support "Green Building" strategies and energy efficient technologies by incorporating these into future development, and redevelopment plans to create a more economically and environmentally sustainable city. WE Workforce Development Workforce Development is a critical component in any economic development effort. Employers need access to qualified employees and strong workforce development and training programs to become more competitive, increase productivity, retain workers and improve their attractiveness to prospective employees. Companies also need a trained workforce to be able to expand or relocate. Workforce development requires the collaboration and coordinated efforts of many different organizations with similar objectives. The City of Tamarac, along with educational and workforce partners have to continue to work together in order to create the alignment of education and workforce development programs to develop and retain talented workers with the skills to meet the current and future employer needs in Tamarac. It is essential that the City of Tamarac emphasize the increasing percentage of the population graduating from high school, and then going on to receive technical training or advanced educational degrees at the associate, bachelors, masters and doctoral levels. There should also be a strategy to ensure that South Florida's best and brightest choose to stay in South Florida to pursue their careers and lives. Attracting and keeping talent depends largely on other community attributes including availability of jobs, lifestyle, culture, transportation, business climate and quality of life. An attractive workforce should be viewed from a systematic, communitywide approach rather than just an education and training perspective. Today's economy is rapidly evolving from an industrial economy to a knowledge -based economy. Employees in all types of jobs must be able to use increasingly complex technology involving more computerization and mechanization to be a good problem solver. In order to be more flexible in meeting business needs, Tamarac must work in partnership with Broward College, Florida Atlantic University, the Technical Centers, The Greater Fort Lauderdale Alliance and WorkForce One. Tamarac's Economic Development Division will maintain an active dialogue with employers to understand the skill sets needed and should modify curricula as necessary to respond to changing workforce needs. -10- Financing Resources Capital formation is at the heart of each development mission, business relocation, or each business expansion. Florida provides businesses access to capital, experienced commercial lenders who will assist with traditional lending practices; it is our goal to provide the. non-traditional lending sources, those designed to assist in economic development. Economic Development Incentives are a component of economic development strategies which seeks to encourage growth. The incentives that are provided are on a discretionary basis to attract or retain business operations. The goal of economic development incentives ultimately is to induce growth in targeted areas, provide jobs and generate positive tax revenue. The following will list federal, state and local incentives that are available to attract and retain business that will help Tamarac achieve a more diversified economy. Traditional Capital Formation Florida is a leader in international banking, providing services to the international market such as issuing letters of credit, currency exchange, trade related financing, and providing direct capital for projects in numerous countries throughout the Americas. These programs are especially necessary to the City of Tamarac business community as many of our industries have subsidiaries throughout the Americas, or simply market to these countries services for international banking where it is the life -line to economic growth. TEDD will visit the leading bankers, to understand the traditional markets and to inform them of the desire to create a partnership with the traditional lenders, bringing our emerging and expanding business to their attention for the determination as to what best suits our company's needs. TEDD will be able to continue to develop and foster partnerships with state and federal programs to enhance the credit requirements of this traditional market. -11- Federal Programs A majority of the business capital formation come from programs that originate in the federal government to provide guarantees, or subordinated financing to traditional banking sources. Job growth is largely the by-product of available capital, and the US Small Business Administration is the Federal Governments division of lending programs for small business. A significant misnomer of business is that the Government provides "free money" for start-ups or expansions; once this conception is corrected the next question is to where and how businesses can obtain cost reasonable debt financing. Programs administered by the U.S. Small Business Administration include: The 504 Loan Program. This program is designed to provide long-term, fixed-rate, and subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings and equipment. This program is designed to encourage banks, credit unions, commercial lenders, and other lenders to make loans in first position with reasonable terms, which helps retain growing customers. All project costs can be financed, including acquisition (land and construction) and soft costs such as title insurance, legal, appraisal, environmental and bridge loan fees (if used). Closing costs may be financed. Long-term real estate loans are typically for a 20-year term. Another program of the U.S. Small Business Administration is its traditional 7A Basic loan guaranty program. This program is designed to provide funds for working capital needs as well as asset financing. This program is designed to encourage banks and other lenders to make loans to companies with a lesser credit rating, but who have a sound business plan, and are of good character. The program offers a guaranty to the lending bank for up to 90% of the loan amount at a cost not to exceed 2 Y2% above prime. Loans are typically for 10 years on asset financing and 7 years on working capital. All project costs can be financed, including acquisition (land and construction) and soft costs such as title insurance, legal, appraisal, environmental and bridge loan fees (if used). Closing costs may also be financed. The Small Business Innovation Research Program provides grant funds for entrepreneurs who are developing the latest and most innovative products to go to market. The US Department of Commerce and the US Department of Economic Development are sources of grant funds for both companies and municipalities to spur job growth as drivers of innovative economic development projects. State Programs Industrial Development Bonds (IDB) I DB's are "private activity bonds" issued by a governmental entity to promote economic development. Created by the legislative in accordance with Florida Statutes, Chapter 159, Part II, the Florida Industrial Development Financing Act, and Chapter 159, Part III, relating to county industrial development authorities (collectively, the "Act"), and Chapter 159, Part VI, the Florida Private Activity Bond Allocation Act, they provide favorable financing terms and are a valuable incentive to private industry for construction or expansion of capital projects. Interest on "qualified private activity bonds" is not included in gross income for federal income tax purposes. Tax-exempt interest rates are significantly lower than conventional borrowing rates. Bonds that do not qualify can be issued as taxable bonds. Even taxable IDB interest rates can be lower than traditional means of financing, due to the demand from municipal bond funds and other institutions. -12- Enterprise Bond Program The Enterprise Bond Program offers tax-exempt, low interest bond financing to qualified manufacturing and 50103 non-profit organizations. The purpose of this program is to improve lowest capital availability to Florida's growing and expanding businesses, including minorities and rural communities, to allow them to be more competitive in the global and domestic marketplace. Loan amounts range between $500,000 and $2,000,000. Venture Capital The venture capital industry in South Florida is evolving; in fact it is significantly more advanced in South Florida than in other parts of the state. Emerging industries, such as; Scripps, Florida, and the bioscience clusters are the leading drivers which have caught investors' attention, recognizing Florida as a hotbed of growth ventures. The Florida Venture Forum The Florida Venture Forum is a non-profit entity formed to ensure the success of entrepreneurial ventures. The organization offers expert counseling, educational advice and management guidance. The forum also provides quarterly programs on a statewide basis by venture capitalists, investors, bankers, corporate executives, lawyers, accountants, and entrepreneurs. Its programs provide in-depth information on relevant topics such as raising debt and equity capital, human resources, finance, management, marketing, as well as research and development. TEDD will become a member of this forum to provide references for our local companies' needs to the forum and to glean knowledge that will ensure availability of non-traditional financing sources. Amount of money Concept/ Business Product Research Planning Development Venture Capital nvest ent Stages Round 218 First Fully Expansion ReadyforlPO Commercial Operational Deals -13- Sta e o Startups Economic Development Incentives Although it is important that Tamarac attract more commercial and retail development, it is also important that the city assistance existing struggling businesses. The creation of three (3) new incentive programs will assist in the retention and growth of existing business and also support the attraction of new businesses and create jobs for the residents of the city. The program descriptions, guidelines, and application will need to be prepared and approved internally. Once the program descriptions, guidelines, and application have been prepared and approved internally, approval will be sought from the City Commission. The following are brief incentive program outlines for the Fagade Grant, Merchant Assistance Grant and Resident to Work Incentive. The Fagade Grant program would be available to businesses for aesthetic improvements to the exterior of a commercial building and site. Painting of the building, installation of awnings, new doors/windows, landscaping, and brick pavers are typical improvements covered by the Fagade Grant Program. The Merchant Assistance incentive would be designed to assist merchants in increasing sales through design, merchandising and marketing techniques. The Program would be available only to restaurants or retail businesses. The incentive is limited to the following activities; re -design and re -merchandise an occupied space, advice in restaurant/retail operation in advertising, marketing, promotion, sales and service techniques The Resident to Work Incentive would provide a new or expanding business in the target industry cash incentive benefit for the creation of new jobs that would result in the hiring of a Tamarac resident. The incentive would be tied to the wages of such employees and could be equal to 5, 10 or 20 percent of annual wages depending on the number of jobs created Qualified Target Industry Tax Refund (QTI) The Qualified Target Industry Tax Refund incentive is available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes. Pre -approved applicants who create jobs in Florida receive tax refunds of $3,000 per net for each new Florida full-time equivalent job created; $6,000 in an Enterprise Zone or rural county. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job. The local community where the company locates contributes 20 percent of the total tax refund. There is a cap of $5 million per single qualified applicant in all years, and no more than 25 percent of the total refund approved may be taken in any single fiscal year. New or expanding businesses in selected targeted industries or corporate headquarters are eligible. -14- Qualified Defense and Space Contractor Tax Refund (QDSC) Florida is committed to preserving and growing its high technology employment base by giving Florida defense, homeland security, and space business contractors a competitive edge in consolidating contracts or subcontracts, acquiring new contracts, or converting contracts to commercial production. Pre -approved applicants creating or retaining jobs in Florida may receive tax refunds of $3,000 per net new Florida full-time equivalent job created or retained; $6,000 in an Enterprise Zone or rural county. For businesses paying 150 percent of the average annual wage, add $1,000 per job; for businesses paying 200 percent of the average annual salary, add $2,000 per job. Capital Investment Tax Credit (CITC) The Capital Investment Tax Credit is used to attract and grow capital -intensive industries in Florida. It is an annual credit, provided for up to twenty years, against the corporate income tax. Eligible projects are those in designated high -impact portions of the following sectors: clean energy, biomedical technology, financial services, information technology, silicon technology, transportation equipment manufacturing, or be a corporate headquarters facility. Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs. Eligible capital costs include all expenses incurred in the acquisition, construction, installation, and equipping of a project from the beginning of construction to the commencement of operations. The level of investment and the project's Florida corporate income tax liability for the 20-years following commencement of operations determines the amount of the annual credit. High Impact Performance Investment Grant (HIPI) The High Impact Performance Incentive is a negotiated grant used to attract and grow major high impact facilities in Florida. Grants are provided to pre -approved applicants in certain high - impact sectors designated by the Florida Department of Economic Opportunity (DEO). In order to participate in the program, the project must: operate within designated high -impact portions of the following sectors-- clean energy, corporate headquarters, financial services, life sciences, semiconductors, and transportation equipment manufacturing; create at least 50 new full-time equivalent jobs (if a R&D facility, create at least 25 new full-time equivalent jobs) in Florida in a three-year period; and make a cumulative investment in the state of at least $50 million (if a R&D facility, make a cumulative investment of at least $25 million) in a three-year period. Once recommended by Enterprise Florida, Inc. (EFI) and approved by DEO, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the balance of the awarded grant once full employment and capital investment goals are met. Quick Response Training Incentives (QRT) Quick Response Training is a customer -driven training program designed to assist new value- added businesses and provide existing Florida businesses the necessary training for expansion. A local training provider community college, area technical center or university is available to assist with application and program development or delivery. If the company has a training program, a state training provider will manage the training program and serve as the fiscal agent for the grant funds. Incumbent Worker Training (IWT) Proqram This program is funded by the Federal Workforce Investment Act and is administered by Workforce Florida, Inc. This program provides a grant to train currently employed workers, with the goal of keeping the company's employees competitive by providing them with new skills and retaining existing businesses. Training services can be provided through community colleges, state universities, vocational -technical centers, consultants, or trainers from the business. -15- Foreiqn Trade Zone (FTZ) FTZ is a designated area within the United States, in or near a U.S. Customs port of entry where foreign and domestic merchandise is considered to be outside of U.S. Customs territory. Customs duties on products admitted through the zone can be deferred, reduced or eliminated. Becoming an FTZ company can improve a business's bottom line. Economic Development Transportation Fund (Road Fund) The Economic Development Transportation Fund (Road Fund) is intended to solve transportation problems as an inducement for an eligible company's expansion, retention/location decision. The award amount is based on the number of new and retained jobs and the eligible transportation project costs, up to $3 million. The award is made to the local government on behalf of a specific business for public transportation improvements. Projects and Development The identification and marketing of available products or buildings and sites in a community is critical. The TEDD has already identified potential development sites, and there are several other areas that could be redeveloped. The strategies below are meant to provide guidance to Tamarac and the next steps to take in encouraging future development in Tamarac. The City of Tamarac has engaged Calvin Giordano &Associates to conduct a commercial arterial redevelopment study. The study will identify three redevelopment areas along with identifying current and future market demand within the City's commercial areas. Redeveloping the identified area will position the City's commercial areas as competitive for future development opportunities. Tamarac will be intimately involved in the processes of identifying property developers, both local and in the state/region that have completed commercial/retail developments in other locations that could be emulated in Tamarac. TEDD will continue to form relationships with property developers and compile a list of key developers, invite such developers one at a time to come and tour the community, as well as the primary identified sites for development, which should be the ones that present the most opportunity for Tamarac. The City of Tamarac must partner with a developer to bring projects to fruition. This may involve a significant financial and time commitment by the TEDD and the city. The website of the TEDD is a prime marketing tool. A property section will be developed on the TEDD website that outlines available buildings and identifies properties for development. -16- IL Economic Development Strategic Goals GOAL 1: CREATE A MARKETING AND COMMUNICATIONS CAMPAIGN The objective of the marketing effort is to enhance Tamarac 's image as a desirable location in which to start, locate and operate a business. Marketing and communication are a key support function for any effective economic development strategy. It is critical that marketing tactics are used to communicate Tamarac's strengths to both internal and external audiences who impact the area's economic development efforts. Internal audiences are just as important as prospects and other external stakeholders because the most effective marketing programs are those that start within an organization. The following recommended marketing tactics touch on a variety of programs that will increase the area's overall awareness and enhance the effectiveness of economic development efforts. ➢ Strategy 1. Create an Economic Development Message with "The City for Your Life" To communicate effectively with internal and external stakeholders, it is important to develop a core group of concise, clearly defined key messages that will guide all economic development communications initiatives. These messages convey the benefits of Tamarac as a business location in all facets of marketing and communications. The messages need to focus on factors that differentiate Tamarac from other communities — underscoring the community's many competitive advantages, and its overall quality of life. In addition, the key messages should position the community as a prime and unique location for businesses in the identified targeted sectors to locate, relocate and grow. 4 � J r-- `t r Strategy 2. Create a web presence AP!r --mom Nook ..» -17- r An effective website presence is critical to economic development marketing. As the use of the Internet has evolved in recent years, it is increasingly important to provide thorough and accurate information to site location consultants and corporate real estate executives as they begin to research potential new locations. Tamarac is currently developing its economic development website. However, it is not complete or up-to-date, and it is a bit difficult to navigate. Following are specific recommendations for enhancing the community's web presence: An effective economic development website includes information in the following categories: demographic, economic and workforce data; available real estate; education and workforce development offerings; transportation and infrastructure; major employers; community profiles; targeted industries; business climate/incentives; and quality of place. Any social media presence should be promoted through the TEDD website, as well as on any appropriate partner sites. Content sharing on social media allows economic development organizations to keep key audiences informed without waiting for coverage by more traditional media. ➢ Strategy 3. Keep an Audience Opportunities to make presentations to regional partners, commercial and retail developers, as well as other business prospects should be pursued. The most efficient and effective way to do this would be development of a presentation template that incorporates the Tamarac logo and has a design compatible with other marketing materials. This presentation template should be adaptable to various types of presentations and able to accommodate presentations that include significant amounts of data, maps and other types of information that will be important to include in presentations to prospect audiences. It might also have the option of including the prospect's logo and/or name in the cover design when that is available and appropriate. These relationships may lead to a variety of partnership opportunities. For example, as previously recommended, links between the websites of many of these groups and the Tamarac website would provide greater access to online information. In addition, as prospects contact any of these partners and they determine that Tamarac might be a better fit for a project, they are more likely to hand off the prospect if a strong relationship already exists. There might also be opportunities for joint marketing trips or participation in key industry events. One idea for strengthening relations with state officials would include inviting one of them to speak at a major TEDD event. Another opportunity to strengthen relationships with partners would be to host tours for two to three economic development representatives on a regular basis. Once a quarter, Tamarac officials might invite a small group of partner representatives for a tour of the community, followed by dinner. These activities would provide an opportunity for visitors to learn about what Tamarac has to offer potential prospects while also developing stronger relationships with them. GOAL 2: FOCUS ON THE NEEDS EXISTING BUSINESS/INDUSTRY While it is important to attract new business to a community, it is just as important to assist existing companies to ensure they continue to grow and expand locally. The purposes of a Business Retention & Expansion Program is to demonstrate community support for local businesses, identify and solve immediate short-term problems of businesses, as well as to increase the competitiveness of the business to ensure it continues to grow and expand in Tamarac. M" t Although it may be important to develop relationships and provide assistance to all companies in Tamarac, there may be certain ones that are critical to the economic success of the community. Such companies should be identified and should be the primary focus of business retention and expansion efforts. This will include Tamarac's top employers, along with companies in the Broward County Targeted Industry listing, as well as other high -growth companies in the community. ➢ Strategy 1. Create a business retention and expansion program The program developed should be concerned with relationship building, in order to have an important influence on how businesses view their community and the activities of the local government. The identification of the number of business visited annually will be established along with a list of targeted businesses. The idea behind the program is learning more about the company, their growth plans and any issues they have in the community. A standard list of questions should be developed, that should include the question "How can we help your business grow and make your life easier?" Such questions should be asked during every company visit and a process developed for reporting the outcome from the visit to ensure that issues that arise are addressed in a prompt manner. ➢ Strategy 2. Support small business development Small businesses face unique challenges that require creative solutions. provide small business with a vast array of information to assist their business needs. Providing relevant and timely information to these businesses will be the key to their success here in Tamarac. As we meet with small businesses or they seek information on the website, we must be able to provide information on the following: o access to capital o workforce training and development o local and county procurement o business assistance programs o importing and exporting o benefits of Chamber of Commerce membership We need to be able to GOAL 3: CREATE ENTREPRENEURIAL & INNOVATIVE OPPORTUNITIES Entrepreneurs play a vital role in economic development as key contributors to technological innovation and new job growth. Entrepreneurs help build communities by providing jobs, local business opportunities, investing in community projects and participating in entrepreneurial networks. As such, it is important that entrepreneurs be supported and provided the infrastructure needed to grow and develop their business. -19- I ➢ Strategy 1. Develop partnerships with existing Business Incubators A business incubator can provide the location for the successful launch and operation of early stage businesses. The Florida Incubation Association (FBIA) can provide support in the development and growth of business incubators located in the City by providing networking opportunities and program development ideas. In addition, other local incubators such as in Broward College in Fort Lauderdale and MetroBroward in Lauderhill, which has a small business incubator that houses emerging companies for up to three years, will be visited to gather information on how best to develop the business incubator in Tamarac. Incubators differ from research and technology parks in their dedication to startup and early - stage companies. Research and technology parks, on the other hand, tend to be large-scale projects that house everything from corporate, government or university labs to very small companies. Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program. However, many research and technology parks house incubation programs. ➢ Strategy 2. Support Entrepreneurs TEDD would maintain and make available an inventory of services available to entrepreneurs such as the following and ensure information on such services is posted to the Economic Development website. • The Florida Virtual Entrepreneur Center is a free web portal focused on connecting entrepreneurs with business support organizations, programs and service providers that can support their business. • GrowFL is an economic development initiative that provides loans and technical assistance to the second stage businesses in the state. • The Broward County Office of Economic and Small Business Development provides a wide variety of local business seminars, workshops and networking opportunities targeted to entrepreneurs and growing small businesses. • The MetroBroward Small Business Success Center, a Certified Community Development Financial Institution (CDFI), serves as a catalyst for the growth and expansion of small business in Broward County by providing mentoring services and financial capital. GOAL 4: FOSTER COMMERCIAL AND RETAIL DEVELOPMENT Retail development is a vital part of a community's economic development program. There have been some significant changes in the past few years. These changes have created opportunities that could assist the retail community in the City of Tamarac. Malls are no longer the shopping trend. Mixed -use development is the cornerstone of live, work and play. Also trending is open-air lifestyle shopping centers. Developers are offering retail, restaurants, office and pedestrian areas. Retail stores will anchor smaller shopping centers and create an atmosphere where people will park and shop conveniently The City of Tamarac has the ability to influence the method and timing of retail investment decisions by drawing attention to market characteristics that might otherwise be overlooked. The Economic Development Division will identify potential retail segments, compiling information of interest to retail prospects, and marketing to those prospects. The important element is to demonstrate that the City of Tamarac is a profitable place to do business. - 20 - r ➢ Strategy 1. Identify appropriate retail prospects The City of Tamarac will familiarize itself with the varying research perspectives that retailers look at when attempting to find the best suited potential development. The Economic Development Division will regularly schedule forums as well as informal dialogues between city officials and retail site research firms and developers can help cities in this effort. In order to identify appropriate retail candidates for the City of Tamarac, we must first analyze the City's retail shortfalls and opportunities. This can be done by looking at comparable cities successful retail establishments. Another way is to survey local merchants and residents to assess what types of stores are needed and if those stores would be a catalyst for more local retail activity. Local demand can be anticipated for retail products by analyzing purchasing behavior using consumer expenditure data. ➢ Strategv 2. Build awareness among corporate site selectors Retail development is often indicated as a pathway to economic development that benefits both the business community and neighborhood residents. Despite this insight, many retailers encounter difficulties in identifying profitable store or branch locations. Understanding retailers' site -selection processes will lead to a better understanding of the variety of challenges faced by retailers. The location of new stores or branches can determine the retailer's success (or lack thereof). Retailers might be unaware of future growth and redevelopment plans around a particular location, and require as much information about a site and city as possible. The City of Tamarac should provide site selectors with future development plans, which might contain compelling evidence that can change retailers' decisions about a site. ➢ Strategy 3. Attract commercial, retailers, and restaurants In order for the City of Tamarac to attract retailers we must first promote its business community (i.e., Commerce Park) as a visibly active, attractive, convenient and safe area. It is important to get local merchants organized early on to address any issues. -21- s For example, it will be essential to highlight what the City is doing to increase activity in the Commerce Park. This might include how many businesses have been incentivized and the available incentives. The Economic Development Division's marketing program needs to integrate high quality advertising, e-marketing, direct mail, trade show participation, and personal contact. Although retailers seldom use ads to find sites, local or regional business and real estate publications can be useful in reaching brokers or developers. The goal is to get retail prospects to visit and evaluate the community. Another direct means of contacting retailers is to attend retail industry trade shows and conferences. Associations such as the International Council of Shopping Centers (ICSC) provide those opportunities to meet developers and brokers. GOAL 5: DIVERSIFY THE ECONOMIC BASE The Economic Development Plan is intended to create the strategy to enable the City of Tamarac to attract and generate new business while facilitating retention and expansion of our existing businesses and industries, resulting in a vibrant and diverse local economy. The goals and objectives of the City's economic development strategies are to provide an expanding tax base and employment opportunities for Tamarac citizens while improving the overall standard of living. In order to achieve economic diversification, the City of Tamarac will take steps that are identified in the Action Plan. These steps will help Tamarac to expand its economic base to reduce the community's vulnerability during and beyond the economic downturn and to increase the sustainability of continued economic development. It is important to determine the most efficient application of the City's resources in economic development. By focusing our efforts on creating a targeted industry recruitment strategy, pursuing site selectors, establishing a written incentive policy and creating the opportunity and optimal environment for redevelopment, we can maximize our growth by applying resources toward these initiatives giving us the greatest return on our resources. ➢ Strate iy 1. Create a Tar rgeted Industry Strategy In identifying possible target clusters, it is important to identify clusters that are already prominent in the City but still have great potential for growth. It is also important to identify clusters that would help diversify the business environment while bringing higher salaried jobs to the City After examining both regional clusters and local clusters, the following clusters have been identified as target clusters due to their strengths, potential, and fit for the City of Tamarac: _22_ Target Industry Clusters • Medical/Biomedical • Distribution • Retail/Services ➢ Restaurants • Professional Services • Arts/Entertainment • InfoTech • Light Manufacturing ➢ Strategy 2. Attract Corporate Site Selectors Often, a corporate site selector's first contact with an economic development professional is through the organization's website. Site selectors are in the practice of assisting both business and government in a new facility location. Site selection involves measuring the needs of a new project against the merits of potential locations. During the initial screening of all possible locations, site selectors request preliminary data and then develop a shortlist of potential communities. However, most site selectors do not contact the communities until they are on the shortlist. In order for Tamarac to stay in the minds of site selectors, we must make regular contact and ensure that our website is dynamic, useful and contains the most current information. The City's ability to be relevant is to ensure that requests for information are addressed accurately and expeditiously. TEDD needs to be present and continue active membership in the Greater Fort Lauderdale Alliance, International Council of Shopping Centers (ICSC) and International Economic Development Council (IEDC). Also, when there is an opportunity to host or show off Tamarac to a site selector, we need to take full advantage. ➢ Strategy 3. Formalize the Incentives Policy The City of Tamarac understands the importance of economic development incentives and how they can influence corporate decisions on the location of jobs and investments. They are designed to stimulate private sector investment, economic growth and job creation. Incentives come in a variety of forms, sometimes including cash grants or direct low interest loans, but usually they are in the form of a cost offset to project or business operation costs, such as abatements on sales taxes for capital purchases, provision of low cost energy, or most usually, per capita job credits on state and/or local corporate income taxes. In a few cases, incentives are provided by or through federal agencies. The amount and type of incentives, the criteria for qualification, and the regulatory conditions will vary depending on each community's economic development goals. Although the city of Tamarac has participated in incentives programs such as the Qualified Targeted Industry Tax Refund, there are no other incentives to attract and retain businesses to the city. The creation of three (3) new incentives to the city will ensure the City of Tamarac stays competitive. These incentives will create a fiscal liability; however, it will also assist in the retention of existing businesses, the redevelopment of the area, and recruitment of new businesses. The Economic Development Division will create the written incentives policy with the city commission approval. -23- R l ➢ Strategy 4. Incorporate a Redevelopment Strategy The City of Tamarac is an established built out city. Therefore, there are limited opportunities for new development as there is only about 110 acres vacant land. However, there are opportunities for the reinvestment into, or better use of existing land and property. Tamarac, with its excellent schools and overall reputation as a desirable place to live, work and play, is especially prepared to reinvest into underutilized land and properties for the purposes of economic development and job creation. The 2012/2013 redevelopment study along with the economic and market assessment being conducted by Calvin Giordano & Associates will assist in the identification of market potential; create an inventory and analysis of existing conditions. The study identifies 3 areas for redevelopment and provides guidance for short and long term strategies for revitalization in these areas. Each area identified in the study will capture different characteristics of the area and therefore enhancing them into a vibrant business districts. It is critical to work with property owners, and developers to remodel, expand, or better utilize existing and vacant property. The economic development division will maintain working relationships with commercial brokers, owners, realtors and developers. The division will also develop and implement a marketing strategy to secure interest in available properties and spaces; providing the opportunity to post available space on the TEDD website. -24-