Economic Recovery Zone Application
The Federal Economic Recovery Program made nearly $28 million in lower cost, tax-exempt financing available for businesses within Sarasota County. The majority of the funds were allocated in the first two rounds, Additional requests in excess of $3 million may not be viable due to the amount of the remaining County allocation.
The bonds will be issued to benefit businesses directly and are earmarked specifically for purchase, construction or renovation of a facility and purchase of new equipment. If youwant to add to or improve your existing building or build a new building, the Economic Development Corporation of Sarasota County urges you to submit an application. Over time, the Recovery Zone Facility financing will save you a bundle.
Who Qualifies?
Almost any company looking to make capital improvements to their building or planning on constructing a new facility is eligible. If your company qualifies for regular bank financing, there is a good chance it will qualify for a lower cost, tax exempt bond. The bonds cannot be used for day-to-day operations, hiring new employees, etc. Restrictions also include purchase of land, improvements to golf courses and country clubs, residential rental properties and gambling facilities. The minimum funding request is $250,000.
Projects will be judged using the following criteria:
Type of Industry
Number of current or projected employees
Average wage of employee
Capital investment
Average job growth
Financial stability
New product development
Growth of sales
Percentage of product or service exported out of Sarasota County
Results of an economic impact study Sustainable element
Commitment to local procurement and local hiring
National or state recognition
Regional impact
Any other activity or factor proposed by the applicantthat can be demonstrated in a satisfactory fashion to the Board to promote economic development within the County.
How to apply
Download the application. Once you have finished the application, submit it to the EDC and we will review it for accuracy. Your application will then be given to the Sarasota County staff for an analysis of potential economic impact.
Applications will be presented to the Board of County Commissioners for review for final approval of the tax exempt bonds.
Time is of the essence. The Federal Economic Recovery money will be allocated to the worthiest projects as they are reviewed. If you have a qualifying project, submit an application to the EDC by March 31. Should funding remain after that round, the following submission deadline will be utilized as needed: July 31.
Costs
An application fee of $3,500 is required at the time of submission. The application fee will be refunded to those applicants that do not receive a Recovery Zone Facility Bond. The fee is nonrefundable for approved applications that do not close on the bond issue for any reason. Additional fees related to the use of the Countys financial advisor and bond counsel will apply.
