DESCRIPTION
The Florida Development Finance Corporation (“FDFC”) was formed by Florida Statute 288.9603, Florida Development Finance Corporation Act of 1993 and is designated as a state-wide, special development financing authority for economic development purposes. Its purpose is to assist new and existing businesses and organizations (for-profit and not-for-profit) with access to capital through financings that promote business activity, job creation, and an improved standard of living for the citizens of Florida. FDFC is a state authorized issuer of industrial revenue bonds and does not receive state appropriations. FDFC issues bonds in counties throughout Florida through interlocal agreements. Its primary mechanism for accessing the capital markets is tax-exempt and taxable bonds.
WHY CHOOSE FCFC AS YOUR CONDUIT ISSUER
• LOWER COST – there is no annual issuance fees and can offer tax-exempt terms up to 35 years lowering debt service payments. Tax-exempt bonds notably reduce the borrower’s cost by accessing lower interest rate.
• EXPERIENCE – we have been in operation since 1993, with over 30 years of history in tax-exempt financing. Our staff and partners can help organize a conduit issuance and provide the necessary feedback to get a project connected to the right resources.
• RESOURCES – FDFC is a state-wide issuer and can provide the resources needed to do multi-county bond issuance transactions.
• RESPONSIVE – we understand the need to work in a timely manner and check off all the boxes needed to issue a bond. We engage with the borrower’s finance team and ensure all requirements are met including holding TEFRA hearings and submitting TEFRA approvals.
• ACCESS – FDFC connects businesses to sources of capital through conduit issuances of taxable, tax-exempt bonds or Commercial PACE Capital providers.
PRODUCTS AND SERVICES
BOND PROGRAMS
• Private Activity Bonds – PAB are obligations that benefit nongovernmental persons, such as private businesses, charitable organizations or individuals. If the bonds meet specific criteria the interest earned may be tax-exempt.
• 501(c)(3) Organizations – FDFC]provides access to private activity bonds for eligible entities holding a Nonprofit 501(c)(3) status under the Internal Revenue Code.
• Manufacturing – The Florida Development Finance Corporation provides access to tax-exempt Industrial Development Bonds for eligible manufactures to finance the purchase of land, buildings or new equipment up to a maximum amount of $10 million in tax-exempt amount. Taxable Bonds are also available.
• Renewable Energy – FDFC provides access to tax-exempt and taxable bond financing for eligible projects that promotes renewable energy as defined in FL Statute 288.9606 (7).
• Taxable Bonds – The Florida Development Finance Corporation provides access to taxable Bonds as an alternative to Private Activity Bonds. A Taxable Bond is free from most of the requirements and restrictions applied to Private Activity Bonds.
COMMERCIAL PACE
Property Assessed Clean Energy – A financing program that allows commercial property owners to make improvements to their property pertaining to energy conservation, energy efficiency and wind-hardening as an assessment on their annual property tax bill.
APPLY FOR FINANCING
Please use the links to apply for eligibility to our programs. Bond Financing or C-PACE Financing.
