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Economic Development Services
The Coral Springs Economic Development Foundation works to create the best environment possible for the prospective developers, construction service providers and business owners. Our philosophy of doing business has enabled Coral Springs to lead the way in growth, competitiveness and process improvement in Broward County.
The EDF focuses on attracting new companies as well as assisting with expansions and retentions. Our early warning system for key business climate issues enables us to work directly with each company to disseminate information and facilitate meetings with the City Service Departments that can assist your company.
The areas in which the EDF is able to provide assistance and /or referrals are:
§ Assistance with the Development Review Process (Planning & Zoning) & Permitting.
§ Project Monitoring Services Following Permitting.
§ Demographic & Economic Data.
§ New Site and Facility Location.
§ Technology Assistance.
§ Financial Assistance Through Public and Private Resources.
Industrial Revenue Bonds (IRB’s)
IRB’s are securities issued by our local government for the purpose of financing the capital costs of private industries. Although the bonds are considered special obligations of a government unit and therefore are exempt from federal income tax on the interest, the private borrower is responsible for the debt and must provide adequate security and guarantees of the bond.
IRB’s are low interest rate bonds designed to finance projects costs of $2 million to $10 million for new and expanding manufacturers. Approved expenditures including: machinery, equipment, construction costs including finance charges ,
interest before and during construction, architectural fees, financing, engineering or legal fees associated with the project and for use as a debt service reserve. The EDF is the designated organization responsible for initial screening, review and recommendation for IRB applications to the City.
State Incentive Programs
Qualified Targeted Industry Tax Refund Program (QTI)
Provides up to $3,000 per new job created in targeted sectors or up to $6,000 in Enterprise zones or rural areas, with additional bonuses for extremely high wages.
Economic Development Transportation Fund
Up to $ 2 million per project is available to ease transportation woes that adversely impact a company’s location or expansion decision.
High Impact Performance Incentive Grant (HIPI)
A negotiated incentive used to attract and grow major high-impact facilities in designated industry sectors.
Capital Investment Tax Credit (CITC)
An annual credit against Florida corporate income tax for high-impact companies that make capital investments of at least $25 million and create at least 100 jobs at a project.
Quick Response Training (QRT)
Offers customized training to secure new value – added businesses to Florida and provide existing businesses with necessary training to enable expansion.
State Recovery Bonds
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