Brevard County commissioners have recently approved the Economic Development Plan for the North Brevard Economic Development Zone. The plan focuses $18 million in resources over 10 years to help develop the area, which has been hard hit by the end of the space shuttle program. A summary of the plan follows that is taken from the plan.
- Projected layoffs affecting North Brevard have impact of $100 million in annual income
- Each job lost at KSC has a ripple effect of an additional 1.8 jobs
- More than 50 percent of land in North Brevard is exempt from property taxes and therefore what would be key commercial and industrial areas are unable to be developed.
- North Brevard Area has 20 percent of the population, but only one tenth of the county’s taxable value.
Four primarily economic development components:
- High wage business attraction and retention
- Redevelopment of commercial/industrial sites
- Development of pad ready/spec building sites
- Small business attraction, creation, retention and expansion
1. High Wage Business Attraction and Retention
- Use financial and non-financial incentives
2. Redevelopment of Commercial and/or Industrial Sites
- Financial and non-financial incentives
- Expedite site plan and permitting approval
- Public road and storm water infrastructure improvements
3. Development of Pad Ready and/or Spec Building Sites
- Eliminating or significantly accelerating the planning and site plan engineering phases of the development process to decrease the development timeline, as well as to provide possible incentives through cost of the land and site improvements
4. Small Business Attraction, Creation, Retention and Expansion
- Loan Interest Subsidy Program
- Matching Capital Improvement Program
- Fund interest payments for business loans of $100,000 or more
- Maximum interest that can be subsidized is $200,000 over a 5-year period
- Provide a financial contribution or repayable loans to new or expanding businesses which make a minimum investment of $100,000 for necessary capital equipment, renovations, and/or improvements. These funds may equal up to a dollar for dollar match
- Market and fully maximize state incentive programs
- Development and improvements of infrastructure
- Analyze opportunities to utilize state incentives not currently accessible
- Establish, promote and market Brownfield areas
- Improve communications infrastructure (Internet, wireless, DSL, etc.)
- Work with Brevard Workforce and other agencies to address worker training, etc.
2012-2013 Targeted Industries
- Life Sciences
- Information Technologies
- Logistics and Distribution
- Defense and Homeland Security
- Financial/Professional Services
- Corporate Headquarters
- Emerging Technologies
The NBEDZ will receive its revenues from a dedicated incremental value. Revenues for the first five years are derived from new construction valuables from industrial and commercial properties as opposed to the traditional incremental value model. In the six year, the Zone will receive revenues based on the more traditional incremental value model.
| New Construction/|
Tax Incremental Revenues