Launched on October 1, 2013, the new Economic Development Incentives Portal (Portal) is improved to allow more interactive capabilities as DEO furthers its commitment to efficiency, accountability, and transparency. The Portal provides unprecedented access to the performance measurements required in economic development incentive contracts and each company’s progress toward reaching their required job creation goals. This site contains details on every non-confidential Florida economic development incentive project with an executed contract.
A core principle of the state’s economic development incentive program is that businesses are paid based on verified performance, meaning no tax dollars are paid until job creation or capital investment numbers are audited and confirmed. Incentive agreements have sanction and clawback provisions to help protect the state’s investment. While performance requirements are typically phased and met over multiple years, performance is measured and confirmed annually. Projects will be updated as their performance data are confirmed, as well as new non-confidential projects after their confidential period ends.
The Economic Development Incentives Portal is a collaborative effort between DEO and its economic development partner, Enterprise Florida, Inc (EFI). A public-private partnership, Enterprise Florida identifies companies for job creation in targeted growth industries in which incentives can be vital to securing the business recruitment or expansion opportunity.
Florida competes globally to bring jobs to the state from companies that have other location options. Economic development incentives are components of a toolkit designed to address various business needs in a competitive environment. A competitive economic development project is one in which a business has identified multiple locations that can meet its needs. Incentives may be used to reduce costs associated with a site, facility, or equipment and can help facilitate the location of businesses in Florida. They are designed to promote job creation, job retention, and capital investment in Florida. For a more comprehensive and historical look at the success incentives have played in helping Florida families, please read the 2013 Annual Incentives Report.
Beginning with all tax refund agreements executed after July 1, 2010, DEO started to make the conscious effort to ascertain the causes for any qualified target businesses not completing its agreement. Starting in 2013 DEO will publish the findings and recommendations in the annual incentives report per s. 288.907.
View Types of Incentives Awards for more specific information on each incentive type.
WHAT’S INCLUDED IN THE PORTAL
The interactive portal includes every non-confidential incentive project with an executed contract since 2000 that received or is on schedule to receive payments from the state of Florida. All available non-confidential, executed agreements will be redacted and uploaded to the Comprehensive View on the Portal over the next three months. As of October 1, 2013, the executed, non-confidential contracts since January 2013 have been redacted and uploaded to the Portal. Due to limited information, projects executed prior to 2000 are summarized in a high level report that features jobs, payments, and county location. Projects that are confidential or approved but do not yet have an executed agreement and projects that have withdrawn or decided not to proceed with the incentive are not included. Confidential projects, as defined by Florida Statutes, will be included once their exemption from the state’s public record requirements has expired. Projects whose confidentiality expires will be added to the portal on a periodic basis. Incentives relating to the Office of Film and Entertainment, Workforce Florida, Space Florida, and the Division of Community Development are not included in the portal.
View Guide to Understanding the Economic Development Incentives Portal for descriptions of keywords, fields, headers, and project status.
Quick Action Closing Fund (§288.1088 F.S.)
The Legislature finds that attracting, retaining, and providing favorable conditions for the growth of certain high-impact business facilities, privately developed critical rural infrastructure, or key facilities in economically distressed urban or rural communities which provide widespread economic benefits to the public through high-quality employment opportunities.
Pursuant to §288.1088 F.S., DEO has up to seven business days after evaluating a project to recommend to the Governor approval or disapproval of a project for receipt of funds from the Quick Action Closing Fund. For Fiscal Year 2013-2014, there were 22 QACF applications approved in FY 2012-2013, an average of 6.68 days from the date of receiving the completed application and supporting documentations, to approve and submit recommendations to the Governor.
Office of Economic and Demographic Research’s Return on Investment Model
For information regarding the methodology used in calculating the projected economic benefit, see the following links: