The Apopka region is one of the top areas in the state of Florida to do business for a reason.
Low Cost of Labor
Great Colleges and Universities
Zero-State Income Tax
Pro-Jobs Elected Leadership
As the second fastest-growing city in the tri-county area, the City of Apopka has chosen to expend funds that will help incentivize private and high-impact economic development projects, with the goal of strengthening the community’s economic viability and encouraging new growth within its urban core. These incentives can take a variety of forms such as tax breaks, building supporting infrastructure, or workforce development. Apopka uses incentives to pursue economic goals such as tax base diversification, job creation, housing stock creation, and/or business retention and expansion.
City of Apopka Community Redevelopment Agency Incentives and Assistance Programs
The Apopka Community Redevelopment Agency (CRA) was created in 1993 by Resolution No. 9316 and Ordinance No. 783 to facilitate a comprehensive and coordinated revitalization of the designated CRA area. The assistance programs help provide enhancement of economic opportunity and new business activity in the core downtown area, which is the heart of Apopka. New jobs and growth for the downtown, residents and businesses in the CRA area.
In 2017, the plan was updated by Resolution No. 2017-10 to include several new projects and programs to address changes in building stock, market conditions, demographics, technological advances and many other challenges.
The CRA covers 633 acres and the City of Apopka CRA Assistance Programs may require matching funds by the applicant.
Brownfield Redevelopment Bonus
Created by the Legislature in 1997 to encourage development of abandoned, idled or underused industrial and commercial sites where expansion or development is complicated by actual or perceived environmental contamination. The Bonus is designed to work with QTI projects, paying a bonus of $2,500/job over and above the QTI award. The Bonus Program was expanded by the Legislature in 2000 and provides a $2,500 per job award for non-QTI projects that meet job creation and capital investment.
Capital Investment Tax Credit (CITC)
Used to attract and grow capital-intensive industries in Florida. It is an annual credit against the corporate income tax which is available for up to 20 years in an amount equal to 5% of the eligible capital costs generated by a qualifying project. Eligible capital costs include all expenses incurred in the acquisition, construction, installation and equipping of a project from the beginning of construction to the commencement of operations. Available to businesses in HIPI-designated sectors. Businesses must make an investment of at least $100M to receive the full credit.
Economic Development Transportation Fund (EDTF)
Referred to as the “Road Fund”, this incentive is one of Florida’s oldest incentive programs. It provides local governments with funding for transportation-related projects required to induce companies to locate, remain or expand within the local government’s jurisdiction.
Florida First Business Bond Pool
Reserves 20% of Florida’s total annual private activity bond allocation for large industrial projects making significant contributions to Florida’s economy. Florida also reserves a portion of the total allocation to assist small manufacturers to obtain very cost-effective financing for expansion or relocation projects, if allocation is not available from the Manufacturing Facilities Bond Pool.
High Impact Performance Incentive Grants (HIPI)
A negotiated incentive used to attract and grow major high impact facilities in Florida. Grants are provided to pre-approved applicants in certain high-impact sectors. Once approved, the high impact business is awarded 50 percent of the eligible grant upon commencement of operations and the other half once full employment and capital investment goals are met.
Incumbent Worker Training
A training program funded by the Federal Workforce Investment Act and administered by Workforce Florida, Inc. Provides training to existing workers to maintain workforce competitiveness. Training can occur at colleges, vocational centers or a company’s facility. Business must provide matching contribution and training must be completed by end of State’s fiscal year (June 30th).
International Trade & Development Grant
Enterprise Florida offers five trade grants worth up to $10,000 that small and medium-sized manufacturers and services providers can apply for to help reduce the cost of doing business around the world.
DID YOU KNOW?
These trade grants can help you exhibit at international trade shows, find an overseas business partner, develop an export marketing plan, or build a foreign-language website?
Qualified Defense Contractors Tax Refund Program (QDC)
A tool to preserve and grow Florida’s high technology employment base, giving Florida companies a competitive edge as defense contractors consolidate defense contracts, acquire new contracts, or convert to commercial production. Pre-approved projects receive tax refunds of up to $5,000 per job created or saved in Florida. Projects must be supported by their community, which provides funding for 20% of the incentive.
Rural Community Development Revolving Loan Program
Created to promote the economic viability of rural communities and create jobs for residents of Florida’s rural areas by leveraging the use of existing federal, state, and local financial resources. This program provides local governments with access to financial assistance through low-interest long-term loans.
Semiconductor, Space and Defense Sales and Use Tax Exemption
Used to attract and grow businesses in these sectors by providing an exemption for all sales and use taxes on investments in machinery and equipment used in manufacturing and research.
The Community Contribution Tax Credit Program
OTTED oversees the Community Contribution Tax Credit Program which encourages private sector donations to community redevelopment projects in enterprise zones and to low-income housing projects. A tax credit of 50% of the donation is allowed.
New Market Tax Credits (NMTC)
The New Markets Tax Credit (NMTC) was established in 2000. Congress authorizes the amount of credit authority, which is then allocated to qualified applications by the Treasury Department. Since 2003, the program has parceled out credits worth nearly $20 billion. The NMTC has supported over 4,800 projects in all 50 states, the District of Columbia, and Puerto Rico. Some 41 percent of US census tracts qualify for NMTC investments. The credit expired at the end of 2014 but Congress extended the credit retroactively to 2015 and through 2019.
For more information about this program, visit – http://www.taxpolicycenter.org/
City’s Public Service Tax:
The City provides a reduced rate to large commercial customers. The public service tax is levied by the city on each and every purchase of electricity within the corporate limits of the city in the amount of ten (10%) percent for the first five thousand (5,000 kWh) kilowatt-hours, and four (4%) percent for all amounts above five thousand and one (5,001 kWh) kilowatt-hours of each payment received by the seller for such electrical utility service per month. For large commercial customers, this can mean savings up to 55%. According to the Department of Revenue’s (DOR) website, Apopka is the only City in Orange County that has this reduced electricity tier rate for large users.
City’s Ad Valorem Taxes
The City of Apopka has one of the lowest ad valorem tax rates comparative to other cities in Orange County. Compare area mileage rates for Orange County, Seminole County and Lake County.