Business Incentive Program
Economic Development is the number one priority for The City of Bunnell. The Board shares a unified commitment to attract new business development, to expand and diversify the tax base, and create jobs for residents. Success in economic development ensures The City of Bunnell’s long- term financial ability to provide ongoing quality services and infrastructure and preserve the quality of life for its residential and corporate citizens.
These objectives are generally served by the enhancement and expansion of the local economy, The City of Bunnell will consider providing economic development grants as a stimulus for new business development within the City.
As referenced by Resolution 2019-23, The City of Bunnell has an established point system for determining a base value an applicant could receive for each of these categories: Locating a new industry, expanding an existing business, or developing speculative space within the City of Bunnell.
THE SUMMARIES BELOW PROVIDE GUIDELINES FOR THE NEW INDUSTRY CATEGORIES:
- Financial incentives are provided herein for new industry locating in the City and calculated through the accumulation of points upon review of the applicant’s incentive application.
Upon submittal of an Economic Development incentive application to the City, the proposed business or industry may accumulate incentive points as described in the tables within.
| Project Criteria | Details | Points |
|---|---|---|
TARGET INDUSTRY a. Companies that are listed as a targeted industry within the Resolution 2019-23 | 2.0 | |
Capital Investment Points shall be awarded based on capital investment. | • $10,000 - 50,000 • $50,001 - 100,000 • $100,001 - 500,000 • $500,001 - up | 1.0 2.0 3.0 4.0 |
| SIZE OF FACILITY ADDITION b. Points are provided based upon the size of the facility addition or the construction of new facility square footage. | • Up to 5,000 Sq. Ft. • 5,001 to 10,000 Sq. Ft. • 10,001 to 20,000 Sq. Ft. • 20,001 + Sq. Ft. | 1.0 2.0 3.0 4.0 |
| NEW EMPLOYMENT c. Points are provided based on new full-time equivalent jobs to be created in the City of Bunnell. | • Up to 5 new employees • 6 to 15 new employees • 16 to 30 new employees • Over 30 new employees | 1.0 2.0 3.0 4.0 |
| WAGE RATES d. Points are provided for wages paid above the City’s average wage rate. | • 100% to 114.9% avg. wage rate • 115% to 119.9% avg. wage rate • 120% to 124.9% avg. wage rate • 125%+ avg. wage rate | 1.0 2.0 3.0 4.0 |
| LOCATION e. Location within an underutilized business zone or CRA or employment center. | 2.0 | |
PROXIMITY TO UTILITIES a. 1/4 of miles or less b. 1/2 of mile c. 1 mile |
5.0 2.5 1.0 |
Financial incentives derived through the accumulation of points based on Paragraph 2 above will be considered to receive the following incentives:
| POINT TOTAL RANGE | ECONOMIC DEVELOPMENT GRANT EQUIVALENT TO: |
|---|---|
| Existing business or industry 7.0 and 9.0 points | • 75% Two years ad valorem tax** • 50% Two years tangible business personal property tax |
| Existing business or industry 10.0 and 12.0 points | • 75% Three years ad valorem tax** • 50% Three years tangible business personal property tax |
| Existing business or industry 13.0 points or higher | • 75% Four years ad valorem taxes** • 50% Four years tangible business personal property tax |
Community Benefit: An Applicant that constructs, purchases, or makes monetary contribution for a designated project (i.e. infrastructure improvements, capital and/or monetary investments for public facilities) for community benefit may be considered for a grant up to 100% of ad valorem tax incentive and up to 75% Tangible Personal taxes.
| |
| PROJECT CRITERIA | DETAILS | POINTS |
|---|---|---|
| TARGET INDUSTRY a. Companies that are listed as a targeted industry within the Resolution 2019-23 | 2.0 | |
| Capital Investment Points shall be awarded based on capital investment. | • $10,000 - 100,000 • $100,001 - 1,000,000 • $1,000,001 - 10,000,000 • $10,000,001 - up | 1.0 2.0 3.0 4.0 |
| FACILITY SIZE b. Points are provided based on the construction of new facility square footage. | • 10,000 to 25,000 Sq. Ft. • 25,001 to 50,000 Sq. Ft. • 50,001 to 100,000 Sq. Ft. • 100,001 + Sq. Ft. | 1.0 2.0 3.0 4.0 |
| NEW EMPLOYMENT c. Points are provided based on new full-time equivalent jobs to be created in the City of Bunnell. | • 5 to 29 new employees • 30 to 69 new employees • 70 to 99 new employees • 100 or more new employees | 1.0 2.0 3.0 4.0 |
| WAGE RATES d. Points are provided for wages paid above the City’s average wage rate. | • 100% to 114.9% avg. wage rate • 115% to 119.9% avg. wage rate • 120% to 124.9% avg. wage rate • 125%+ avg. wage rate | 1.0 2.0 3.0 4.0 |
| LOCATION e. Location within an underutilized business zone or CRA or Employ Ctr. | 2.0 | |
| CITY RESIDENT f. Applicant is a City resident and owner or executive manager of target industry business, and wishes to relocate or expand the business into the City | 1.0 | |
| PROXIMITY TO UTILITIES a. 1/4 of miles or less b. 1/2 of mile c. 1 mile |
5.0 2.5 1.0 |
Financial incentives derived through the accumulation of points based on Paragraph 2 above will be considered to receive the following incentives:
| POINT TOTAL RANGE | ECONOMIC DEVELOPMENT GRANT EQUIVALENT TO: |
|---|---|
| New Industry 8.0 to 12.0 points | • 75% Two years ad valorem tax** • 50% Two years tangible business personal property tax |
| New Industry 13.0 points or higher | • 75% Four years ad valorem taxes** • 50% Four years tangible business personal property tax |
| Community Benefit: An Applicant that constructs, purchases, or makes monetary contribution for a designated project (i.e. infrastructure improvements, capital and/or monetary investments for public facilities) for community benefit may be considered for a grant up to 100% of ad valorem tax incentive and up to 75% Tangible Personal taxes. ** Grants are provided for the general City portion of taxes paid on the increase in improvement value added to the tax rolls. Primarily, new construction projects are eligible for ad valorem tax incentives. Capital improvements made to existing buildings may also be considered for a qualifying project. | |
| PROJECT CRITERIA | DETAILS | POINTS |
|---|---|---|
| FACILITY SIZE a. Points are provided based on the construction of new facility square footage. | • 10,000 to 25,000 Sq. Ft. • 25,001 to 50,000 Sq. Ft. • 50,001 to 100,000 Sq. Ft. • 100,001 + Sq. Ft. | 1.0 2.0 3.0 4.0 |
| FACILITY TYPE b. Points are provided based on the use of the facility. | • Office or Industrial/Manufacturing | 2.0 |
| OWNERSHIP TIMEFRAME c. Land owner has owned the vacant parcel for a minimum of 5 years. | 1.0 | |
| LOCATION d. Location within an underutilized business zone or CRA or Employment Center. | 2.0 | |
PROXIMITY TO UTILITIES a. 1/4 of miles or less b. 1/2 of mile c. 1 mile |
5.0 2.5 1.0 |
Financial incentives derived through the accumulation of points based on Paragraph 2 above will be considered to receive the following incentives:
| POINT TOTAL RANGE | ECONOMIC DEVELOPMENT GRANT EQUIVALENT TO: |
|---|---|
| Speculative Space 5.0 to 8.9 points | • 75% Two years ad valorem tax** |
| Speculative Space 9.0 points or higher | • 75% Four years ad valorem taxes** |
| Additional benefits | • Qualifying project is also eligible for expedited permitting. |
| ** Grants are provided for the general City portion of taxes paid on the increase in improvement value added to the tax rolls. Primarily, new construction projects are eligible for ad valorem tax incentives. Capital improvements made to existing buildings may also be considered for a qualifying project. | |
For Further information on these programs you may contact Alvin Jackson City Manager (386)986-6004.