Economic Development Services Overview Economic Development implements the BOCC’s Economic Prosperity strategies through the implementation of programs that result in productive (business), inclusive (residents) and sustainable (environment/finances) growth and improvement. Major work program areas include: • Targeted Industry Development • Small Business and Entrepreneur Services (ECC) • Minority Business Development • Agribusiness $161MM Private Capital Investment • EDI2 (Tech Startups) $2MM in estimated new taxes • Competitive Sites and Redevelopment • Workforce Development • 40,046 Jobs and Job-Seekers Impacted Cultural Assets • Historic Preservation 22,668 Total Jobs Added • Tourism Development
Our ur Value t e to o Hillsbor boroug ough Coun County • Directly supported 2,686 new targeted industry opportunities through programs • $161MM in new private capital investment in job generating projects • 10 Competitive Sites projects underway or completed with 2.5MM SF of industrial and 270k SF of office space generating new ad valorem revenue • Economic Development Innovation Initiative (EDI2) – strengthening the tech startup ecosystem • Removing blight and reversing declining property values in our Redevelopment areas (University Area, North Airport Area, 56 th Street Area and Palm River Area) – “broken window theory” in action to deter crime and vandalism • Tourism Development – record breaking year for TDT collections - $35MM; increased TDT 6% for FY20; “Make It Tampa Bay” campaign to target business and workforce relocation • Inaugural cycle of the Cultural Assets - Special Events Partnership grants launched with 22 approved projects with private match of $4.7MM to the County’s investment of $673k • Workforce Training and Career Pathways – Manufacturing Alliance, youth internships and community-based trainings for skill building and advancement • Nearly 15,000 touch points and 2,705 consulting hours to entrepreneurs/small businesses • Disadvantaged Business Inclusion – more than $60MM spent with MBE/SBE firms, 18% goal attained • Historic Preservation maintaining the authentic character of the community – 15 projects approved, valued at 11.3MM in investment • Revitalizing industrial and commercial properties through private investment matching 2 grant program, increasing ad valorem revenue, $8.5MM in new projects
Su Succe cess St Stories es Jetview Logistics Center Redevelopment Maria Leon – Onyx Cleaning LLC • • North Airport No cost business consulting Redevelopment Area- provided by the FSBDC at Vacant for 10 years Hillsborough County made • County invested $368k Maria’s business concept a in a $8.6MM project reality • • Assessed value increased Working with the County in one year from team: • $3.7MM to $13.4MM Received contracts Before • Ad Valorem revenue totaling nearly $6MM • increased by $180k Created 30 full-time annually jobs and 10 part-time • Now home to six jobs in the last 3 years companies with nearly with a 90% retention Maria Leon (second from right), 100 jobs Janette Blanco, Hillsborough rate County SBDC Consultant (second • • Removed blighted Obtained a $24,000- from left) and some of Maria’s conditions business loan team • Certified MBE and SBE After 3
Key Su Sustainability & & Per erformance ce M Metrics cs • Small Business • 2019 provided 2,705 consulting hours to entrepreneurs (49% - existing established businesses and 51% - new businesses/pre-venture), 22 post- revenue, small business starts and had 37,151 technical assistance points of service at an average cost of $75.62 • 2019 impacted 2,686 job and workforce opportunities, and $161MM in new • Targeted industries private capital investment. Average cost of per unit was $979.40. Average wage of targeted industry projects receiving assistance $62,680 • Tourism Development • 2019 generated 6.1MM room nights and $35.4MM in TDT collections. Hotel occupancy rates averaged 74% and revenue per night was $90.71. Average cost of per unit was $0.07. 4
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