Municipalities often offer businesses incentives to condition the local business community and attract outside investment. This helps to maintain a healthy economy that fills the tax base, as well as to support municipal operating costs, public services, and public schools. Economic development in the village of Pinecrest is feasible in part due to the business opportunities that are currently available. The modern way to attract outside investors is to provide economic development opportunities to local business owners. Here are just a few of the many business incentives for economic development in the Village of Pinecrest.
1. Captive Insurance and Captive Reinsurance Domicile Laws
Captive Insurance and Captive Reinsurance laws protect local financial institutions, banks, and insurance companies from the risk associated with business entities outside the state. The laws also protect local financial institutions from competition if the business entities are domiciled outside the state. They also provide entities the opportunity to group their risks into one entity. This can be beneficial to businesses because it lowers the cost of insurance.
2. High-Impact Performance Incentive (HIPI) Grant Program
The State of Florida offers grants to attract investment that provide a high level of employment, economic impact, and cumulative value to a community. While the HIPI program is not unrestricted, it offers municipalities a reduction in sales tax and property tax to attract businesses that provide better employment opportunities and ultimately contribute more to the municipality’s tax base.
3. Brownfield Redevelopment Bonus Tax Refund Program
This grant program gives an incentive to business owners who want to invest in a brownfield property that has been abandoned or is underutilized. It provides financial incentives to businesses to encourage redevelopment of the site, which will contribute to the municipality’s tax base. To qualify for this refund for economic development in the village of Pinecrest, you must create at least 10 new jobs and invest a minimum of $2 million.
4. Florida Power and Light Economic Development Incentive Program
The state offers financial incentives to business owners who purchase energy-efficient equipment. It also provides funding to community organizations that supply educational programs that encourage energy efficiency. The incentives help promote the use of renewable energy, which can be beneficial in a village with a high percentage of ecologically and environmentally conscious residents.
For More Information on Economic Development in the Village of Pinecrest, Turn to EDC South Miami-Dade!
The State of Florida provides a variety of incentives to business owners to provide financial assistance to ensure that the local business community thrives. It encourages businesses to invest in the local economy, maintain and expand their operations, and provide more significant employment opportunities. Contact us today for more information about economic development in the village of Pinecrest.