Sarasota, FL: The City of Sarasota and Sarasota County will consider a joint resolution to apply with the State of Florida to expand the boundary of the current Enterprise Zone in North Sarasota. The resolution will be discussed during the regular meeting of the City Commission Mon., September 21, 2009 at 6pm at City Hall, 1565 First Street. The resolution also will be discussed by the Sarasota County Board of Commissioners, Wed., October 14, 2009 at 9:30am at the County Administration Center, 1660 Ringling Blvd.
Anticipating that an the expansion could stimulate economic development and job creation, the Sarasota Enterprise Zone Development Agency Advisory Board recommended unanimously in April 2009 to broaden the Enterprise Zone to include commercial properties on the east and west sides of N. Tamiami Trail. If approved by the City and County, a joint application would be submitted to the State of Florida for consideration.
Earlier this year, the City and County approved expanding the Enterprise Zone to the north of the Dr. Martin Luther King Jr. Way corridor. The two expansion proposals would be submitted to the State as one request. State approval is based upon poverty levels and unemployment within the requested area and the need for economic development.
The Enterprise Zone program, administered by the Florida Office of Tourism, Trade and Economic Development, offers incentives for economic development within a designated zone. Properties located within that zone may qualify for financial incentives including: tax credits for employing residents of the zone; state sales tax refunds and sales tax exemptions on electricity. Economic development can include building a new structure; renovation; creating jobs; as well as purchasing machinery and equipment. Sarasota County also waives all County impact fees on properties located within the zone.
The Sarasota Enterprise Zone was approved by the State of Florida in 2002. In total, the Enterprise Zone is less than two miles, with much of it in the Newtown community. The boundaries begin approximately 1.5 miles north of downtown Sarasota, roughly described as beginning at the intersection of N. Tamiami Trail and 10th Street, north to Myrtle Street, east to the Seminole Gulf Railway, south to 10th Street, and west to N. Tamiami Trail.
For more information, please contact:
Jan
Thornburg, Public Information Officer (941) 954-2613
jan.thornburg@sarasotagov.com
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