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Sarasota, FL: The Enterprise Zone in North Sarasota has been
expanded
by the State of Florida, which could lead the way to more
economic development and jobs creation in the area. A total
of 91 commercial properties were added to the Enterprise Zone,
extending it by one-tenth of a mile. Commercial properties
on the east and west sides of N. Tamiami Trail are now included
in the Enterprise Zone as well as properties north of the
Dr. Martin Luther King Jr. Way corridor.
The Enterprise
Zone program, administered by the Florida Office of Tourism,
Trade and Economic Development, offers incentives for economic
development within a designated zone based upon poverty levels
and unemployment rates. Properties located within the Enterprise
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.
Both the City Commission and the Sarasota County Commission
agreed to the expansion earlier this year. The Sarasota Enterprise
Zone was approved by the State of Florida in 2002. In total,
the Enterprise Zone is 1.9 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
University Parkway, east to the Seminole Gulf Railway, south
to 10th Street, and west to N. Tamiami Trail.
To learn more about the Enterprise Zone
contact Dru Jones: 941-365-2200 ext. 3222.
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