PROGRAM OVERVIEW

Sarasota Enterprise Zone
An Enterprise Zone is a specific geographic area targeted for economic revitalizing. Enterprise Zones encourage economic growth and investment in distressed areas by offering tax advantages and incentives to businesses locating within the zone boundaries. The Florida Enterprise Zone Program offers new or expanding businesses corporate and sales tax credits for hiring residents of the zones, and purchase of building materials and business equipment for use in the zone. The Sarasota Enterprise Zone also offers a state and municipal sales tax exemption on electrical energy. In addition to the state Enterprise Zone incentives, Sarasota County waives impact fees on all properties subject to fees. The program is in effect through December 31, 2015. www.floridaenterprisezones.com

Newtown CRA
The Community Redevelopment Agency (CRA) is a dependent taxing district established by City government for the purpose of carrying out redevelopment activities that include reducing or eliminating blight, improving the tax base, and encouraging public and private investments in the CRA. The City Commission is the official Community Redevelopment Agency. CRAs are created to assist local municipalities in pursuing redevelopment in targeted areas that are characterized by blight and disinvestment. By establishing a CRA, local governments are given a financial and planning mechanism by which to redevelop areas where private market forces aren’t working.
sarasotagov.com/Newtown/CRA.html

Newtown Front Porch Community
The Front Porch Florida Initiative was created in 1999 as a means to rebuild distressed communities. Front Porch Florida takes up this challenge to revitalize underserved communities that are dedicated to positive cooperation and communication to make their community a better place to live, work, and play. The Sarasota Newtown community was designated a Front Porch Initiative in 2002. www.newtownfrontporch.org

HUBZone
A HUBZone is a United States Small Business Administration (SBA) program for small companies that operate and employ people in Historically Underutilized Business Zones (HUBZones). The program was created in response to the HUBZone Empowerment Act created by the US Congress in 1998. The agencies of the U.S. federal government are required by the HUBZone Empowerment Act to contract with HUBZone certified small businesses for more than 3% of their budget in the form of prime contracts to HUBZone firms. www.sba.gov/hubzone

For more information concerning specific details of the programs please Dru Jones, at 941.365.2200 or email dru.jones@sarasotagov.com.