CHARLOTTE COUNTY INDUSTRIAL      
              DEVELOPMENT AUTHORITY

    

 
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CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY

Low interest financing opportunities for Charlotte County businesses

Overview
The Federal government has made $12 million in tax-exempt financing available to Charlotte County businesses through Recovery Zone Facility Bonds (RZFBs).  The purpose of these bonds is to provide tax-exempt, low interest financing to businesses that would normally not qualify for tax-exempt debt.  This conduit financing program has been implemented by the Charlotte County Industrial Development Authority (IDA) to promote growth and economic development in the County, per Charlotte County Ordinance #2009-039.


Who Qualifies?
If a business qualifies for regular bank financing, there is a good chance it will qualify for a tax-exempt bond under this program.  A qualified business includes any trade or business except for residential rental facilities, golf courses, country clubs, massage parlors, hot tub facilities, suntan facilities, race tracks or other gambling facilities or any store of which the principal business is the sale of alcoholic beverages for consumption off property.


What Types of Projects are Eligible?
Generally, RZFBs can be utilized for capital improvements to an existing facility or construction of a new facility within Charlotte County.  Specifically, RZFBs may be issued for any depreciable property (e.g. not land) that:

        (1) Is in Charlotte County
        (2) Is in the conduct of a qualified business
        (3) Was constructed, reconstructed, renovated or acquired on or after
                  September 8, 2009

Review of eligible projects may include (but is not limited to) consideration of the following criteria:

  • Type of industry
  • Number of current or projected employees
  • Average wage of employee
  • Capital investment
  • Average job growth
  • Financial stability
  • New product development
  • Growth of sales
  • Percentage of product or service exported out of Charlotte County
  • Results of an economic impact study
  • Sustainability
  • Commitment to local procurement and local hiring
  • National or state recognition
  • Regional impact
  • Amount of debt to be issued
  • Any other activity or factor proposed by the applicant that can be demonstrated in a satisfactory fashion to the Board to promote economic development within the County.


How to Apply
Applications are currently being accepted for projects requesting at least $1,000,000 in financing.  Completed applications will be reviewed and analyzed by the IDA utilizing (but not limited to) the eligibility criteria above.  The IDA will present feasible applications to the Charlotte County Board of County Commissioners for ultimate approval.

Additional guidance on the program as well as application instructions are in the application package.  It is highly recommended that the instructions to filling out the form be read beforehand.


**Time is of the essence.  Applications are now being accepted and processed on a first come, first serve basis until the $12 M allocation has been exhausted or through September 30, 2010, whichever happens first. **


Costs
An application fee of $1,500 for bond applications up to $5,000,000 and $2,500 for applications over $5,000,000 is required at time of submission.  The application fee is non-refundable.

Additional financing fees apply at time of bond issuance.


Questions
Questions about the program, including inquiries about what types of projects are eligible can be submitted to FloridaEDO@CharlotteFL.com.

*RZFBs issued by the County or IDA do not constitute a debt, liability, or obligation of the County, IDA, any municipality, or the State of Florida, and bondholders shall never have the power to compel the exercise of ad valorem taxation for their payment.
 

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