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Economic Development Office
Lee County in Southwest Florida is truly fortunate to have a community-wide effort
in promoting economic development. The Economic Development Office is a Lee County
government department that works to bring new companies to the area and help existing
businesses grow and expand. The EDO staff provides support to the
Horizon Council, Horizon Foundation, and Industrial Development Authority.
Economic Development Office Services
The EDO's staff of economic development professionals provides an array of in-depth
services for local, domestic and international businesses seeking assistance with
relocation or expansion. These services are provided to our clients free of charge
and on a confidential basis.
Site Selection Assistance
Working closely with area landowners, developers and brokers, the EDO maintains
a database of available manufacturing, warehouse and office buildings, industrial
and office parks, and freestanding sites.
Demographic and Statistical Information
The EDO's research staff provides economic information on Lee County and southwest
Florida on such topics as demographics, utilities, taxes, education, labor availability,
labor costs and support services. Customized research, based on a company's specific
needs, can also be provided.
Business Meetings
Many business people find talking to representatives of local companies in a similar
industry is beneficial in the site selection process. The EDO arranges such meetings
to help clients gauge the compatibility of their businesses within the marketplace.
Additionally, the EDO can arrange meetings with local, state and federal agencies
to discuss permitting, zoning, utilities and other important issues.
Employee Training and Recruiting
The EDO acts as a liaison between new and expanding businesses and local education
and training providers. The EDO also works with the Workforce Council of Southwest
Florida and Job Services of Florida to develop customized employee training and
employment programs. Additionally, the EDO can assist with obtaining state grants
for training.
Community Tours
The EDO can introduce Lee County to its clients and highlight the area's business
sites and facilities, housing, schools, cultural programs and quality of life. Individualized
programs for assistance in relocating key employees to the area are also offered.
Financial Assistance
Working with state and local agencies, the EDO can provide information on such funding
sources as the Small Business Administration, Industrial Revenue Bonds, and Enterprise Bonds. The EDO will also arrange meetings
with the local financial institutions to discuss financing options.
Enterprise Bonds
Enterprise Bonds are pooled, tax-exempt Industrial Development Bonds (IDRBs) which
provide a cost-effective means for manufacturers and processors to access public
bond markets, particularly for smaller projects that often have limited access to
the bond market. The minimum bond size is $500,000, and the maximum bond size is
$2.5 million per borrower. Fixed interest rates are subject to market conditions
at the time of bond sale, but tax-exempt rates have historically been well below
prime. Financing for individual borrowers is grouped together into a single bond
issue. The pooling of loans spreads costs of issuance over many smaller borrowers
that would otherwise find it uneconomical to seek tax-exempt financing. Bonds are
credit enhanced through a unique public/private risk sharing structure.
The Florida Development Finance Corporation of Enterprise Florida, Inc. serves as
the initial entry point into the IDRB application process. Information and bond
application for an IDRB applicant are available through the Economic Development
Office.
Industrial Development Revenue Bonds
Industrial Development Revenue Bonds (IDRBs) provide a source of long-term, below
market-rate financing of capital requirements for new and expanding manufacturing
facilities. The recommended minimum bond size is $3.0 million, and the maximum bond
size is $10 million per borrower. The principal and interest on the loan are paid
solely by the borrower. Because the interest for IDRBs is exempt from federal income
tax, the interest rate on this type of financing is generally lower than conventional
debt financing. Proceeds from the IDRB may be used to finance fixed assets and qualified
costs associated with the bond-financed projects.
The Lee County Industrial Development Authority serves as the initial entry point
into the Industrial Development Bond application process. A brochure providing further
details on the application process and the information required of an IDRB applicant
are available upon request.
Let us know how we can help you!