FAQ’s
How can the EDC of Sarasota County help my business?
Think of us as your concierge to growing your business in Sarasota County. As a mission-driven nonprofit, we are dedicated to diversifying the economy of Sarasota County. To do that, our team is ready to help you land or expand here. We help you reduce the time, cost and uncertainty of growing your business in Sarasota County. No ask is too big or too small, whether you getting ready to rezone your property, or you need help with permitting, maybe you are are looking for economic data or something else… just contact us!
What does the EDC of Sarasota County do?
The Economic Development Corporation of Sarasota County is a team of engaged public and private leaders committed to being the catalyst for a sustainable, globally competitive, and vibrant economy. We work to diversify the economy of Sarasota County, making it more resilient and stronger. We are committed to helping our target industries thrive and expand in Sarasota County. We also assist and attract business organizations who are looking to relocate or expand their operations in a community that they can thrive in.
What are EDC’s target industries?
Sarasota County’s targeted Industries include:
- Technology
- Financial & Professional Services
- Corporate Headquarters
- Life Sciences
- Film & Creative Industries
- Manufacturing & Logistics
Is my business eligible for Sarasota County’s incentive programs?
Incentive programs require an application to the governing bodies. The EDC can help you determine what programs you may be eligible for and apply.
1) Ad Valorem Tax Exemption Eligibility:
- Create 10 new full-time jobs during the first two years of the Exemption.
- An annual average wage for the new full-time jobs of at least 115% of the Metropolitan Statistical Area (“MSA”) for every year of the exemption period, based on the State of Florida Incentive Wage Requirements.
- A capital investment in the Sarasota County facility of at least One Million Dollars ($1,000,000) during the first two years of the Exemption.
- The business must meet the definition of a New Business or of an Expansion of an Existing Business as defined in Article XI of Chapter 38 of the Sarasota County Code (the “Code”):
- New Business
- A business establishing ten (10) or more fulltime jobs in the County/City which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
- A business establishing twenty-five (25) or more fulltime jobs in the County/City, the sales factor for which the facility with respect to which it requests an economic development ad valorem tax exemption, is less than fifty (50%) percent inside the Metropolitan Statistical Area (City of Sarasota, City of Venice and Sarasota County applicants) [inside the State – City of North Port applicants] for each year the exemption is claimed; or
- An office space in the County/City leased or owned and used by a corporation newly domiciled in the County/City; provided such office space houses fifty (50) or more fulltime employees of such corporation; provided that such business or office first begins operation on a site clearly separate from any other commercial or industrial operation owned by the same business
- “Expansion of an existing business”
- A business establishing ten (10) or more fulltime jobs in the County/City which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
- A business establishing twenty-five (25) or more fulltime jobs in the County (City), the Sales Factor for which the facility with respect to which it requests an economic development ad valorem tax exemption, is less than fifty (50%) percent inside the Metropolitan Statistical Area (City of Sarasota, City of Venice and Sarasota County applicants) [inside the State – City of North Port applicants] for each year the exemption is claimed; provided that such business increases operations on a site co-located with a commercial or industrial operation owned by the same business, resulting in a net increase in employment of not less than ten (10%) percent or an increase in productive output of not less than ten (10%) percent.
- Other eligibilities may be required
- Approval is at sole discretion of the governing bodies.
2) Mobility Fee Mitigation Eligibility:
- A project that qualifies as Public Service Construction or is located within a Designated Mitigation Area.
- The project must fall within the industries identified by Enterprise Florida or Sarasota County Resolution as Qualified Targeted Industries.
- Project must create a minimum of 10 new jobs having an average wage equal to or exceeding the average annual wage of the MSA, based on the U.S. Bureau of Statistics Occupational Employment and Wage Statistics.
- Application must be submitted no sooner than 60 days prior to Certification of Occupancy (CO) and no later than 60 days after issuance of the CO.
- Other eligibilities may be required
- Approval is at sole discretion of the governing bodies
3) Rapid (SMART) Permitting Eligibility
- Expedited review process as a means to reduce costs associated with Economic Development projects in Sarasota County.
- Priority processing for site and development is 10 working days and building permits is 20 working days.
- The company must be exported-oriented as identified by the Sarasota County Economic Development Plan.
- The business must have an average company wage that equals or exceeds the Annual Average Wage for all private industries in Sarasota County.
- If the company is relocating to Sarasota County, then at least ten (10) new jobs must be created.
- The company must have a demonstrated critical timing need that would jeopardize the project if expedited processing is not utilized.
- Project must be in unincorporated Sarasota County.
- Other eligibilities may be required
Where can I get more information about small business financing and grants?
The Florida Small Business Development Center (SBDC) at University of South Florida assists existing and emerging businesses in Sarasota County, through no-cost confidential business consulting, information, and low-cost training. The consultant’s expertise focuses on areas that are vital to owning and operating a successful business, including: strategic market research, market expansion and revenue growth, business and strategic plan development, access to capital and loan packaging assistance, financial analysis and assessment, accounting systems and financial literacy, feasibility analysis and start-up assistance, disaster preparedness and cybersecurity. Here is the link to request a consultation: https://sbdctampabay.com/schedule-consultant/
