Tag Archives: Business Incentive Catalog

Downtown Miami Business Incentive Catalog

Agency

Miami Downtown Development Authority

Services Provided

Incentive Catalog and Building Staff Capacity

Address

200 S. Biscayne Blvd, Suite 2929
Miami, FL 33131

Performance Period

2013

Downtown Miami Business Incentive Catalog

Overview

Kevin Crowder and Charita D. Allen utilized the BusinessFlare™ approach to Economic Development to develop an Incentive Catalog for the Miami Downtown Development Authority (DDA), targeted to the specific needs of businesses in the DDA boundaries. The purpose of this project was to compile information for DDA staff to learn about how each incentive program works, and to be able to quickly and accurately identify relevant incentives for
clients.

During the course of the project, 42 incentives/programs were identified that have significance to businesses that are located in, or are considering locating or investing in Downtown Miami. These incentives are provided by local, state, and federal governments, not-for-profits, foundations, and a variety of other organizations. The challenge for
businesses that want to access them is easily identifying which are applicable to their particular type of business and the type of activity or investment that they are undertaking.

Navigating these programs was previously time-consuming and frustrating, especially since a business will also be searching for tools which target their specific need. Some tools are for basic finance and some are more targeted such as tax increment financing and industrial development bonds. Some are investment tools that provide tax credits. Others are access to capital through low interest revolving loan funds or loan guarantees, and supportive tools which provide assistance with infrastructure or contamination.

In addition to the specific need of a business, the business will have to identify the tools for which they qualify: Is the incentive only available to certain targeted industries? Is the incentive only available in certain geographic areas, such as an Enterprise Zone or Redevelopment Area? Other incentives may be for new businesses, for expansion, and some for both, and may have other specific requirements. The development of the Incentive Catalog summarized the information and streamlined the process to benefit current and potential businesses.

Deliverables

  • A cohesive summary report on economic development incentives that are applicable to businesses within the Miami DDA’s boundaries, including a summary of any changes that the State Legislature made regarding incentive programs;
  • A database of internet links and contacts for each incentive program; weekly updates on the status of pending state legislation impacting incentives;
  • Proofed and edited text for both hardcopy documents and digital media, and keyword markets for each program to enable search by various criteria;
  • Most importantly, we developed an easy cross-reference matrix of incentives for use by DDA staff during prospect interaction.

Continuing services are provided to the Miami DDA on an as needed basis for assistance with information on incentive program guidelines, and on applicability and eligibility for prospective businesses. The RMA team members for this project have also been selected to provide the Miami DDA with research services for the period of 2013-2016.