New Economic Incentives Proposed

The Office of Business Development has drafted an amended economic development incentive ordinance that targets several new kinds of industry for Hernando County and sweetens a company's bottom line if it brings in higher-paying wages.
The amended ordinance, to be formally presented at the Oct. 21 county commission meeting, would provide a cash grant to certain targeted industries that create jobs here. Those cash grants would be performance-based and paid out to the company over a four- or five-year period.
For example: A business would receive up to $2,000 per new job that pays at or above 100 percent of the average annual county wage, which currently is $27,650, or $13.29 an hour).
The company would get up to $3,000 per new job if it pays at or above 115 percent of the average annual county wage, or $31,798 ($15.29 an hour).
If a business locates in the Brooksville-Hernando Enterprise Zone, it would get up to $3,000 per new job if the wage is above 100 percent of the average wage
The amended ordinance also updates the "targeted list of industries" the county is trying to attract to bring in higher-paying jobs.
They include jobs in the aviation and aerospace industry (including aircraft manufacturing, maintenance, air freight and passenger charter services); green technologies and energy (solar energy, bio-fuels, water energy, fuel cells, hydrogen, energy conservation); research and development; and logistics, distribution and warehousing.
The new ordinance would also:
Allow the county airport director to provide land lease incentives to certain targeted aviation industries.
Make sure all performance and reporting standards are included in all incentive contracts.
Create a new Job Creation Incentive Program to attract industries seeking to lease an existing or speculative building.
At their Oct. 21 meeting, commissioners will be asked to consider other policy goals for water, sewer and road projects that further economic development in Hernando County.
County Commission Chairman Chris Kingsley said Monday he supports the amended ordinance.
Kingsley said the county's economic base must be diversified and the infrastructure in place to attract new industry.
It doesn't make sense, he said, for small business owners to be seeing a 30 percent increase in their tax evaluations in this repressed economic climate.
Commissioner Rose Rocco pressed for a meeting after listening to business owners who recently gathered at the Palace Grand in Spring Hill to air their concerns about high taxes and lack of incentives.
Rocco said small business is the lifeblood of the economy in Hernando County and more must be done to assist them and, at the same time, offer incentives to those who want to relocate here.
Henry Fishkind, an economist with Fishkind & Associates, recently urged county commissioners to diversify its tax base and continue its capital improvements plan to stimulate growth and jobs. He also encouraged public-private partnerships to help fund some of those capital projects.