Building a Stronger Economy with the Right Tools
Of course, it’s all relative. Sure, I’ll try my hand at hanging a ceiling fan or changing the garbage disposal. But if a real electrical or plumbing issue arises, I’m calling in the experts because some jobs require actual knowhow, and the right—if not the latest—tools.
The same is true with the business of economic development. The right economic tools equip us to better assist existing and new businesses and accomplish our objectives of strengthening Martin County’s economy by attracting capital investment, stimulating job creation and diversifying the tax base.
Although not yet officially adopted, the recently refined Martin County Economic Toolkit consists of five key initiatives. Each one is informed by experienced economic-development professionals, shaped by insights derived from our Pulse meetings with local businesses and—most importantly—tailored to reflect the values of our community.
Each element in the toolkit was crafted to support resilient, higher-paying industries that align with Martin County’s strategic economic goals. By helping support industries such as advanced manufacturing, additive manufacturing (which incorporate 3D printing technologies to create specialized industrial components) and energy-efficient innovations that produce sustainable building materials, we can make our job base more resilient and attractive to future employees.
Further, by diversifying the taxbase with more industrial and commercial contributors, the pressure on homeowners is eased. Elements include:
- Opportunity Fund offers grants—in the form of reimbursements—to businesses that undertake large-scale projects in targeted industries that are primed to make significant and lasting positive impacts on the county’s economic landscape.
- Local Closing Fund provides financial assistance, again, in the form of reimbursements, to cover funding gaps during the key phases of critical projects that will positively impact the ad valorem taxbase, drive job creation and support infrastructure development.
- Expedited Permitting aims to accelerate the approval process for eligible projects in key targeted industries that contribute to the county’s strategic economic goals.
- Training and Workforce Grants provide financial support, also in the form of reimbursements, for professional development of employees.
- Industrial Development Authority Bonds offers tax-exempt, lower-cost financing for large-scale projects making major capital investments.
- Ad Valorem Exemption Program is a voter-authorized program (re-approved countywide in 2020 by voters for a 10-year period) that enables companies in targeted industries that create 10 or more jobs at above-average wages to apply for tax relief. The exemptions apply only to improvements to real property and tangible personal property and shall be considered on a case-by-case basis, ensuring that each application aligns with the county’s established economic development goals.
Eligible companies must be “Martin-sized” at fewer than 500 employees and commit to sizeable capital investments. The positive local benefits must be measurable.
Although not onerous, the application process and compliance and reporting requirements associated with each initiative are extensive. There are even clawback provisions to protect taxpayers.
Such safeguards provide overall balance and assurance to both the business community and the community at large. Afterall, the task of fortifying the local economy for the future—while protecting our quality of life—is too important to undertake without experience, knowledge and the proper tools.
Learn more about how the Business Development Board of Martin County supports local businesses at www.BDBMC.org
