How the Business Development Board benefits taxpayers

At the Business Development Board of Martin County, we not only love what we do but we also love telling others about what we do. Still, we’re mindful of the fact that when it comes to the world of economic development, many people have vague or even inaccurate ideas about what’s involved.

For existing and expanding businesses, the BDB helps save vital time and energy. For residents, the BDB helps generate nonresidential ad valorem tax revenue. For example, tax revenues from properties and businesses that are commercial in nature—such as industrial buildings—provide nonresidential tax revenue. That can help reduce the need for property tax increases on local residents, which may play a vital role in the months ahead with property tax elimination likely on the November ballot.

First, let’s start with what the BDB does NOT do:

• We do NOT host regular networking events or sessions like the chambers of commerce.
• We do NOT offer courses dedicated to credentialing or continued education like professional associations.
• We do NOT consistently shape the economic policies of local governments.

Martin County is home to five strong and diverse chambers of commerce, several professional associations and the Economic Council, which excel at such services and more. We partner with them in our shared commitment to strengthening our local economy and play a complementary role to their efforts.

The BDB does:

• Focus on helping existing business, above all else
• Support commercial development and sustained job creation
• Promote Martin County as an ideal place to do business, especially in our legacy and growing industries of marine, aviation and advanced manufacturing
• Help businesses grow, expand and stay in Martin County (connecting owners and entrepreneurs to resources, e.g. capital/technical assistance, permitting process, etc.)
• Help attract companies to the county from outside the area (as we’re the primary point of contact and liaison for business attraction leads from such partners as Florida Department of Commerce, FPL’s Economic Development team and site-selection consultants)
• Provide key services such as site selection, project advocacy, navigating the approval process, availing essential resources, brokering introductions and more.
• Enhance the business climate. This includes conducting in-person visits with local businesses to learn about their operations and create solutions for their pain points.
• Administer the Martin Loan Fund. These visits helped us realize that many local businesses struggle with accessing the necessary capital to grow. So, we partnered with local lender Inclusifi to help small businesses and entrepreneurs secure loans with better, more flexible terms than offered at traditional banking institutions.
• Serve as secretary and liaison for the Martin County Industrial Development Authority, which offers low-interest, tax-exempt loans to qualified projects.

Recently, we’ve assisted in Hinckley Yacht Services’ expansion as well as Power Systems Manufacturing’s return to Martin County with its 180,000-square-foot facility. We also helped a Weedoo Boats, Choice Waste of Florida and Catch Boatworks—to name a few.

Such additions matter to local taxpayers and could soon mean a lot more. When businesses make capital improvements and invest in equipment here, the county’s overall taxable value increases and its revenue is diversified.

As the Legislature is advancing toward a statewide referendum in November to eliminate property taxes, the BDB’s role helping retain and attract expanding businesses—and therefore, helping replace potentially loss revenue—will grow even more critical to maintaining our local levels of service.

Learn more about how the Business Development Board of Martin County supports local businesses at www.BDBMC.org