Celebrating Growth, Opportunity and a Stronger Future
Congratulations to the Business Development Board of Martin County for 35 years of strengthening our local economy.
Martin County is fortunate for the work of this organization, which I believe will prove particularly critical in the years ahead.
Passage of Amendment 3 on property tax reform was a strong message from voters in Martin County and across Florida that local governments are expected to significantly reduce spending. As we work toward implementing the legislation—which is projected to result in estimated reductions of $42 million in the first year and $75 million in year two—my commission colleagues and I will face some tough decisions.
The exercise will also underscore an issue we were previously able to take for granted—the lack of diversification in county revenue. The vast majority of county funding—more than 70 percent—is derived from residential taxes. Our revenue from industrial taxes amounts to only 4 percent.
The BDB exists to help correct this by generating new streams of nonresidential ad valorem tax revenue. This supports our community’s slow-growth sensibilities, diversifies our taxbase and reduces our reliance on residential property taxes—something that passage of Amendment 3 now clearly requires of us.
For nearly two years, I’ve had the privilege of serving as the designated liaison for the Martin County Commission to the BDB’s board of directors. I’m greatly impressed with the caliber of its board members and dedication of its staff.
This year alone, the BDB added to Martin County two new marine manufacturers, Catch Boatworks and Weedoo Boats. It also helped attract Hanwha Power, a global player in developing eco-friendly power generation systems that earlier this year opened a 180,000 square foot facility in Stuart.
In recent years, the BDB’s helped IM Group, a leading European paint coating company, establish its North American headquarters in Jensen Beach, and assisted Ikonick USA, an ammunition manufacturer that’s invested tens of millions of dollars in facilities in Stuart and Indiantown.
Not only do these manufacturers make capital investments in Martin County, they also pay Tangible Personal Property Tax on their machinery—another source of revenue that’s not related to residential property taxes.
Even more than attracting new businesses, the BDB also provides free services to existing businesses, helping them with site selection, project advocacy, workforce development assistance, and more.
Through its Pulse visits with local businesses, the BDB seeks solutions to the challenges many companies face. One example is the Martin Loan Fund, which the BDB created to help connect small to medium-sized businesses struggling to access capital with an institution that excels in securing low-interest loans. The BDB even serves as the intake point for the Martin County Industrial Development Authority, which provides financing options to qualified projects.
Finally, the BDB helps market the fact that Martin County is a great place to do business.
Martin County is indeed a great place to do business, but it’s also an amazing place to call home with a quality of life we all love and cherish. And a stronger, more diversified economy—which still honors the Martin County Difference—is a major contributing factor to protecting our little corner of paradise.