Large scale improvements are on the horizon for Port Manatee, as a Florida county last week created a special taxing district to support infrastructure and capital improvement projects to attract new business.
The Manatee County Board of County Commissioners established the Port Manatee Improvement District Nov. 17th. The “tax-increment-finance” district provides nearly 5,000 acres adjacent to Port Manatee with enhanced development initiatives.
The TIF district enables the county to reinvest specified revenue collected in the zone to fund future port-related economic development activities such as infrastructure and capital improvement projects to attract new business.
“As of this week, we're a new port,” said Manatee County Port Authority member Joe McClash. “The TIF is an enormous milestone.”
The TIF district is designed to attract business to the Port Manatee Encouragement Zone, acres of privately owned developable land just outside the port's front gate. The encouragement zone offers incentives to shippers and developers seeking sites for distribution centers, warehouses and related facilities. The incentives include:
DRI Exemption (extension of Florida seaports' Developments of Regional Impact exemption — eliminating the often years-long process)
Impact Fee Reductions
Expedited Permit Approvals
Expedited Rezoning Options
Extension of Foreign Trade Zone No. 169
Contact Thomas L. Gallagher at firstname.lastname@example.org.