Business Incentives

Program Summary

The Economic Development Transportation Fund, commonly referred to as the “Road Fund,” is an incentive tool designed to alleviate transportation problems that adversely impact a specific company’s location or expansion decision. The elimination of the problem must serve as an inducement for a specific company’s location, retention, or expansion project in Florida and create or retain job opportunities for Floridians.

Eligibility

Eligible projects are those that facilitate economic development by eradicating location-specific transportation problems (e.g., access roads, signalization, road widening, etc.) on behalf of a specific eligible company (e.g., manufacturing, corporate/regional headquarters, and certain other multi-state business services). Up to $2,000,000 may be provided to a local government to implement the improvements. The actual amount funded is based on the cost of the necessary improvements and is limited to $5,000 per job created and/or retained. A waiver of the per-job limit may be granted if the project is located in an area experiencing severe economic distress.

Application Process

• The unit of government who will own and be responsible for maintenance of the transportation improvement must apply to Enterprise Florida and have approval of funds for its transportation project PRIOR to the final decision of the company on whose behalf the application was made.
• In order for the application to be considered, that company must estimate and disclose:
  • The capital investment it intends to make in the facility;
  • The number of permanent full-time jobs to be created and/or retained at the facility; and,
  • The average hourly wage, excluding benefits, for the new and/or retained permanent full-time jobs.
• Enterprise Florida staff will work closely with the community and the company to ensure the needs of the company are met and the application accurately reflects the transportation problem.

Approval Process

• Upon receipt of an application, Enterprise Florida staff will determine whether it is complete and meets program requirements. Eligible projects will be presented to OTTED for funding consideration.
• Funding recommendations are based on:
  • The amount of funds requested;
  • The number of permanent full-time jobs created and/or retained;
  • The economic and demographic conditions of the community; and,
  • The degree of inducement for the project’s location/expansion/retention decision.

Requesting Funds Process

• AFTER the company, on whose behalf the application was made, has begun construction of its facility AND the local government has submitted necessary documentation, a request for funds may be submitted to OTTED.

Statutory Reference: Section 288.063, Florida Statutes