SeminoleWAY Hi-Tech Corridor & Oviedo SEED Incentives
SeminoleWayClick to enlarge
Orlando SEED AreaClick to enlarge
Business Incentives: Available Programs & Services
The City of Oviedo provides access to a range of State, County and City incentive programs for qualifying industries and companies that seek to relocate or expand within the City. Targeted industries for the City of Oviedo include: Finance, Insurance, Professional, Scientific and Technical services. Specific incentive programs are detailed below.
CITY OF OVIEDO INCENTIVES
Oviedo Impact Fee Assistance Program
City provides impact fee assistance to qualifying businesses based on eligible land uses and available funds.
Oviedo Jobs Growth Incentive (JGI) Program
City provides up-front, performance-based, cash incentives to qualifying targeted industries that create high-value job opportunities and create significant capital investment in the City.
Oviedo Permit Assistance and Expedited Permitting
City provides permit assistance and expedited permitting to targeted industries and companies seeking to expand or relocate within the City.
Oviedo Incentive Partnering
The City of Oviedo has established partnerships with Seminole County and the State of Florida and will participate with County and State incentive programs (local matches, etc.) on a case-by-case basis.
SeminoleWAY (www.seminoleWAY.com)
SeminoleWAY which passes through Oviedo’s Gateway District is the high-tech corridor along SR-417. This area has been targeted by Seminole County, the cities of Oviedo, Lake Mary, Sanford, and Winter Springs for development of technology-oriented companies that will benefit from the close proximity to Orange County’s new “Medical City” at Lake Nona, the Orlando and Orlando-Sanford International Airports, the University of Central Florida, Seminole State College and the Kennedy Space Center. The City of Oviedo is willing to develop tailor made incentive packages and assistance programs for technology-oriented companies and targeted industries seeking
to locate or expand in this area.
The Oviedo SEED Area
(Seminole Economic Enhancement District) encompasses Oviedo’s targeted development areas and sites. Sites located within the Oviedo SEED area may be eligible to
receive State, Federal and Local incentives.
These incentives include:
- Tax Refund
- Businesses creating new jobs in a SEED area are eligible for tax refunds of up to $2,500 per new job created
- Refunds apply to taxes paid by the business including corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.
- Loan Guarantee Program
- 50% loan guarantee on site rehabilitation and development
- 75% for affordable housing
- Sales/use tax exemption on building materials
Applicable to any property within a designated brownfield area provided eligibility criteria for each incentive are met
- Voluntary Site Clean up Tax Refund
- Applies to Florida Corporate Income Tax
- Maximum Refunds up to $500,000
Participants may be private or public entities, but they must meet the eligibility criteria established under Sections 376.3078, 376.30781, and 376.82, F.S, as applicable, and they must enter into either a Voluntary Cleanup Agreement, for dry cleaning solvent cleanup, or a Brownfield Site Rehabilitation Agreement.
The utilization of combined SEED incentives and technology oriented and targeted industry incentive packages can give your company significant economic advantages over the competition, making Oviedo the right choice for taking your company to the next level!
For additional information regarding SEED incentives or specialized incentive packages for technology oriented companies and targeted industries contact Bryan Cobb at (407) 971-5750.
STATE OF FLORIDA INCENTIVES
Qualified Target Industry (QTI) Tax Refund Program
Requires local match. Incentive available for companies that create high wage jobs in targeted high value-added industries. This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.
Quick Response Training (QRT) Program
A customer-driven training program designed to assist new value-added businesses and provide existing Florida businesses the necessary training for expansion.
Incumbent Worker Training (IWT) Program
Program that provides training to currently employed workers.
Economic Development Transportation Fund (Road Fund)
Otherwise known as the “Road Fund,” offers up to $2 million in grants, through the State of Florida, to alleviate transportation challenges that impact the location or expansion of headquarter operations or manufacturing/recycling facilities. The correction of the challenge must serve as an inducement for the company’s location, retention or expansion in Florida and create or retain job opportunities.
High Impact Business Performance Incentive Grant
Negotiated grant used to attract and grow major high impact facilities. The project must operate within designated high-impact portions of the following sector: biomedical technology, financial services, silicon technology, and transportation equipment manufacturing; create at least 100 new full-time equivalent jobs in Florida in a three-year period; and make a cumulative investment in the State of at least $100 million in a three-year period.
Capital Investment Tax Credit
An annual credit against the Florida Corporate Income Tax for up to 20 years. Eligible projects are in designated, high-impact sectors and create at least 100 jobs and invests at least $25 million in eligible capital costs. High-impact sectors include: silicon technology, biotechnology, bio certain transportation equipment manufacturing or certain information technology facilities. Eligible capital costs include expenses incurred in the acquisition, construction, installation and equipping of a project from construction to operation.
Expedited Permitting Assistance/Streamlining Process
Permit-streamlining is achieved through a commitment among the State’s regulatory agencies and local governments to provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
Qualified Defense Contractor Tax Refund
Pre-approved projects
Sales Tax Electricity Exemption
Allows for sales tax exemptions on electricity and boiler fuels used to operate machinery and equipment for manufacturing, pollution control equipment, recycling equipment, maintenance equipment or monitoring/control equipment.
Aviation Industry Tax Exemptions
These industry tax exemptions include the maintenance or repair of aircraft, equipment used in aircraft maintenance or repair, and fixed wing aircraft sales or leases. For more information contact: Florida Department of Revenue, Tax Information Services (805) 488-6800.
Space Industry Tax Exemptions
Semiconductor, defense and space technology facilities exemption of sales and uses taxes that would otherwise be paid by the qualifying business on machinery and equipment used in production and research and development. Certified businesses may also elect to designate one or more State universities to receive up to 100% of the amount of the qualifying exemption. In return the university must match the funds equally and provide research and development projects for the certified business.
Additional State Incentives
No State personal income tax; no State-level ad valorem tax; no inventory tax; exemptions from sales tax on manufacturing machinery and equipment used in production; sales and use tax exemptions for research and development costs; sales tax exemptions for the motion picture, television and recording industries; and International transactions exempted from documentary stamp tax and international banking transactions from intangible tax.
