1/12/10

Summary: Press release announcing Ocala Enterprise Zone designation

Detail:

OCALA’S ENTERPRISE ZONE TAKES EFFECT OCALA, Fla. (Dec. 22, 2009) – On Jan. 1, a new economic development tool will be available to provide development incentives in West Ocala and various industrial properties.

The City of Ocala has been notified that the Office of Tourism, Trade and Economic Development has approved the city’s first enterprise zone designation, which will remain in effect until Dec. 31, 2015.

An enterprise zone allows businesses and residents within its borders to take advantage of various financial incentives in order to spur development in the targeted area. "Given the current economy, we need to take advantage of every tool available to promote economic development," said Marc Mondell, director of the city’s Office of Long-Term Planning & Sustainability. "We have every reason to believe that businesses will take advantage of these incentives and relocate into the enterprise zone or expand existing operations." The Ocala Enterprise Zone is a five-square-mile area generally located in the western and northern section of the city. It primarily targets West Ocala, but also includes such areas as a section of Ocala International Airport property off SW 60th Ave., Meadowbrook Industrial Park off SW 20th Street, Ocala International Commerce Park off SR 40 and the Magna property off U.S. 27. The incentives include sales tax credits for job creation, corporate income tax credits, business equipment and building material sales tax refunds, and partial sales tax reductions for electrical energy. Gov. Charlie Crist came to Ocala in May to ceremonially sign a bill passed by the legislature that gives the city the ability to apply for the designation. "The project, in part, was the result of the ongoing partnership among the City of Ocala, Economic Development Corp. and Marion County," Mondell added. For additional information on how to take advantage of the enterprise zone, call the Ocala Office of Long-Term Planning & Sustainability at 629-8312, or ltps@ocalafl.org.