Pinellas County is finally seeing some relief in these struggling times caused by the coronavirus (COVID-19) pandemic. Pinellas County’s Employment Site Program (ESP) has earmarked nearly $80 million in funds from the county’s Penny for Pinellas program to be used towards various projects aimed at growing the local economy.
“The Employment Sites Program is part of Pinellas County’s Strategic Plan to foster continual economic vitality and support job growth,” said Barry Burton, County Administrator. “We’re hoping to accelerate private investment in office and industrial space for growing employers in our community.”
The focus on the first round of funding will be proposals that include industrial flex- and manufacturing, expansion or the rehabilitation of office space, as well as new construction and land acquisition. The goal is to create more local jobs by supporting growth opportunities for new and existing companies in target industries such as aviation, aerospace, medical device manufacturing, defense, and information technology.
“Redevelopment of office and industrial spaces in Pinellas County is essential for our growing employers,” said Commissioner Dave Eggers, 2021 Chair of the Pinellas County Board of County Commissioners. “Without space to expand, businesses cannot continue to grow in Pinellas and create new jobs, and hopefully, higher-wage jobs for our citizens.”
The money will be distributed by ESP, over the next ten years, based on a competitive application process. The county is hoping to attract local businesses wishing to expand their operations in the area as well as businesses looking to develop in new markets. Prior to submitting a formal application, all interested developers will need to arrange for a pre-application meeting with the Pinellas County Economic Department (PCED).
Developers with proposals for new construction, expansion, or rehabilitation of office- and industrial buildings will be required to submit a viable marketing and management plan that is in line with all federal, state, county, and local guidelines. Proposals should also include a financial plan with a financial gap that demonstrates the need for county-funded investments in order to achieve financial feasibility along with a plan to remain financially feasible once the project is up and running.
Voters in Pinellas County took to the polls in 2017 and approved the use of sales tax funding from the Penny for Pinellas program for economic development capital projects and the building of affordable housing. The Penny IV Affordable Housing and Economic Development Program Guidelines was subsequently created by a joint team of county and municipal staff members and approved by the Pinellas County Board of County Commissioners to provide guidelines for the application process, spending of the funds, and the monitoring of spent funds. According to the guidelines, spending of the funds will aim to promote economic development and expand affordable housing in the area through strategic investments. This program illustrates the commitment among the Pinellas County residents to further develop and grow their communities through partnerships between local municipalities and the private sector.
“All economic development ultimately comes down to a real estate transaction. No matter how good our business climate is and how badly businesses want to be here, they cannot locate here if we have no office or industrial space suitable for them,” said Mike Meidel, Director of Pinellas County Economic Development. “This program is designed to ensure that we have adequate and appropriate space to provide quality jobs for our citizens for years to come.”
The first round of the application process is already in the works and the deadline is March 11, at 5 p.m. For more information visit: https://www.pced.org/page/esp
Written by Isabell Rivera
