The recent success of recruiting Torrey Pines Institute for Molecular Studies to locate its headquarters in Port St. Lucie, has aided in making St. Lucie County the epicenter of the developing life science cluster in the State of Florida. With Scripps Florida to the south in Palm Beach County and Burnham Institute to the northwest in Orange County, St. Lucie County will be a hub for life science companies. As a result, the county has developed more aggressive recruitment methods in attracting life sciences, as well as many other industries in order to provide employment for all county residents.

Further, St. Lucie County is ideally situated for distribution and logistics fields, reaching 82 percent of the state’s population within 150 miles. Additionally, the Foreign Trade Zone and accessible transportation by sea, rail, highway and air have been instrumental in contributing to the area’s ongoing development. The figures represented below correspond to the marked expansion in local industries between 2001 and 2005, when:

• Wholesale trade increased by 47 percent (including a 15 percent gain in 2005 alone);
• The finance and insurance industry increased by 53 percent;
• Professional and technical services increased by 38 percent (including a 14 percent gain in 2005 alone); and
• The county’s information industry also increased by 27 percent in 2005, and data has also indicated a rise in the distribution, logistics and research industries.

A young and educated work force also helps propel St. Lucie County’s booming economy. About 60 percent of the county’s citizens are of prime working age, and the labor force has a median age of 42. Taken together, the growth and labor data present a powerful argument for opening, relocating or expanding a business in St. Lucie County. Rest assured that the Economic Development agencies and local governments are working together to ensure an intelligent, balanced approach to growth that will preserve the community’s character and natural charm while promoting prosperity.

Business Incentives:
Even More Reasons To Discover St. Lucie County

The State of Florida, St. Lucie County and local municipalities are working together to expand the economic base in Florida. This collaboration continues to strengthen St. Lucie County’s position as a pro-business community. While looking to the future and preparing for ongoing economic vitality, the county is also investing heavily to ensure our local businesses’ financial future. St. Lucie County’s Business Retention and Expansion Program visits with businesses already established within the county. The program endeavors to keep businesses successful. We want you to start or expand a business in St. Lucie County, and it shows. Take a look at the innovative ways in which we help you succeed:

County and City Incentives

• Ad Valorem Tax Exemption Program
New business relocations and qualifying expansions of existing companies are invited to apply for tax exemptions within a certain amount of time. Qualifications are based on the amount of new jobs created that pay more than the average county wage. Abatements are available from the county and both cities;

• Job Growth Investment Grant
This provides county assistance with expansion or relocation expenses for businesses that create a minimum of ten new jobs that pay more than the average county wage;

• Fort Pierce Enterprise Zone
The City of Fort Pierce provides tax refunds for companies that will relocate within the Enterprise Zone. Credits include sales tax credit for job creation, corporate income tax credits, sales tax refunds on building materials, and equipment and property tax credits;

• Port St. Lucie CRA
Companies that locate and fit into Port St. Lucie’s Community Redevelopment Agency’s Master Plan can receive several incentives when helping develop the city’s burgeoning downtown;

• Fast Track Permitting
Businesses can save time and money by using expedited permitting through the county’s One Stop Print Shop at: www.stlucieco.gov/ce/permits/permits.asp

State of Florida Incentives

• Tax Advantages
The State of Florida’s tax incentives include exemptions for the first $5,000 of taxable income, no property tax on business inventories, no state-level property tax, low 5.5 percent corporate income tax for C-corporations, no sales or use tax on co-generation of electricity and more;

• Qualified Target Industry Tax Refund Program
This program provides an inducement for target industries to locate new facilities in Florida or expand existing facilities. If approved by the state, the applicant may receive refunds on the taxes it pays;

• Sales/Use Tax Exemptions
Special exemptions can be received on machinery, electricity, pollution control equipment and other items essential to new business operations;

• Silicon Technology Sales and Use Tax Refund
Companies in the silicon technology industry that are approved by the state can receive a tax refund; and

• Florida First Capital Finance Corporation
Many businesses have benefited from state SBA loans and the Florida Recycling Loan Program. These loans are received through the combined cooperation of a state representative and a local bank official.

EDC of St. Lucie County

The Economic Development Council of St. Lucie County, is a not-for-profit Corporation partnering with St. Lucie County, the City of Port St. Lucie, the City of Fort Pierce, and myriad private businesses. This partnership of Government and local private companies work together to provide the best sources of information to make relocation or expansion efforts of businesses as simple as possible.

The pro-business, pro-growth environment of St. Lucie County, along with Economic Development assistance, offers unrivaled opportunities for companies looking to relocate or expand to St. Lucie County. The St. Lucie County Economic Development Council is also a local partner with Enterprise Florida and will assist a new or expanding business with the state incentive applications. For confidential assistance, please contact:

Economic Development Council of St. Lucie County
P.O. Box 880143
Port St. Lucie, FL 34988-0143
www.edcstlucie.org; info@edcstlucie.org
(772) 879-4144 Phone; (772) 879-7477 Fax