Premium content from Orlando Business Journal by Rick Jurgens
Date: Friday, May 11, 2012, 6:00am EDT - Last Modified: Thursday, May 10, 2012, 11:16am EDT
Businesses often qualify for government incentives to expand or relocate, but it often takes specialized help to get them.
Relocation and the quest for incentives is a highly complex process, said Andy Shapiro, a managing director at Biggins Lacy Shapiro & Co., a Princeton, N.J., site-consulting firm.
There are also many variations since the provision of incentives is usually a state issue, Shapiro said. State governments provide incentives for business expansion or relocation to boost employment or expand their tax base, said Justin Erickson, an economic development consultant in Minneapolis.
Existing businesses seeking incentives to stay where they are or add jobs should contact state departments of commerce or industrial development, said Mark Arend, the editor of Site Selection magazine.
Erin Way, a media relations associate at the International Economic Development Council , suggests hiring a site consultant or contacting economic development officials in a community.
Site consultants identify cash grants, tax credits and other potential incentives, then negotiate deals with local governments, administer agreements to ensure payments are collected and help clients avoid compliance issues.
Erickson suggests a company first identify its facility and other logistical needs, then make a list of non-cash benefits such as tax abatements or free land that will influence its decision. In addition, the company should estimate the number of jobs to be created and review local wage rates.
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