DEVELOPMENT ACTIVITY Januarym

 

RECENTLY COMPLETED 

UNDER CONSTRUCTION

 

520,000 SF 
,920 SF

491,920 SF
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BEST BUY 333389381353

 

 

RUTHVEN COMBEE RD. 

129,480 SF

450 I 00 122,920 SF (2nd phase)

LAKELAND REGIONAL HEALTH

CAROL JENKINS BARNETT PAVILION FOR WOMEN & CHILDREN

350,000 SF
100 jobs

  

BMR SUSPENSION 

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33223; Fits 

 

 

 

CROWN LAUNDRY 33601-33?

 

 

78,000 SF

RUTHVEN DRANE FIELD SpecDeveIopment

Currently 50% leased

 

EXPRESS GLOBAL LOGISTICS 

 

 

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50,000 SF
600 jobs

 

THE RESULTS COMPANY

25,000 SF

DIGARC SPEC OFFICE 351??

10,000 SF spec

 

QUICK RECAP

-4.7M square feet of development
4,800+ newjobs

capital investment

 

COMING SOON

 

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QUICK RECAP

-1.7 square feet of development
-700 newjobs

capital investment

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OVERALL RECAP

square feet of development

~2,535 newjobs

capital investment

 

Business Development Incentives

 

City Investment – Amazon Example

• Amazon received an $8.5 million incentive package
from the State, County & City
• The City of Lakeland’s out of pocket cash payments
to Amazon were $74,000 over a 4-year period or
$18,500 a year

• On average, over the past 10 years, The City of
Lakeland has made cash incentive payments of
$120,000 a year

 2017…2018…2019?
• 2017 & 2018 – The LEDC asked the City Commission for additional incentive support to recruit High-Skill, High-Wage jobs to Lakeland to
compete with Tampa, Orlando, Jacksonville and beyond.

• We asked the City Commission to consider incenting High-Skill High-Wage jobs in two ways:
• City Tax Abatement - 50-75% over a 5 - 15 year period
• Cash for High Skill High Wage Jobs ($500 per job)

 Return on Investment
• If The City Commission won’t increase it’s investment in
promoting private sector job creation, will you invest in
your future?

• City of Lakeland’s greatest Revenue Generators:
•
•
•
•

Lakeland Electric
Ad Valorem
Wastewater
Water

• Where does The City of Lakeland get its largest
return on investment? Infrastructure!

 Company Payments to City vs. City Incentive
Company

2018 Payment

5-Year Company Payment

Matheson - 2012

$3,620,000

$18,100,000

$

0

$

0

5

Treatt - 2018

$ 265,000

$ 1,325,000

$

0

$

23,000

35

Mission Foods - 2012

$ 872,000

$ 4,360,000

$ 65,000

$

0

500

Steripack - 2013

$ 130,000

$

$ 52,000

$

0

70

Brew Hub - 2014

$ 402,000

$ 2,010,000

$

$

24,000

60

Publix Office - 2018

$ 470,000

$ 3,515,000

$635,000

$ 534,000

700

GEICO - 2018

$ 140,000

$

700,000

$369,000

$ 140,000

500

WellDyne - 2009

$ 190,000

$

950,000

$202,000

$

0

380

Sykes - 2012

$ 324,000

$ 1,620,000

$ 24,000

$

0

800

DS Services – 2015/17

$ 169,000

$

$ 78,000

$ 358,000

300

Southern Wine - 2015

$ 500,000

$ 2,500,000

$

0

$ 357,000

500

O’Reilly - 2014

$ 436,000

$ 2,180,000

$150,000

$ 568,000

400

Amazon - 2014

$1,674,000

$ 8,370,000

$ 74,000

$1,484,000

1,000

Colorado BB - 2016

$ 494,000

$ 2,470,000

$

8,000

$

0

250

DHL – IKEA - 2018

$ 436,000

$ 2,180,000

$128,000

$

0

160

$10,000,000

$52,000,000

$1,800,000

$3,500,000

5,660

TOTALS

650,000

845,000

5-Year City Payment City Impact Fee

0

Jobs

 Payback
• Manufacturing
•
•
•
•
•

670 Jobs
$164,000 City Incentives paid to companies over 5 years ($117,000 cash)
$26,000,000 Company Payments to City over 5 years
For every $1.00 the city invests they receive $159.00 back
Excluding Impact Fee mitigation the city receives $222.00 back

• Warehouse
•
•
•
•
•

2,310 Jobs
$2,769,000 City Incentives paid to companies over 5 years ($360,000 cash)
$17,700,000 Company Payments to City over 5 years
For every $1.00 the city invests they receive $6.00 back
Excluding Impact Fee mitigation the city receives $49.00 back

• Office
•
•
•
•
•

2,680 Jobs
$2,340,000 City Incentives paid to companies over 5 years ($1,308,000 cash)
$7,630,000 Company Payments to City over 5 years
For every $1.00 the city invests they receive $3.00 back
Excluding Impact Fee mitigation the city receives $6.00 back

  Large Projects

Mid-Size Projects

Entrepreneur Projects

Is There Another Way?

 

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Innovations??

 

Large Projects
• Prospect Examples

• Bakery – 50,000 square feet

• Bottle Manufacturer – 45,000 square feet
• Packaging Manufacturer – 100,000 square feet

• Incentives

• Grant for application & permitting fees
• Mitigate water and wastewater impact fees

• Relocation or extension of water, wastewater & electric transmission
lines, transformers, provide dual-feeds, etc.
• Transportation infrastructure improvements
• Traffic Light
• Turn lane

 Mid-Size Projects
• Current Examples
• Compass Blending
• A Chair Affair
• Hemingway Rum

• Incentives
• Grant application & permitting fees
• Grants for manhole covers, grease traps, etc.
• Grants for UL equipment inspections

 Entrepreneur Projects
• Examples

• Beer Revolution

• WonderHere
• Cake Makers Studio

• Incentives/Grants

• Architectural Plans
• Engineering Assistance

• Fire Inspection Issues
• Kitchen Infrastructure

• Hoods
• Grease Traps & related plumbing infrastructure
• Water, Electric extensions

 Company Payments to City vs. City Incentive
Company

2018 Payment

5-Year Company Payment

Matheson - 2012

$3,620,000

$18,100,000

$

0

$

0

5

Treatt - 2018

$ 265,000

$ 1,325,000

$

0

$

23,000

35

Mission Foods - 2012

$ 872,000

$ 4,360,000

$ 65,000

$

0

500

Steripack - 2013

$ 130,000

$

$ 52,000

$

0

70

Brew Hub - 2014

$ 402,000

$ 2,010,000

$

$

24,000

60

Publix Office - 2018

$ 470,000

$ 3,515,000

$635,000

$ 534,000

700

GEICO - 2018

$ 140,000

$

700,000

$369,000

$ 140,000

500

WellDyne - 2009

$ 190,000

$

950,000

$202,000

$

0

380

Sykes - 2012

$ 324,000

$ 1,620,000

$ 24,000

$

0

800

DS Services – 2015/17

$ 169,000

$

$ 78,000

$ 358,000

300

Southern Wine - 2015

$ 500,000

$ 2,500,000

$

0

$ 357,000

500

O’Reilly - 2014

$ 436,000

$ 2,180,000

$150,000

$ 568,000

400

Amazon - 2014

$1,674,000

$ 8,370,000

$ 74,000

$1,484,000

1,000

Colorado BB - 2016

$ 494,000

$ 2,470,000

$

8,000

$

0

250

DHL – IKEA - 2018

$ 436,000

$ 2,180,000

$128,000

$

0

160

$10,000,000

$52,000,000

$1,800,000

$3,500,000

5,660

TOTALS

650,000

845,000

5-Year City Payment City Impact Fee

0

Jobs

 Recommendation
• Create Annual Fund of $1,000,000

• City Commission approves projects on a case by case basis
• Qualified Applicants
•
•
•
•

High Skill High Wage Job Creation
Value-added Manufacturing
Large Water, Wastewater, Electric User as well as Tax Payer
Entrepreneurs (Investing in our future)

• Return on Investment
• Large – For every $1.00 invested the City gets $10.00 in return after 3 years
• Mid-Size – Break even after 5 years
• Entrepreneurs – Community benefit