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Economic Development Overlay Comp Plan Amendment

Economic Development Overlay Comp Plan Amendment . September 4, 2013. Overview. Overview.

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Economic Development Overlay Comp Plan Amendment

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  1. Economic Development OverlayComp Plan Amendment September 4, 2013

  2. Overview

  3. Overview • Lake County BCC directed staff to prepare a draft ordinance that encouraged economic development by identifying areas that meet certain criteria. This area is proposed as “Economic Development Overlay”.

  4. Economic Development Analysis

  5. Economic Development Analysis • Business recruitment is VERY competitive: • Regionally, Nationally, Internationally. • Every market/community is now realizing the importance of business attraction and is focusing efforts to recruit. • Abundant supply and limited demand. • To be successful, markets must find a competitive advantage

  6. Economic Development Analysis • Two (2) most important variables in today’s business attraction environment: • Speed to market. • Reduced risk.

  7. Economic Development Analysis • Speed to market: • Companies have cash. • Economy is turning. • Sense of urgency. • First to market is increasingly important.

  8. Economic Development Analysis • Speed to Market (continued): • Economic overlay would significantly reduce development timeline (180 days to 45 days). • It would not be possible to meet this guideline with many of our existing sites due to the timeliness of the Comp Plan amendment process. • Reduced Timeline = Competitive Advantage.

  9. Economic Development Analysis 2. Reduced risk: • With the abundance of supply that exists, companies are becoming increasingly risk averse. • Can’t afford time or capital losses. • Certified sites are highly valued. • Guaranteeing land use significantly reduces risk to the company. • Reduced Risk = Competitive Advantage.

  10. Economic Development Analysis • Lake County Inventory Conditions: • Abundance of available, vacant lands. • Good transportation network. • Access to major markets.

  11. Economic Development Analysis • Lake County Inventory Conditions (continued): • However, a large number of Lake County’s most attractive properties for economic development do not have appropriate land use. • Waiting to change land use when company is interested decreases speed and increases risk. • Overlay would turn a negative into a competitive advantage.

  12. Summary of Amendment

  13. Summary of Amendment Uses shall meet at least one of the following criteria: • Creates at least 25 new jobs that are at or above the Lake County average annual wage and has capital investment of at least $10,000,000 (ten million dollars) in new construction or renovations; or • Qualifies for State Incentive Funding through Enterprise Florida.

  14. Summary of Amendment Additional criteria for Location: • Located entirely within the overlay area; • Roadway access to an arterial or collector road or rail access; • Central water and sewer connections available; • Adequate infrastructure, such as fiber optics, energy, and telecommunications, to support proposed use; and • Located a specific distance from any residential area. Addressed in Land Development Regulations.

  15. Map Overlay • This map lessens out the parcels designated as: • Conservation • Green Swamp Area of Critical State Concern • Wekiva River Protection Area and Study Area • Wellness Way Sector Plan • Municipalities

  16. Staff Analysis

  17. Staff Analysis • Timeframes. • Currently, large scale Comp Plan Amendment = 180 days • Condenses the process to 45 days • Enhance economic development. • Qualifying projects subject to quasi judicial, not quasi legislative reviews. • Performance issues. • Land Development Regulations to address compatibility to adjacent land uses.

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