A revolving loan program, with an initial outlay of up to $15 million, could soon prime the pump for new commercial development, and bring more jobs to Pasco County.
The funds can be used by private investors to make land site-ready for development or to construct shell buildings for potential office, industrial and flex-space uses.
The goal is to entice greater investment in the one area of growth lacking in the county – offices and industrial space.
“We don’t have the product,” said Melanie Kendrick, the county’s acting program director for the Office of Economic Growth.
There is land available, Kendrick said, but investors want to move quickly and want site-ready properties.
On the other side, land owners may be reluctant to invest in utility infrastructure or speculative construction.
“We’re trying to lower the carrying costs to fill that gap,” Kendrick said.
The county initially launched the loan program in late 2015. But, the request for proposals was tweaked for a relaunching in February.
Funding is from the Penny for Pasco program, which was approved through voter referendum in 2012, and began collecting revenues in 2015. The money goes into the Jobs and Economic Opportunities Trust Fund. To date, more than $4.3 million has been collected. Over 10 years the program is expected to collect nearly $54 million that will be parceled out over 25 years for economic development.
The county’s goal is to create more than 100,000 jobs in 10 years.
The loan program has two parts.
Pasco Accelerate Development Sites (PADS) gets sites shovel-ready with funds that help install water, sewer and other utility improvements.
Pasco Occupant Ready Shells (PORS) helps with construction costs on shell buildings, without a tenant or buyer. But, having a building ready can attract an employer who wants to begin operations quickly. The “shell” can be completed to the specifications needed.
Application deadline for the program is April 11 at 2 p.m. Pasco County commissioners will be asked to rank applicants’ proposals, based on staff recommendations. The item likely will be reviewed at their May 24 meeting.
Commissioners can decide which projects will receive funding, and how much each will receive.
Pasco County officially distributes solicitation documents through the Florida Online Bid System. Solicitation documents may be downloaded at no cost.
Documents also may be obtained from the county’s purchasing department in accordance with Florida Statutes that pertain to public records.
Published March 2, 2016
