Sarasota, Fla. (June 14, 2010) --The Federal Economic Recovery Program has made nearly $14 million in lower cost, tax-exempt financing available for businesses within Sarasota County to stimulate economic development. The bonds will be issued to benefit businesses directly and are earmarked specifically for purchase, construction or renovation of a facility and for purchase of new equipment. The bonds cannot be used for day-to-day operations or hiring new employees. Restrictions also include purchase of land, improvements to golf courses and country clubs, residential rental properties and gambling facilities.

Credit-worthy businesses wanting to improve their facilities or purchase new equipment are encouraged to submit their applications to the Economic Development Corporation of Sarasota County (EDC) by June 30.

“Recovery Zone financing provides an excellent opportunity for existing businesses to take action on an expansion or capital investment they may have been considering,” said Kathy Baylis, EDC president & CEO. “We are particularly excited that this financing is available to types of businesses that would not usually qualify for traditional industrial development bonds. This is a great addition to our economic development tool kit. It certainly makes Sarasota County more competitive.”

An application fee of $3,500 is required at the time of submission. Additional fees related to the use of the county's financial advisor and bond counsel will apply.

Applications will be evaluated by the Board of County Commissioners using several different criteria, including capital investment, number of current or projected employees, new product development and economic development potential.
Applications and detailed submittal instructions are available online at www.edcsarasotacounty.com under “Hot Topics” or at the EDC, 2601 Cattlemen Rd. Ste 102, Sarasota, Fla. Businesses seeking more information may contact Joan McGill at (941) 309-1200 ext. 107 or jmcgill@edcsarasotacounty.com.

The EDC of Sarasota County is the private, not-for-profit corporation leading the community’s economic development strategy to add high-wage jobs and diversify the local economy. The EDC provides business assistance to companies in Sarasota County and helps forge solutions to community challenges that affect quality of life. The EDC works in partnership with chambers of commerce, local governments and other organizations throughout the county and the region. For more information, visit the web site at www.edcsarasotacounty.com.
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