Latest News
March 02, 2010
EDC Accepting Applications for Recovery Zone Facility Bond Program
CITY OF TALLAHASSEE/ LEON COUNTY RECOVERY ZONE FACILITY BOND PROGRAM
An area within Tallahassee/Leon County has been designated as an “Economic Recovery Zone” under provisions defined by the American Recovery and Reinvestment Act. The City of Tallahassee has $6,213,000, and Leon County has $3,582,000 in bonding authority under this program. This program will allow private developers that meet federal eligibility requirements to access long term, fixed rate financing through the issuance of Recovery Zone Facility Bonds.
“The purpose of the Recovery Zone Facility Bond Program is to provide tax‐exempt, low interest financing to local businesses that would normally not qualify for tax‐exempt debt,” Beth Kirkland, Executive Director of the Economic Development Council, said. “This financing program has been implemented by the City of Tallahassee and Leon County and will promote growth and economic development in our community.”
Applications must be submitted no later than 5:00 pm April 1, 2010, to the EDC and can request no less than $2,000,000 in allocations and no more than the combined City and County allocations. Two representatives from both the City and County, along with one representative from the EDC will review applications and make allocation recommendations to the City and County Commissions.
Recovery Zone Facility Bond Application
Recovery Zone Map
To learn more about this program or to receive an application from the EDC, call (850)224‐8116 or email .