ECONOMIC DEVELOPMENT
INVESTMENT INCENTIVE PROGRAM
Criteria
1. Employment/Job Creation
Number of New Employees Points
10 - 20 4
21 – 60 6
61 – 100 9
100 - 149 12
150+ 15
1. Capital Investment – (Land and New Construction)
Total Investment Points
$1,000,000 - $2,000,000 3
$21,000,001 - $3,500,000 6
$3,500,001 - $5,000,000 9
$5,000,001 - $9,000,000 12
$9,000,001+ 15
2. Wages
Average Annual Wage* (AAW) Points 2026 AAW
100% of County AAW 3 $49,186
115% of County AAW 6 $56,564
125% of County AAW 9 $61,483
150%+ of County AAW 10 $73,780
*AAW is updated annually and provided by the Florida Department of Economic Opportunity.
1. Tangible Personal Property Investment – (Equipment)
Total Investment Points
$1,000,000 – $2,000,000 1
$2,000,001 - $3,500,000 2
$3,500,001 - $5,000,000 3
$5,000,001+ 4
Scoring Table
Utilizing a “base year” of assessed taxable property value and tangible personal property for the project, a certain percentage of the incremental increase in general fund ad valorem taxes on real property and tangible personal property tax paid by the project will be eligible for an EDIIP grant. The scoring system below details grant value and length of program. Performance measures for job creation, wages and capital investment must be met and maintained for the period of eligibility. The County may adjust actual awards accordingly if performance measures are not met.
Total Points
10 - 15
16 - 22
23 - 30
31+
Grant Value - Percentage of Increase in Ad Valorem Tax Base
50%
50% - first 5 years
50%
75% - first 5 years
50% - second 5 years
Length of Eligibility
5 years
10 years
10 years
10 years
EDIIP Overview
The Economic Development Investment Incentive Program (EDIIP) is available to specific targeted industry commercial projects that increase the tax base, create new employment opportunities, and make a significant capital investment. Eligibility and approval recommendations will be determined by the Office of Economic Development with final approval from the Board of County Commissioners.
Available to specific targeted industries as determined by the Office of Economic Development
o Targeted industries include aviation, aerospace, manufacturing, distribution/logistics, back-office operations, research & development, and corporate relocations. Other projects of significant impact to the Hernando County economy will be considered on a case-by-case basis.
Available to new and existing expanding businesses who will increase the ad valorem tax base and tangible personal property tax base through capital investment.
Grant values are determined via a scoring system and are based upon:
o Employment/Job Creation (permanent full-time positions)
o Wages
o Capital Investment
o Tangible Personal Property Investment
Applicant must create a minimum of 10 new jobs
Applicant must score 10 or above to be eligible for the program
Requires annual documentation of capital investment, employment, and wages.
Grant award is paid annually upon submittal of proof of paid ad valorem tax and tangible personal property tax bills and confirmation by the Office of Economic Development that all other taxes, fees, land leases, etc. are current.
Requires formal application to the Office of Economic Development and approval by the Board of County Commissioners.