Revenue Distribution Formula for Rural Economic Development in Florida
Enterprise Florida, Inc. retained HDR to develop revenue distribution formulas to allocate the benefits of economic development projects in rural areas of Florida to local participating jurisdictions. This revenue distribution analysis is part of a larger Enterprise Florida rural economic development initiative known as the "Catalyst Project" that is developing four sites for economic opportunities in the state's Rural Areas of Critical Economic Concern. Each site represents a collaborative multi-county economic development effort and thus the fiscal benefits (e.g., increased property taxes) are to be shared by the local participating counties and cities. HDR developed potential revenue distribution formulas based on population, income, infrastructure and other factors and presented these formulas at statewide and regional meetings.
HDR led the research and development of the revenue distribution formula, including the collection, organization and application of county and municipal level economic and demographic data to aid in the generation of alternative revenue distribution models. HDR presented draft revenue formulas at stakeholder meetings in Florida before helping to finalize the formulas that were formally adopted in multi-jurisdictional memorandums of agreement.
- Professional Services: Funding & Finance Services
- Related Projects: Private Development