Economic Development
Businesses or Projects looking to locate in The Milk District could be eligible for many local, state, and federal programs to help cover some of the costs of development, site improvement, environmental remediation or other costs.
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In 2021, the State of Florida passed HB 1647. Under this new law, restaurants in The MilkDistrict have a reduced threshold to qualified for SRX licenses from Florida DBPR.
Instead of 2,500 sf and 150 seats allowed in the rest of the state, Milk District businesses may be eligible for an SRX license at 1,800 sf and 80 seats.
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City of Orlando program providing a matching grant up to $50,000 reimbursement of costs for façade, site and building improvements to underutilized properties.
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Provides a matching grant up to $20,000 to offset permit fees, impact fees and right of way infrastructure improvements for new and expanding businesses in the City of Orlando.
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In addition to the incentives we’ve listed the City of Orlando offers many other programs.
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The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). The credit totals 39% of the original investment amount and is claimed over a period of seven years.
The census tract located generally north of Robinson Street in The Milk District is NMTC Eligible.
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The Historic Tax Credit is the largest federal program specifically supporting historic preservation for commercial buildings, leveraging over $102 billion in private investment in the rehabilitation of historic properties.
National Trust Community Investment Corp. is a Historic Tax Credit investor & syndicator that can help provide strategy and connections with investors to make a historic preservation project deal work.
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The Opportunity Zone Program is a federal program that provides tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in communities from designated census tracts (Opportunity Zones).
The Milk District works with the City of Orlando to promote this program. The city's role in the Opportunity Zone Program is to connect funding with projects, develop an investable pipeline of projects and to leverage these projects to create new opportunities for residents and encourage upward mobility. The Milk District is home to two Opportunity Zones:
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Let OUC light the way to energy and cost efficiency. Businesses can take advantage of rebates, custom incentive programs and other innovations that can help boost your bottom line.
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Prospera is an economic development, nonprofit organization specialized in providing bilingual assistance to Hispanic entrepreneurs trying to establish or expand their business.
Prospera empowers Hispanic entrepreneurs through training, support and resources so their businesses can grow and prosper. Prospera is able to serve entrepreneurs and the community, and without charging for its services, thanks to investments in its mission by generous corporations, individuals and government agencies.