Recent Bond Approvals Make Headway for Groundbreaking and Expansion in Lee County, Florida

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Multiple recent capital projects have received bond approvals in Lee County to further strengthen and expand the local economic diversification in the areas of education, healthcare and industrial management.

The Fort Myers Regional Partnership, Lee County’s Economic Development Office works to attract new and diversified businesses resulting in high-wage, high-skilled jobs; retains and encourages the expansion of existing businesses and improves the overall business environment. Working in tandem with the Lee County Industrial Development Authority (IDA) the Partnership recognizes the importance of Industrial Development Revenue Bonds (IDRBs), also known as “private activity bonds”, as a viable method of financing industrial relocation and expansion.

Bond Approvals Strengthen Economic Diversity

IRDBs can provide a source of long-term, below-market-rate financing for new and expanding manufacturing facilities; construction and demolition; new machinery and equipment; land purchases (up to 25 percent of the bond value); and other specified items. What's more, proceeds from IDRBs may be used to finance fixed assets and qualified costs associated with the bond-financed projects.

The Lee County Industrial Development Authority serves as the initial entry point into the Industrial Development Bond application process, and encourages companies interested in locating in Lee County - as well as companies currently located in Lee County - to explore the use of IDRBs to finance projects.

The following recent capital projects have received bond approvals in Lee County to further strengthen and expand the local economic diversification in the areas of education, healthcare and industrial management.

Education: Edison State College Financing Corporation - For the first time in its 48-year history, the school will offer campus housing. The Board of Trustees approved a resolution to authorize $27 million in Educational Facilities Revenue Bonds for financing and constructing a four-story, 405-bed residence hall.

Healthcare: LeeSar, Inc. - The medical supplies management company received $30 million in healthcare Facilities Revenue Bonds to build a new state-of-the-art distribution center, which will effectively open up additional space for patient care within Lee Memorial Health System.

Healthcare: Park Royal Psychiatric Hospital - The hospital closed on a $23-million bond issue to finance the construction of a modern 76-bed, 69,500 sq. ft. facility to provide in-patient psychiatric care with a focus on senior behavioral health, expanding mental health services in Southwest Florida.

About Fort Myers Regional Partnership
The Fort Myers Regional Partnership works to attract new and diversified businesses resulting in high-wage, high-skilled jobs; retains and encourages the expansion of existing businesses and improves the overall business environment. Lee County is a thriving business community with a highly regarded airport, significant corporate development and ample real estate opportunities. The area is attracting, retaining and growing high-value businesses with a unique blend of an outstanding business climate and superior quality of life. The county is home to five vibrant cities--Fort Myers, Bonita Springs, Cape Coral, Fort Myers Beach, and Sanibel--and is the heart of Southwest Florida.

The Partnership continues to promote and build the region through ongoing efforts from its proactive team of domestic and international recruiters, research staff and community liaisons, as well as through its partnerships with the Horizon Foundation, the Horizon Council and the Lee County Industrial Development Authority. The county is also actively promoting its incentive programs including the Lee County Job Opportunity Program and the FIRST Initiative program which currently offers $25 Million in business location and expansion incentives.
Since 1996, 4,996 new jobs and $1,047,649,879 in economic impact have been committed to as a direct result of key local incentive programs; Lee County Job Opportunity Program and the First Incentives for Recruiting Strategic Targets as well as State of Florida incentives and the State Closing Fund.

Editor’s Notes:
Unique story angles, resources and trend data are available in the online Media Center at http://www.fortmyersregionalpartnership.com/AboutUs/MediaCenter
For executive interviews, success stories and additional media relations services, please contact Jennifer Berg, Fort Myers Regional Partnership, via phone at 239.338.3161 or email at JBerg(at)leegov(dot)com.

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