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The Connecticut Enterprise Zone Program 2003 Annual Report

The Connecticut Enterprise Zone Program 2003 Annual Report. Department of Economic & Community Development Office of Business & Industry Development Holly Dennehey, Executive Director. Table of Contents. 1. Introduction Page 3 2. Overview of Enterprise Zone Program Pages 4-5

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The Connecticut Enterprise Zone Program 2003 Annual Report

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  1. The Connecticut Enterprise Zone Program 2003 Annual Report Department of Economic & Community Development Office of Business & Industry Development Holly Dennehey, Executive Director

  2. Table of Contents 1. Introduction Page 3 2. Overview of Enterprise Zone Program Pages 4-5 3. 2003 Program Quick Facts Page 6 4. Certifications By Municipality and Program Page 7 Exhibit A-2003 Certifications by Facility Type Exhibit B-2003 Statistical Summary

  3. I N T R O D U C T I O N 2003 Annual Report of the Enterprise Zone and Related Programs In 2003 sixty-three (63) companies were certified for Enterprise Zone and related incentive benefits. This represents a 12.5% decrease in certification activity from the 2002 level for companies in designated zone municipalities. Also, another fifty-two (52) pre-applications were received and reviewed in anticipation of certifications in 2004. The gross floor space of all the projects certified in 2003 was 1,137,155 square feet. In addition, 1,811 jobs were retained and 995 new positions were projected by certified businesses. The total property tax reimbursement expenditures for the 2002 Grand List (FY 03-04) from OPM was $7,000,000 (unaudited). Based on this figure, the actual value of the 80% property tax abatement is $14,000,000 for the 2002 Grand List reflecting a $25,000,000 total investment. The latest total corporate business tax credit expenditure information from DRS is for income year 2001 and totaled $674,565 for 76 claimants. The most active municipalities for 2003 were the cities of Waterbury and Bridgeport respectively, with a total of nineteen new certifications. These represent 266,326 square feet and 434 jobs in these needy communities. There are an additional 40 pre-applications for 2004 currently in the pipeline for these communities. Attached is a complete tabulation of activity on these programs by project type and municipality. The Enterprise Zone Program’s staff consists of Jerry Morrison, Director and Anne Karas, Program Manager. Additional staff support is provided by Edward Bona from the Office of Business & Industry Development (OBID). The Enterprise Zone Program’s webpage is accessed at www.ct.gov/ecd. 3

  4. Connecticut Enterprise Zone Programs • ELIGIBLE CLIENTS: • Manufacturers • Warehousing Distribution • Service Sector Businesses • Entertainment Related Businesses

  5. Enterprise Zone Programs • Enterprise Zones (EZ) • Urban Jobs Program (UJ) • Qualified Manufacturing Plants (QMP) • Entertainment Districts (ED) • Railroad Depot Zones (RDZ) • Enterprise Corridor Zone (ECZ) • Manufacturing Plant Zone (MPZ) • Contiguous Municipality Zone (CMZ) • Defense Plant Zone (DPZ)

  6. QUICK FACTS 1. This year 63 companies located or expanded in eligible municipalities and were certified by DECD for incentive benefits under the 19 Enterprise Zone related programs. 2. 1,137,155 square feet of new or leased building floor space was certified under the Enterprise Zone Program in 2003. 3. 1,811 jobs were retained and 995 new jobs were projected by certified businesses. 4. The Enterprise Zone Program website was accessed approx. 25,000 times in 2003.

  7. CERTIFICATIONS BY MUNICIPALITY AND PROGRAM

  8. 2003 Statistical Summary-Exhibit B 1. TOTAL BUILDING SQUARE FOOTAGE 2. EXISTING JOBS 3. NEWLY CREATED JOBS

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