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Businesses Increase In Enterprise Zone

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By LENORA LAKE

llake@tampatrib.com

Published: December 24, 2008

UNIVERSITY AREA - The fiscal year ending Sept. 30 saw about 200 businesses start up in the area west of the University of South Florida.

On Dec. 16, Lynn Schultz of Hillsborough County's Economic Development Department told the zone's advisory board that about 75 of the startups, which were based on county license applications, where in commercial corridors, with about 125 being home-based businesses.

The area is a state-designated enterprise zone, which offers tax incentives to businesses in an effort to help redevelop low-income communities. The University Area Enterprise Zone is from just north of the Tampa city limits along Fowler Avenue to Bearss Avenue and from Interstate 275 to Bruce B. Downs Boulevard.

In an end-of-the year report, Schultz said about 275 jobs, of which 153 were full time, were created in the area.

In addition, 17 businesses applied for the tax incentives and refunds. Sales tax is refunded on equipment and building materials if a company relocates or expands in the zone. A tax credit is offered for companies hiring residents of enterprise zones.

She said only one of the applications was for the jobs tax credit because few companies meet the requirements, which include the employee having full-time employment, working for the company for at least three months and living in the zone. "Many of the jobs are in restaurants, and the turnover is huge," Schultz said.

Advisory board chairman Tom Locke, general manager of the University Mall, said the board needs to continue to market the area and the incentives because of the downturn in the economy.

"Ever year up to now has been expansion. Now we are in the contracting stage," Locke said.

Tribune correspondent Lenora Lake can be reached at (813) 865-4851.

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