Broward County Commission Regular Meeting
Director's Name: Maribel Feliciano
Department: Economic and Small Business Development
Information
Requested Action
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MOTION TO APPROVE Greater Fort Lauderdale Alliance (hereinafter referred to as the “Alliance”) Fiscal Year 2025 quarterly performance report, for the period from January 1, 2025, through March 31, 2025, pursuant to the agreement between Broward County and the Alliance.
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Why Action is Necessary
Pursuant to the County’s agreement with the Alliance, the Alliance must submit to the Office of Economic and Small Business Development, quarterly performance reports for Board acceptance.
What Action Accomplishes
The Alliance's submission and the Board of County Commissioners' acceptance of the quarterly performance reports will satisfy compliance with the terms of the Agreement between the parties.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This item supports the Board of County Commissioners' Vision of “From sawgrass to seagrass, an inclusive and resilient community with a thriving quality of life”, and Goal of “Ensuring economic opportunities and a sustainable economy, with an emphasis on Broward's lower and middle class."
The Office of Economic and Small Business Development (hereinafter referred to as “OESBD”) reviewed the Fiscal Year 2025 Alliance Second Quarter Performance Report (Exhibit 1). The quarterly report has been summarized to highlight the Alliance’s achievements for the second quarter of Fiscal Year 2025. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly goals. In the second quarter, notable achievements were accomplished in International Leads, Announced Projects, Number and Dollar Value of CareerSource Partnerships, public sector investing in economic development, total number of website visits, and media value generated. For the goals that were missed regarding new domestic leads, number of projects in the pipeline, new value-added jobs, retained jobs, corporate visits, direct capital investment and advertising and social impressions, a detailed explanation is provided below.
Business Attraction
The Alliance annual goal for new domestic and international leads is to develop 225 leads (175 domestic and 50 international), or 56 leads per quarter for Fiscal Year 2025. The Alliance developed 42 domestic and 25 international leads during the second quarter with a total of 67 leads. This represents 98% goal attainment for domestic leads and 200% goal attainment for international leads. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance annual goal for the number of announced projects is 12, or three completed projects per quarter for Fiscal Year 2025. There were three completed projects in the second quarter, resulting in 100% goal attainment. The year to date goal was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance annual goal for new value-added jobs is 1,400, or 350 new jobs per quarter for Fiscal Year 2025. The Alliance helped companies create a total of 97 new value-added jobs during the second quarter, resulting in 28% goal attainment. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
The Alliance annual goal for capital investment is $100 million in domestic and $4 million in international investment or $26 million in total capital investment per quarter for Fiscal Year 2025. The Alliance helped companies create a total of $5.5 million in domestic investment in the second quarter, resulting in 22% goal attainment in domestic investment and no dollars in international investment. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies.
Business Retention
The Alliance annual goal for business retention and expansion is to conduct 120 corporate visits in Fiscal Year 2025 or 30 per quarter. The Alliance conducted a total of seven visits during the second quarter, which represents 23% goal attainment. This goal is below objective in part due to losing an executive on loan from CareerSource Broward, who was focused on corporate visits for 20 years. We have now shifted responsibilities within the Alliance to continue to address the BRAVO visitation effort.
The Alliance annual goal for CareerSource Broward partnerships was 12 company partnerships for Fiscal Year 2025, or three companies per quarter, and $1,000,000 in dollar value for Fiscal Year 2025, or $250,000 per quarter. During the quarter, there were three company partnerships completed, with total CareerSource Broward Partnerships valued at $239,250 for the period. This represents 96% attainment in the partnerships value for the quarter. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies. The Alliance has additional in-person meetings and advertising outreach scheduled for the remainder of the year and anticipates meeting this objective for the year.
Marketing and Communications
The Alliance annual goal for advertising and social impressions generated is 10,000,000 or 2,500,000 per quarter for Fiscal Year 2025. In the second quarter, advertising and social impressions generated totaled 150,387, which represents 6% goal attainment. This is due to the Alliance placing a hold on much of its digital advertising, while a new campaign is finalized. It is anticipated that as the year progresses and the new campaign is finalized and launched, this objective will be met.
The Alliance annual goal for the total number of website visits is 165,000 or 41,250 per quarter. In the second quarter, the total number of visits was 37,330, which represents 90% goal attainment. This was missed, due to a significant portion of the Alliance’s advertising campaign being placed on hold. It is anticipated that as the year progresses and additional advertising rollouts driving additional visits to the website, this objective will be met.
The Alliance annual goal for media value generated is $400,000 or $100,000 per quarter for Fiscal Year 2025. In the second quarter, the media value generated was $88,982, which represents 89% goal attainment for the quarter. This was missed, due to a significant portion of the Alliance’s advertising campaign being placed on hold. It is anticipated that as the year progresses and additional advertising rollouts driving additional visits to the website, this objective will be met.
Financial Support
The Alliance annual goal for private sector dollars investing in economic development is $2,924,061 or $731,015 per quarter. In the second quarter, private sector dollars investment in economic development was $664,549 which represents 91% goal attainment for the quarter. Public/private mix goals are $1.00: $1.50 for the year. In the second quarter, the public/private mix was $1: $1.22. This was missed primarily due to companies postponing expansion and relocation decisions due to the continued high cost of money, macro uncertainty around the global economy, the elimination of statewide incentives including the Qualified Target Industry funds and state closing funds, and the overall higher cost of living in South Florida being a concern to companies.
OESBD reviewed the Fiscal Year 2025 Alliance Second Quarter Performance Report and recommends approval.
Source of Additional Information
Maribel Feliciano, Director OESBD, (954) 357-6400
Fiscal Impact
Fiscal Impact/Cost Summary
None.