Broward County Commission Regular Meeting
Director's Name: Maribel Feliciano
Department: Office of 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 July 1, 2025, through September 30, 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 approval.
What Action Accomplishes
The Alliance’s submission and the Board of County Commissioners’ approval 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 Fourth Quarter/Year End Performance Report (Exhibit 1). The report has been summarized to highlight the Alliance’s achievements for the year and fourth quarter of Fiscal Year 2025. The quarterly report demonstrates the achievement of the Alliance’s overall quarterly and annual goals. In the fourth quarter, notable achievements were accomplished in Domestic and International Leads, Number of Projects in the Pipeline, Number of Announced Projects, Dollars of Domestic Direct Capital Investment, Number and Dollar Value of CareerSource Partnerships, Media Value Generated, Advertising & Social Impressions, Private Sector Dollars Investing in Economic Development, and Public/Private Mix. In Fiscal Year 2025, notable achievements were accomplished in the following: Domestic and International Leads, Average Monthly Projects in the Pipeline, Direct Capital Investment (domestic), the Dollar Value of CareerSource partnerships, Advertising and Social Media Impressions, Media Value Generated, Private Sector Dollars Investing in Economic Development, Public/private Mix. Notably, International Leads, Media Value Generated, and Alliance advertising campaigns achieved over double their annual goals. For the goals not reached regarding New Value-Added Jobs, Dollars of International Direct Capital Investment, Corporate Visits, Retained Jobs, and Total Visits to the Website, 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 202 domestic and 117 international leads during the year for a total of 318 leads. This represents 115% goal attainment for domestic leads and 234% goal attainment for international leads. The Alliance developed 101 domestic and 27 international leads during the fourth quarter with a total of 128 leads. This represents 231% goal attainment for domestic leads and 216% goal attainment for international leads.
The Alliance goal for the average number of projects in the pipeline for Fiscal Year 2025 is 20. The average number of projects in the pipeline for Fiscal Year 2025 is 22 projects in the pipeline which is 110% goal attainment. The Alliance annual goal for the number of announced projects is 12, or three completed projects per quarter for Fiscal Year 2025. There were 12 projects completed for the year, including four during the fourth quarter, resulting in 100% goal attainment for the year and 133% for the fourth quarter.
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 716 new value-added jobs during the year, resulting in 51% goal attainment. In the fourth quarter 188 jobs were created resulting in 54% goal attainment 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 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 $138.9 million in domestic investment for the year and $30 million during the fourth quarter, resulting in 138.9% annual goal attainment and 30% for the fourth quarter in domestic investment. In international investment, the Alliance helped companies create $300 thousand dollars for the year and the fourth quarter, resulting in 7.5% goal attainment for the year and 30% for the fourth quarter. International 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.
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 72 visits during the year and 38 visits during the fourth quarter, which represents 60% and 127% goal attainment, respectively. While the quarterly goal was met, the annual goal was not due to losing an executive on loan from CareerSource Broward, who was focused on corporate visits for twenty years. They have now shifted responsibilities within the Alliance to continue to address the BRAVO visitation effort.
The Alliance annual goal for the number of retained jobs is 500, or 125 retained jobs per
quarter for Fiscal Year 2025. There were 211 retained jobs in the year and seven jobs for the fourth quarter, resulting in 42% and 6% goal attainment respectively. This was a reflection of the fact that Florida and Broward County are being perceived as being more welcoming to businesses than many states, resulting in most companies continuing to remain in Florida/Broward County and not choosing to look at locations outside the area.
The Alliance annual goal for CareerSource Broward partnerships was 12 company partnerships for Fiscal Year 2025, or three companies per quarter, and $1 million in dollar value for Fiscal Year 2025, or $250,000 per quarter. During the fourth quarter, there were six company partnerships completed, with total CareerSource Broward Partnerships valued at $691,500 thousand for the fourth quarter and 14 partnerships completed for the year with a total annual value of $1.85 million. This represents 277% goal attainment in number of partnerships for the fourth quarter and 185% goal attainment 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. Advertising and social impressions generated totaled 21,019,717 for the year and 4,639,062 during the fourth quarter, which represents 210% goal attainment for the year and 186% for the fourth quarter.
The Alliance annual goal for the total number of website visits in Fiscal Year 2025 is 165,000 or 41,250 per quarter. Total number of website visits for Fiscal Year 2025 is 133,274 representing 81% attainment. In the fourth quarter, the total number of visits was 33,168, which represents 80% goal attainment for the quarter. This was missed due to a significant portion of the Alliance’s advertising campaign being video based, which resulted in more impressions but less clicks since there is no click button on a video.
The Alliance annual goal for media value generated is $400,000 or $100,000 per quarter for Fiscal Year 2025. In the fourth quarter, the media value generated was $213,009, which represents 213% goal attainment for the fourth quarter. Total media value generated for the year was $1,331,905 and 333% goal attainment for the year.
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 fourth quarter, the Alliance raised a total of $807,998, which represents 111% goal attainment for the fourth quarter. In Fiscal Year 2025 the Alliance raised a total of $3,553,701, representing 121.5% attainment for private sector dollars investing in economic development. The Alliance annual goal for Public/private mix for Fiscal Year 2025 was $1.00: $1.50. The Alliance achieved a public/private mix of $1.00: $1.49 during the fourth quarter, which represents 99% goal attainment for the quarter, and $1.00: $1.64 and, which represents 109% goal attainment for the year.
OESBD reviewed the Fiscal Year 2025 Alliance Fourth Quarter / Year-End Performance Report and recommends approval.
Source of Additional Information
Maribel Feliciano, Director OESBD, (954) 357-6400.
Fiscal Impact
Fiscal Impact/Cost Summary
None.