Monday – May 12, 2008

2008 SECOND QUARTERLY BRIEFING – Volusia County presented a briefing May 7 on economic activity for the first quarter of 2008. While the county’s employment data showed a slight downturn, overall employment remained relatively strong. Construction of new residential units showed a moderate increase to $69 million for the quarter, while commercial and industrial activity posted $94.1 million for the same period. The full report is on the Volusia County Department of Economic Development’s Web site, www.floridabusiness.org, under “statistics and key reports”.

INDUSTRIAL REVENUE BONDS APPROVED FOR MBI PRINTING – The Volusia County Industrial Development Authority approved $6 million in Industrial Revenue Bonds (IRB) for Management by Innovation Inc. (MBI) at its meeting May 5. The bonds will be used for acquisition, construction and equipment purchase in a new 32,400-square-foot building in DeLand. MBI (www.directmail-mbi.com) currently employs 80 workers and expects to add an additional 40 employees in the new facility. IRB interest is tax-free to the lender, resulting in a lower rate to the company. For information on IRBs, call Philip Ehlinger, Volusia County Economic Development business manager, at (386) 248-8048.

NEW BUSINESS INCENTIVES – The Economic Stimulus Act of 2008 that gives individuals tax rebates also has some perks for businesses. The stimulus package provides bonus depreciation of a first-year, 50-percent write off for certain newly acquired property, property depreciable in less than 20 years, off-the-shelf computer software, and certain leasehold property. In addition, small businesses can increase the amount of Section 179 deductions from $128,000 to $250,000 for purchases of qualifying assets in 2008. Qualifying assets can include computers, equipment and furniture. Ask your tax professional for details.

FEDERAL PAYMENTS TOP $2.7 BILLION IN VOLUSIA – According to a recent report, the federal government spent over $924 million in Medicare payments for prescriptions, physicians, and hospitals in Volusia County in 2006. In addition, approximately $1.8 billion was directed for retirement and disability payments to individuals countywide. Collectively, the two federal programs contributed more than $2.7 billion to the economy of Volusia County in 2006.

RECYCLE THOSE OLD CELL PHONES – The Environmental Protection Agency is dialing up efforts to keep millions of old cell phones from ending up in landfills. If Americans recycled 100 million cell phones, enough upstream energy could be saved to power more than 194,000 U.S. households for a year. “Sprint Project Connect” allows consumers to recycle phones from any service provider. “Sprint Buyback” gives account credits of as much as $50 to its customers who send in eligible handsets. For details, search for “project connect” at www.sprint.com .

BUSINESS EXPRESS CONNECTIONS – Join the Center for Business Excellence May 28 at the Daytona Beach Hilton for the “4th Annual Business Express Connections on the go.” The free summit workshops will cover topics such as creating an inclusive company, employment law updates, succession planning, communication, strategic planning, and disabilities in the workplace. The keynote session presents Laughing Stock, an improvisational comedy group that focuses on the timely issues of work and life. For more information or to register, visit CenterForBusinessExcellence.net or call (386) 323-7079. Attendance is free!

NEW BILL CHANGES BUSINESS PROPERTY ASSESSMENT – The legislation passed May 2 – House Bill 909 – will make it tougher for county property appraisers to assess a commercial property at its theoretical highest and best use. Appraisers must consider "the legally permissible use of the property" and the income it generates, whether it needs zoning changes, permits or additional roads before it could be used for something different, such as a condo tower. If signed into law by the governor as expected, the new rule won't be applied until September and won't be reflected in this year's property tax bills.

NEWS ITEMS WANTED! – Please send your business news items to Dave Byron, Volusia County Community Information Director, 123 W. Indiana Ave., DeLand, 32720-4612, by fax at (386) 822-5072 or by e-mail at dbyron@co.volusia.fl.us.