Bill Fioravanti, Executive of Orange County IDA, discusses the Shovel-Ready Initiative.
A New Program to Boost Shovel-Ready Sites in Orange County
A new program by the Orange County Industrial Development Agency (OCIDA) aimed at boosting the number of shovel-ready sites recently concluded its phase one work, according to Executive Director Bill Fioravanti.
The preliminary work, carried out by Delaware Engineering, led to the discovery of about a dozen top sites out of a candidate pool of over a hundred across the county.
Mr. Fioravanti said the next step would be for a select committee to pick one or two sites for his agency to buy and get them ready to lure premium businesses.
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“I’m talking about high-tech projects, such as chip manufacturing; they need a lot of water, a lot of sewer capacity, and abundant power,” he said. “We will get the sites ready to accommodate those so that businesses can literally shovel in the ground within six to nine months when they come in.”
Money for the site purchase will come from the agency’s fund balance, currently at around $12 million, mostly from fees paid by businesses granted tax incentives, according to Mr. Fioravanti.
The OCIDA has the legal power to grant tax benefits to spur economic growth and funds its entire operation via applicant fees.
For example, the Legoland developer paid the agency about $2 million in closing fees after being granted tens of millions of property tax, sales tax, and mortgage recording tax benefits, Mr. Fioravanti said.
“We are not here to stockpile cash, and we want to invest our funds wisely, prudently, and carefully to bring a higher level of economic development to Orange County,” he said, adding that the shovel-ready initiative investment will be at a level not to jeopardize the agency’s day-to-day operation.
The initiative, modeled after the successful case of Warwick Technology Park, comes at a time when the site inventory in the county is low and impedes further economic growth, he said.
It also comes at a time when the economic development agencies in the county aim to go beyond the warehouse boom to attract high-tech companies with premium-paying jobs.
“We want to attract the best and brightest projects to Orange County. That’s what it is all about,” Mr. Fioravanti said.
He was reluctant to share specifics about sites being considered for purchase for fear of price gouging and that the final selections should be ready between three and six months.
Mr. Fioravanti said the select committee will likely consist of four to five members from the OCIDA board, County Executive
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