and tourism activities - sean's lake 28...october 2015. source: florida department of economic...

3rd Quarter Update on Economic Development

and Tourism Activities

October 20, 2015

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Economic Development and Tourism 3rd Quarter Activity Update

Purpose of Presentation

Provide a summary of Economic Development and Tourism activities through the 3rd Quarter 2015

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Presentation Outline A. Economic Indicators

B. Economic Development Quarterly Activities Update

C. Tourism Data

D. Tourism Quarterly Activities Update

E. Tourism Action Items


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Economic Indicators

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Source: Florida Department of Economic Opportunity. Local Area Unemployment Statistics. October 2015.

Average (1990-2008): 5.2%

PEAK: 12.5%

CURRENT: 5.4%

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Source: Florida Department of Economic Opportunity. Quarterly Census of Employment and Wages. October 2015.

(Data represents 3 month moving average) 9


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Source: Florida Department of Economic Opportunity. Quarterly Census of Employment and Wages. October 2015.

(Data represents 12 month moving average)

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Source: Florida Department of Economic Opportunity. Quarterly Census of Employment and Wages. March 2015.

(Data represents 3 month moving average)

Lake Average Wage = $34,000

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Source: Lake County Tax Collector. October 2015.

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Source: Florida Department of Revenue. March 2015.

Economic Indicators Summary

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Unemployment Rate

Jobs

Tax Receipts

Wages

Gross Sales

1.3pp yr/yr

4.1% yr/yr

4.3% yr/yr

2.2% yr/yr

6.8% yr/yr

Labor Force Growth

-0.01%

yr/yr

Economic Development Quarterly Activities Update

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Business Attraction

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Lead Generation (Last 4 Quarters)

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Lead Generation (Last 4 Quarters)

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Closed Pending

Total Won Lost

High

Probability

Medium

Probability

Low

Probability

Projects 0 2 0 8 9 19

Impacts

Square Feet 0 700,000 0 2,420,000 1,096,000 4,216,000

Jobs 0 450 0 2,978 2,062 5,490

Avg. Wage N/A $40,000 N/A $40,411 $36,904 $117,315

Investment $0 $50,000,000 $0 $356,000,000 $233,000,000 $639,000,000

Wellness Way Sector Plan

• Transmitted to DEO on November 18, 2014

• Received DEO’s “Objections, Recommendations and Comments” Report (ORC) on February 6, 2015

• BCC Adopted on July 21, 2015

• DEO found the Sector Plan “not in compliance” on September 18, 2015

• County staff and DEO agreed to 90 day abeyance (January 2016)

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Business Retention and Expansion

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Business Opportunity Centers – Update

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• Northeast BOC relocated to: Century Plaza 17521 U.S. Highway 441, Suite 6 Mount Dora, FL 32757

• Incubator program has been temporarily discontinued until a better model can be determined


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• Partnership with Lake Sumter State College has been reconfigured: • Business Opportunity Centers continue to serve as

entrepreneurial hub • LSSC now manages entire BOC program • Goals for LSSC:

• Develop and coordinate integrated system of diverse support services available to businesses (SBDC, SCORE, Career Source Central Florida, etc.)

• Utilize/mobilize LSSC infrastructure, talent and resources to develop unique and innovative programs to support local businesses

Business Opportunity Centers – 2015 YTD Statistics

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• 417 distinct clients • 717 consulting sessions • 1,296 hours of consulting

• 26 distinct training events • 570 distinct attendees

Business Opportunity Centers – 2015 YTD Statistics

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Economic Impact Total

Jobs Created 31 Jobs Retained 4 New Businesses Started 16 Loan Amount Received $759,000

Manufacturing Day

• Lake County sponsored a “Manufacturing Day” with Lake County schools where students toured local manufacturing businesses

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Business Retention and Expansion Updates

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• Workforce Task Force • 1st meeting held in July – Introductions and Goal Setting • 2nd meeting held in October – Careersource, Lake Tech and County

sponsored a presentation from Millennial Workforce Expert

• Coreslab @ 470 Commerce Center • Groundbreaking on October 13 • 75 acre site, 80,000sf facility, 55 – 100 jobs, $8,000,000 capital investment

• CaptiveAire Expansion @ Ford Park • Added 36,000 sf & 15 jobs

• 4 Corners Workshops • Continued series of workshops with 4 Corners residents and business

owners to discuss needs and challenges

Tourism Metrics

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29 Source: Lake County Tax Collector. September 2015.


30 Source: Lake County Tax Collector. September 2015.


31 Source: Smith Travel Research. September 2015.

Tourism Quarterly Activities Update

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Marketing and Advertising

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• VISITFLORIDA.com – banner ads


Niche Segments

• Major League Fishing secured

• Filmed from October 12 through October 17 and will air in the spring of 2016

• 7 two-hour episodes and each episode will rerun at 3 times

• Highest rated fishing show on TV today

• Will be aired on 3 different networks, Outdoor Channel, World Fishing Network (WFN), & NBC Outdoors

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Niche Segment – Bass Fishing

• AAA Living Magazine – 2-page Advertisement; – Co-Op with Mission Inn and Downtown Mount Dora Partners

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Florida Residents

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Florida Residents

• VISITFLORIDA.com – June thru July 2015 – banner ads

• Orlando Sentinel – Destination Spotlight – Sunday, July 12th – 2 page editorial & OS website

• Charity Magazine – 4/2015 thru 3/2016 (4 issues) – Full page ad


Events

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• FY 2013 – 2014 • 91 Event Sponsorships • Total of $450,600 in Grants

• FY 2014 – 2015 (Launch of Daytrip Program) • 137 Event Sponsorships

• 104 Room Night • 33 Day Trip

• Total of $607,731 in grants • $478,950 Room Night • $128,781 Day Trip

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Event Sponsorship

• 5,000 attendees

• 92 events; 41 trip leaders/experts

• 35 sponsors

• Significant media exposure

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Wings and Wildflowers Festival

• ROX Beach Volleyball • 134 athletes

• 335 Total Visitors

• Approx. 500 Room Nights

• $200,000+ Economic Impact

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Hickory Point Beach

• North, Central America and Caribbean Volleyball Confederation (NORCECA)

• 16 Countries Represented • Antigua & Barbuda, Aruba , Barbados, Belize, Canada, Costa Rica, Dominican

Republic, El Salvador, Guatemala Honduras, Mexico, Nicaragua, Puerto Rico, Trinidad & Tobago USA, Virgin Islands

• 120 total people

• 250 room nights

• $150,000 Economic Impact

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Hickory Point Beach

• NCAA Beach Volleyball National Championship

• Bid submitted for 2016 & 2017 Championships

• 2016 will be first ever NCAA Beach Championship

• Estimated 200 participants; 500 – 1,000 spectators

• Potentially televised on ESPN/CBS/Fox

• National Media Coverage

• Teams from all over United States

• $150,000 Economic Impact

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NCAA Beach Volleyball National Championship


Next Quarter

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• Professional advertising agency procurement

• New locker room facility at Hickory Point

• Welcome Center planning

• FLW recruitment

• Trade show / expo scheduling

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Next Quarter Activities

Tourism Action Items

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Revisions to the TDC Capital Projects Funding Policy

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Capital Funding Policy Revisions

• Local Match Requirement: – Current: No restrictions regarding the calculation of land value

towards the applicant’s local match

– Proposed: Land value can count towards up to only 25% of total project cost or 50% of the total applicant match, regardless of the total value of the land, as appraised

– Example: • For a $1,000,000 project, if construction costs amount to $750,000, then

the land value can account for no more than $250,000 of the project’s total costs

• If actual construction costs come in lower than estimated, then the land value contribution must decrease as well

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Capital Funding Policy Revisions

• Capital Reserve Parameters: – Current:

• No minimum or maximum reserve requirements

– Proposed: • Set a maximum capital reserve amount of $3,000,000 • Continue annual transfers of up to $500,000 towards capital reserve

until maximum is achieved • No dedicated reserve contributions once capital reserve reaches

$3,000,000 • Money not transferred to reserves will be utilized for

marketing/advertising/promotions

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Postponement of 2015 Fall Capital Projects Cycle

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2015 Fall Cycle Postponement

• Given the changes being requested to the Capital Funding Policy, staff is requesting that this year’s Fall Cycle be postponed until February 2016

• Moving forward, staff recommends that the Spring Cycle begin in February and the Fall Cycle begin in August

• Staff received and is reviewing an application from the City of Clermont for the 2015 Fall Cycle

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Timothy Frederick Endorsement Contract

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• During the 2014/2015 FY, Lake County entered into a $15,000 endorsement contract with Timothy Frederick

• Scope of work included:

• Promoting Lake County as a bass fishing destination • Provide exposure for Lake’s www.lakebigbass.com brand • Wrap boat with Lake County designed graphics • Wear Lake County designed jersey

• During the 2015 season, Mr. Frederick met all of his contractually required goals and qualified for the 2016 FLW Tour

• The move to the FLW tour will substantially increase Lake County’s exposure, but also requires significantly higher entry fees

• New endorsement contract would increase to $35,000, if approved

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Requested Actions

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All of the requested actions received unanimous consensus from the TDC for approval

• Requesting approval of the “land value” and “capital reserve maximum” revisions to the TDC Capital Projects Funding Policy

• Requesting approval to postpone the 2015 Fall Capital Projects Funding Cycle until February of 2016

• Requesting approval of an extension and increase to Timothy Frederick’s endorsement contract in the amount of $35,000 to help cover the additional fees associated with fishing the 2016 FLW tour

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Requested Actions

and tourism activities - sean's lake 28...october 2015. source: florida department of economic...

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