Wal-Mart Subsidies in Sarasota (Newtown), FL
|Address||US Hwy 301|
|Type of Facility||Supercenter|
|Value of Subsidies||at least $2.6 million|
NarrativeBecause this site is in an enterprise zone, Wal-Mart could be eligible for many subsidies. The economic development coordinator of Sarasota County has estimated that Wal-Mart will save at least $2-$3 million by having a total exemption from county road, fire and ambluance impact fees. Additionally, the city will match state incentives on electricity bill tax credits. If less than 20% of the Wal-Mart employees are residents of any Florida Enterprise Zone, savings to the company will total $600,000; if more than 20% of the Wal-Mart employees are residents of any Florida Enterprise Zone, savings to the company will total $1,500,000. Wal-Mart is eligible for up to $10,000 in tax credits on building materials. It will also be eligible to receive a tax credit of up to 30% of wages paid to full-time employees who reside in any Florida Enterprise Zone. This site is also a designated brownfield. Under the state brownfields program, Wal-Mart may receive a $750,000 tax refund (for creating 300 jobs). The company is also eligible for a Voluntary Cleanup Tax credit, which a county redevelopment specialist says may save the company $1.6 million to $2.4 million. While some of these elements remain uncertain, we were told that Wal-Mart will receive at least $2.6 million--$2 million from the impact fee waivers and $600,000 from the electricity tax credits.