Sanibel Businesses May Qualify for Federal Recovery Zone Facility Bonds
The City of Sanibel has been notified by Lee County that businesses looking to locate in or expand in Lee County now have the option of using tax-exempt Economic Recovery Zone Facility Bonds.
Over $56 million in Federal Recovery Zone Facility Bonds are now available to Lee County businesses. Recovery Zone Facility Bonds are generally for capital improvements to an existing facility or construction of a new facility. The purpose of these bonds is to provide tax-exempt, low interest financing to businesses that would normally not qualify for tax-exempt debt.
Applications are being accepted now and will be processed on a first come, first serve basis until the $56.1 million is exhausted or through September 30, 2010, whichever occurs first.
Click here for additional information as provided by Lee County.