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.