Introduction

Proposed Plan

Brief Introduction of Fort Meade and Grant

Competitive Florida Partnership Grant

Provides technical assistance to help Florida communities find creative solutions to foster vibrant, healthy and resilient communities. Fort Meade is one of six communities across the state selected for the Competitive Florida Partnership Grant. The grant will fund the creation of an “Action-Oriented Economic Development and Disaster Preparedness Strategy" with emphasis on public engagement & outreach.

The City of Fort Meade, incorporated in 1885, is the oldest city in Polk County. Located in south central Polk County along the Peace River, the City has a population of approximately 5,786 (Source: Bureau of Economic and Business Research Florida Estimates of Population, 201 9). The Fort Meade area is predominantly rural and is characterized by cattle grazing, citrus growing and post phosphate mining land. US 17 and US 98, which are major transportation arteries in Central Florida, traverse through the city. The city is approximately one hour from Tampa to the northwest and Orlando to the northeast. A landfill marks the northern entrance into Fort Meade along US 17. The City, which meets at least five economic distress factors, is designated as a Rural Community under Florida's Rural Economic Development Initiative (REDI) provisions. The Fort Meade community was significantly impacted by Hurricane Charlie in 2004 and Hurricane Irma in 2017.

A continuous goal of the City of Fort Meade and its partners has been to look at strategies and mechanisms to promote economic development throughout the city. Fort Meade is planning strategically to move forward and support a resilient community encompassing economic development and disaster preparedness.

Existing Conditions

Population (2019)

5,786

Median Household Income (2018)

43,233

Poverty Rate

17.1%

Education

High School Education or Higher

81.6%

Housing Units

2,783

Vacant Units

11.8%

Minutes Mean Travel Time to Work

25.2

Mean Travel Time to Work in Minutes

Source: U.S. Census Bureau, American Community Survey, Latest 5-year Estimates.

Opportunity Zone

An approximately one square mile Opportunity Zone is located in the south part of Fort Meade, south of Broadway Street.

According to the International Revenue Service, an opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as opportunity zones if their state nominates them for the designation and the Secretary of the U.S. Treasury has certified the nomination via his delegation of authority to the Internal Revenue Service. The 2017 Tax Cuts and Jobs Act created Qualified Opportunity Zones. These zones are designed to spur economic development and job creation in distressed communities throughout the

country and U.S. possessions by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a Qualified Opportunity Fund and meeting other requirements.