3rd Quarter Update on Economic Development
and Tourism Activities
October 20, 2015
1
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
2
Presentation Outline A. Economic Indicators
B. Economic Development Quarterly Activities Update
C. Tourism Data
D. Tourism Quarterly Activities Update
E. Tourism Action Items
Economic Development and Tourism 3rd Quarter Activity Update
3
Economic Indicators
4
Economic Development and Tourism 3rd Quarter Activity Update
5
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Economic Opportunity. Local Area Unemployment Statistics. October 2015.
Average (1990-2008): 5.2%
PEAK: 12.5%
CURRENT: 5.4%
6
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Economic Opportunity. Local Area Unemployment Statistics. October 2015.
7
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Economic Opportunity. Local Area Unemployment Statistics. October 2015.
8
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Economic Opportunity. Local Area Unemployment Statistics. October 2015.
Source: Florida Department of Economic Opportunity. Quarterly Census of Employment and Wages. October 2015.
(Data represents 3 month moving average) 9
Economic Development and Tourism 3rd Quarter Activity Update
10
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Economic Opportunity. Quarterly Census of Employment and Wages. October 2015.
(Data represents 12 month moving average)
11
Economic Development and Tourism 3rd Quarter Activity Update
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
12
Economic Development and Tourism 3rd Quarter Activity Update
Source: Lake County Tax Collector. October 2015.
13
Economic Development and Tourism 3rd Quarter Activity Update
Source: Florida Department of Revenue. March 2015.
Economic Indicators Summary
14
Economic Development and Tourism 3rd Quarter Activity Update
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
15
Economic Development and Tourism 3rd Quarter Activity Update
Economic Development Quarterly Activities Update
Business Attraction
16
Economic Development and Tourism 3rd Quarter Activity Update
Lead Generation (Last 4 Quarters)
17
Economic Development and Tourism 3rd Quarter Activity Update
Lead Generation (Last 4 Quarters)
18
Economic Development and Tourism 3rd Quarter Activity Update
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)
19
Economic Development and Tourism 3rd Quarter Activity Update
Economic Development Quarterly Activities Update
Business Retention and Expansion
20
Economic Development and Tourism 3rd Quarter Activity Update
Business Opportunity Centers – Update
21
Economic Development and Tourism 3rd Quarter Activity Update
• 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
Business Opportunity Centers – Update
22
Economic Development and Tourism 3rd Quarter Activity Update
Business Opportunity Centers – Update
23
Economic Development and Tourism 3rd Quarter Activity Update
• 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
24
Economic Development and Tourism 3rd Quarter Activity Update
• 417 distinct clients • 717 consulting sessions • 1,296 hours of consulting
• 26 distinct training events • 570 distinct attendees
Business Opportunity Centers – 2015 YTD Statistics
25
Economic Development and Tourism 3rd Quarter Activity Update
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
26
Economic Development and Tourism 3rd Quarter Activity Update
Business Retention and Expansion Updates
27
Economic Development and Tourism 3rd Quarter Activity Update
• 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
28
Economic Development and Tourism 3rd Quarter Activity Update
Economic Development and Tourism 3rd Quarter Activity Update
29 Source: Lake County Tax Collector. September 2015.
Economic Development and Tourism 3rd Quarter Activity Update
30 Source: Lake County Tax Collector. September 2015.
Economic Development and Tourism 3rd Quarter Activity Update
31 Source: Smith Travel Research. September 2015.
Economic Development and Tourism 3rd Quarter Activity Update
32 Source: Smith Travel Research. September 2015.
Economic Development and Tourism 3rd Quarter Activity Update
33 Source: Smith Travel Research. September 2015.
Tourism Quarterly Activities Update
34
Economic Development and Tourism 3rd Quarter Activity Update
Tourism Quarterly Activities Update
Marketing and Advertising
35
Economic Development and Tourism 3rd Quarter Activity Update
• VISITFLORIDA.com – banner ads
Economic Development and Tourism 3rd Quarter Activity Update
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
37
Economic Development and Tourism 3rd Quarter Activity Update
Niche Segment – Bass Fishing
• AAA Living Magazine – 2-page Advertisement; – Co-Op with Mission Inn and Downtown Mount Dora Partners
38
Economic Development and Tourism 3rd Quarter Activity Update
Florida Residents
39
Economic Development and Tourism 3rd Quarter Activity Update
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
Tourism Quarterly Activities Update
Events
40
Economic Development and Tourism 3rd Quarter Activity Update
• 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
41
Economic Development and Tourism 3rd Quarter Activity Update
Event Sponsorship
• 5,000 attendees
• 92 events; 41 trip leaders/experts
• 35 sponsors
• Significant media exposure
42
Economic Development and Tourism 3rd Quarter Activity Update
Wings and Wildflowers Festival
• ROX Beach Volleyball • 134 athletes
• 335 Total Visitors
• Approx. 500 Room Nights
• $200,000+ Economic Impact
43
Economic Development and Tourism 3rd Quarter Activity Update
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
44
Economic Development and Tourism 3rd Quarter Activity Update
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
45
Economic Development and Tourism 3rd Quarter Activity Update
NCAA Beach Volleyball National Championship
Tourism Quarterly Activities Update
Next Quarter
46
Economic Development and Tourism 3rd Quarter Activity Update
• Professional advertising agency procurement
• New locker room facility at Hickory Point
• Welcome Center planning
• FLW recruitment
• Trade show / expo scheduling
47
Economic Development and Tourism 3rd Quarter Activity Update
Next Quarter Activities
Tourism Action Items
48
Economic Development and Tourism 3rd Quarter Activity Update
Tourism Action Items
Revisions to the TDC Capital Projects Funding Policy
49
Economic Development and Tourism 3rd Quarter Activity Update
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
50
Economic Development and Tourism 3rd Quarter Activity Update
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
51
Economic Development and Tourism 3rd Quarter Activity Update
Tourism Action Items
Postponement of 2015 Fall Capital Projects Cycle
52
Economic Development and Tourism 3rd Quarter Activity Update
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
53
Economic Development and Tourism 3rd Quarter Activity Update
Tourism Action Items
Timothy Frederick Endorsement Contract
54
Economic Development and Tourism 3rd Quarter Activity Update
• 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
55
Economic Development and Tourism 3rd Quarter Activity Update
Timothy Frederick Endorsement Contract
56
Economic Development and Tourism 3rd Quarter Activity Update
Timothy Frederick Endorsement Contract
Tourism Action Items
Requested Actions
57
Economic Development and Tourism 3rd Quarter Activity Update
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
58
Economic Development and Tourism 3rd Quarter Activity Update
Requested Actions
59