Tampa Bay American Recovery and Reinvestment Act

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  • 1. American Recovery and Reinvestment Act Road to Economic Recoveryand Jobs for Tampa Bay Area and You
  • 2. Florida’s District 11 –Tampa Bay’s Economic AnchorPopulation: 639,295Median Household Income: $33,559Tampa Bay’s Business Centers: Port of Tampa, Convention Center, Tampa International Airport, University of South Florida, University of Tampa, Area Hospitals, Tropicana Field, Port Manatee, Central Business Districts
  • 3. American Recovery and Reinvestment Act The Recovery Act aims to create and save 3.5 million jobs in response to the unparalleled economic crisis of our generation The American Recovery and Reinvestment Act boosted the countrys real GDP by up to 4.5 percent in the second quarter of 2010, and increased the number of American jobs by as many as 3.3 million Largest part of Recovery Act is tax cuts: Gave 95 percent of Americans an immediate tax cut Second largest part: Direct support to states and individuals Final third: Community investments in transportation, infrastructure, clean and renewable energy, health care, education, housing and more
  • 4. Tax Relief for Families and Businesses Making Work Pay Tax Cut: Larger paychecks were provided immediately beginning April 2009 to about 95 percent of American workers of up to $400 per worker ($800 per couple). Child Tax Credit: Cuts taxes for more than 16 million families with children through expansion of the child tax credit. Earned Income Tax Credit: Expands the EITC by providing tax relief to families with three or more children and increasing marriage penalty relief. College Tax Credit: Helps more than 4 million additional students attend college with a new, $2,500 tax credit for families. Pell Grants: Increases the maximum Pell Grant by $500, from $4,850 to $5,350 in 2009 and $5,550 in 2010. COBRA: Eligible individuals pay only 35% of the full COBRA premiums for health insurance coverage
  • 5. Lower Taxes forMiddle Class Families Tax bills for families in 2009 at the lowest level since 1950 under President Harry Truman 98 percent of families saw their taxes decrease Average tax refunds were up 10 percent The historic tax cuts for middle-class families are putting money back into their wallets at a time they need it most
  • 6. Helping Small Businesses Recovery Act targets $15 billion in tax relief to small businesses Establishes tax credits for small-businesses hiring, recently discharged vets and out-of-work youth Recovery Act will generate $21 billion in new lending and investment for small businesses Provides direct, interest free loans of $35,000 – emergency lifeline for established but struggling small businesses Makes loans less expensive
  • 7. What does this mean for Tampa Bay Area?JOBS, JOBS, JOBS
  • 8. Tampa Bay Area Schools, StudentsBenefit from Recovery Money  Florida has received more than $4 billion for education  $700 million to Florida for Race to the Top  USF, HCC students received $25 million in Pell Grants  Hillsborough County Schools  $17.5 million for Title I  $22 million for IDEA  Pinellas County Schools  $21 million for Title I“I don’t know how we would have been able  $15 million for IDEAto open schools without the stimulus  Recovery Act saved and retainedmoney.” – Julie Janssen, Pinellas approximately 800 jobs in Pinellas andSuperintendent 1,500 in HillsboroughIt “went straight to keep our heads abovewater.” – MaryEllen Elia, HillsboroughSuperintendent
  • 9. Head Start Recovery Act invests in early childhood education Hillsborough: $12 million Pinellas: $802,000 Lutheran Ministries’ Head Start: $86,000
  • 10. Housing and Community Development More than $100 million to Tampa Bay region Tampa Housing Authority received $38 million to revitalize downtown Central Park while creating jobs, in addition to funding for to renovate other housing complexes Neighborhood Lending Partners received $50 million for housing initiatives in Pinellas and Pasco counties Redevelop hard-hit communities, create jobs, purchase and rehabilitate vacant homes Pinellas County received $1.3 million to provide short-term rental assistance to those who have become homeless or are facing homelessness Tampa received more than $1 million for CDBG for community centers Additional $74 million for homeless assistance grants throughout Tampa Bay
  • 11. Transportation – I-4/ SelmonCrosstown Connector  $105 million  Creates almost 13,000 jobs  Provides vital relief to Tampa Port and local businesses  Port of Tampa poised for economic expansion
  • 12. Transportation – I-4/ SelmonCrosstown Connector  Completion Fall 2013  12-lane elevated highway linking the Selmon Expressway and the Port of Tampa with Interstate 4“This project is the envy of the  1 mile long, but aboutrest of the country,” U.S. 22 miles of pavement.Transportation Secretary RayLaHood.
  • 13. Transportation – U.S. 19 and More  $45 million in Recovery Act funds for U.S. 19  Will create a significant number of jobs and ease traffic on congested road  $1.9 million for North Bay Trail (1st Street) from 30th Avenue North to 54th Avenue North.  $314,000 for East Avenue, Turner Street to Drew Street, Bicycle Safety Improvements
  • 14. Transportation – HART and PSTA HART receiving $15.2 million $7.8 million on 29 buses and 2 vans. Ridership is up. $1 million to extend streetcar into downtown – in addition to Castor $1 million appropriation Bus stop shelters and benches $15 million for Pinellas Suncoast Transit Authority for capitol projects and operating Hybrid-electric replacement buses, real-time bus information, and passenger amenities
  • 15. Transportation –Our Region’s Airports $16 million for Tampa International Airport includes funding for security enhancements and runway work Creating hundreds of jobs $5.4 million for St. Petersburg- Clearwater Airport for terminal renovations and improvements Expected to create or retain 44 jobs
  • 16. How Tampa Leads the Nation Source: New York Times/ July 9, 2009
  • 17. High-Speed Rail More than $2.6 billion was directed to Florida for high- speed rail Would have created more than 20,000 jobs Civic, business and elected leaders worked together to save HSR and fought to keep these jobs in Florida Gov. Scott killed the initiative
  • 18. Community Health Centers $13 million to Tampa Bay area Creates jobs for doctors, nurses and other medical professionals Allows centers to serve more patients Construction money allowed Community Health Centers of Pinellas to open Women’s Health Center New community health center open in East Tampa New clinic opened in North Tampa Manatee County Rural Health Services adding exam rooms and hiring medical professionals
  • 19. Research – Tampa Bay’s High-Wage Jobs of the Future  Significant competitive research grants through NIH and NSF  $25 million awarded to Moffitt Cancer Center, supporting more than 400 jobs  Money will support cancer research and M2Gen partnership with Merck  More than $24 million to University of South Florida for research and to hire faculty  College of Marine Science researchers received grants to better understand and monitor climate change and environmental damage  Competing for more grant money“There is no question that USF, that the  SRI received almost $500,000 forstabilization funding, stopped a horrible researchyear of cutting positions and cuttingpeople.” – USF Vice President Michael Hoad
  • 20. Tampa Bay’s Ports – Our VitalEconomic Engines $12 million for improvements atshipyards, pier reconstructionsand bulkhead replacement Hundreds of jobs saved andcreated International Ship and MarineServices, Tampa Ship, GulfMarine RepairRiverhawk Marine, DiversifiedMarine Tech, Port of Tampabenefit$1 million for Port security atPort Manatee
  • 21. Tampa Bay’s Water Infrastructure City of Tampa received $23 million low-interest loan and $2.5 million grant, which will create 125 jobs City replacing aging water pipes downtown and on Davis Islands $3 million loan to Oldsmar to build a new water treatment plant Promotes reliable infrastructure, clean and healthy Tampa Bay
  • 22. MacDill Air Force Base More than $12 million for repairs and improvements to the runway and sinkhole mitigation Runway Rubber Removal & Remarking -$339,000 Repair Asphalt Adjacent to Concrete South Apron - $431,000 Repair North Apron Feature A36b - $1,088,000 Repair North Apron Taxi Route - $4,305,000 Repair South Apron Storm Drainage - $6,027,000 Critical to the KC-135 tanker air mobility mission Col. Larry Martin says out of the $39 million available for Air Mobility Command, MacDill Secured $13 million because “we were ready”
  • 23. Energy Efficiency Pinellas County Urban League won $1.5 million in weatherization money to upgrade homes Recovery Act Weatherization Assistance has supported more than 200 jobs in Florida in the second quarter of 2010 Energy Efficiency and Conservation Block Grants to cities and counties, including new Hillsborough County Courthouse Real-Time solar panels at old county courthouse Solar Monitoring – 10/28/2010 9:23 am Energy audits, building retrofits, reduce and capture greenhouse gases, new street lights, for government buildings $18 million to Tampa Bay region
  • 24. Investing in Solar Energy In Arcadia, President Obama announced $3.4 billion for “smart grid” energy $267 million for Florida, including Lakeland, Miami and Tallahassee DeSoto Next Generation Solar Energy Center creating jobs University of South Florida involved in smart-grid work Tampa-based Ultrasonic Technologies receiving $1.4 million to lower cost of photovoltaics Solar energy is clean, plentiful and affordable Focus on creating a clean energy economy
  • 25. COPS – Keeping Us Safe  $4.7 million to St. Petersburg Police Department, Bradenton PD and Manatee County Sheriff  Hire and retain 25 officers  Funding through Justice Department’s COPS initiative  Provide salaries, benefits for three years  Tampa also received FEMA grant for assistance to firefighters program
  • 26. PaperFree Florida University of South Florida received $6 million USF striving to be in forefront of electronic medical records initiative PaperFree Florida creates jobs and reduces costly medical errors
  • 27. From the Experts “I think we’ve gotten to a point where it’s a self-sustaining recovery.” - David Wyss, chief economist at Standard & Poor’s “The U.S. recovery from the Great Recession continues, with business conditions improving.” - William Strauss, senior economist, Federal Reserve Bank, Chicago “I feel more confident … there’ll be no relapse.” - Stuart Hoffman, chief economist, PNC Financial Services Group “Consumers are showing extraordinary resilience. There’s a lot of pent-up demand out there that is now being unleashed. The whole supply chain system is now being revitalized.” - Bernard Baumohl, chief economist, Economic Outlook Group “We would be in a measurably worse place if not for the stimulus. I don’t think it is any coincidence that the great recession ended at precisely the same time that the stimulus, and in this case when I say stimulus I am talking about the [American Recovery and Reinvestment Act] ….was providing its maximum economic benefit.” - Mark Zandi, chief economist, Moody’s Economy.com “The weight of the evidence suggests that fiscal policy softened the impact of the recession, boosting demand, creating jobs, and helping the economy start growing again.” - James Surowiecki, The New Yorker
  • 28. Recovery Act at Work:More Jobs to Come The Recovery Act has played an essential role in changing the trajectory of the economy. It has raised the level of GDP substantially in its first full year of existence and has saved or created approximately 3.3 million jobs. Johnnie Ruth Clarke Health Center Midtown St. Petersburg The tax relief and income support provisions of the ARRA alone account for roughly half of the beneficial employment benefits. J.L. Young Apartment Complex, Tampa
  • 29. Additional Resources www.recovery.gov www.castor.house.gov www.flarecovery.comwww.makinghomeaffordable.gov
  • 30. Tampa Bay’s Road to Recovery