American Recovery and Reinvestment Act in Tampa Bay


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  • Currently 2 nd highest number of foreclosures In 2008 – Florida had 2 nd highest rate of foreclosures Hillsborough – 1 in every 78 properties foreclosure notices
  • Signed into law by President Obama on February 17, 2009
  • Besides Money Directly to Floridians
  • Recovery Act: $1 billion for grants to construct, renovate or repair existing research facilities
  • American Recovery and Reinvestment Act in Tampa Bay

    1. 1. American Recovery and Reinvestment Act Road to Economic Recovery and Jobs for Tampa Bay Area and You
    2. 2. Florida’s District 11 – Tampa Bay’s Economic Anchor <ul><li>Population: 639,295 </li></ul><ul><li>Median Household Income: $33,559 </li></ul><ul><li>Tampa 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 </li></ul><ul><li>May Unemployment Rates: </li></ul><ul><ul><li>Florida: 11.7% </li></ul></ul><ul><ul><li>Tampa Bay Area: 11.7% </li></ul></ul><ul><ul><li>National: 9.7% </li></ul></ul><ul><li>Foreclosures: Florida has one of the highest foreclosure rates in the country </li></ul>
    3. 3. Reversing Job Loss
    4. 4. <ul><li>In response to the unparalleled economic crisis of our generation, the Recovery Act aims to create and save 3.5 million jobs targeted at the emergency period Spring 2009 through Fall 2010. </li></ul><ul><li>National Journal reports more jobs might be created this year than during the entire Bush presidency. </li></ul><ul><li>Largest part of Recovery Act is tax cuts : Gave 95 percent of Americans an immediate tax cut </li></ul><ul><li>Second largest part: Direct support to state governments and individuals </li></ul><ul><li>Final third: Community investments in transportation, infrastructure, clean and renewable energy, health care, education, housing and more </li></ul>American Recovery and Reinvestment Act “ But thanks to the federal economic stimulus package, [Muquit] Usama and his workers have been busy rehabilitating public housing complexes throughout Tampa.” - St. Petersburg Times, Feb. 20, 2010
    5. 5. Tax Relief for Families and Businesses <ul><li>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). </li></ul><ul><li>First-Time Homebuyers: Strengthens the housing market by increasing first-time homebuyer credit to $8,000 (up from $7,500) and removing the current repayment requirement. </li></ul><ul><li>Child Tax Credit: Cuts taxes for more than 16 million families with children through expansion of the child tax credit. </li></ul><ul><li>Earned Income Tax Credit: Expands the EITC by providing tax relief to families with three or more children and increasing marriage penalty relief. </li></ul><ul><li>College Tax Credit: Helps more than 4 million additional students attend college with a new, $2,500 tax credit for families. </li></ul><ul><li>Pell Grants: Increases the maximum Pell Grant by $500, from $4,850 to $5,350 in 2009 and $5,550 in 2010. </li></ul>
    6. 6. COBRA – Lifeline for our Neighbors <ul><li>Recovery Act helps unemployed pay for health insurance coverage </li></ul><ul><li>Eligible individuals pay only 35 percent of the full COBRA premiums under their plans </li></ul><ul><li>Available for employees laid off from Sept.1, 2008 </li></ul>A Health Safety Net for Jobless Families St. Petersburg Times, Jan. 27, 2009
    7. 7. Helping Small Businesses <ul><li>Recovery Act targets $15 billion in tax relief to small businesses </li></ul><ul><li>Establishes tax credits for small businesses hiring recently discharged vets and out-of-work youth </li></ul><ul><li>Recovery Act will generate $21 billion in new lending and investment for small businesses </li></ul><ul><li>Provides direct, interest free loans of $35,000 – emergency lifeline for established but struggling small businesses </li></ul><ul><li>Makes loans less expensive </li></ul>
    8. 8. Investments for Florida <ul><li>By mid-May 2010, Florida had received $18 billion, which helped state avoid widespread layoffs and tax increases as state revenue plummeted. </li></ul><ul><li>More than $4.3 billion for health care under Medicaid </li></ul><ul><li>More than $3.1 billion for education </li></ul><ul><li>$1.25 billion for jobs constructing one of the first high-speed rail lines </li></ul><ul><li>Of 20 largest metropolitan areas, as of last summer, Tampa Bay area was only one receiving greater share of transportation money than share of GDP </li></ul><ul><li>$2.6 billion for transportation, energy and other shovel-ready projects </li></ul><ul><li>By the end of April, more than 1.2 million Floridians received expanded unemployment benefits </li></ul><ul><li>Council of Economic Advisers estimates that more than 153,000 jobs were created or saved in Florida through the end of March </li></ul>“ I think it’s pretty incredible that 26,000 teachers will continue to be able to work for Florida’s children because of these additional moneys and that’s really the point you know.” – Gov. Charlie Crist, July 15, 2009
    9. 9. What does this mean for Tampa Bay Area? <ul><li>JOBS, JOBS, JOBS </li></ul>
    10. 11. Tampa Bay Area Schools, Students Benefit from Recovery Money <ul><li>Florida has received more than $4 billion for education </li></ul><ul><li>USF, HCC students received about $25 million in Pell Grants </li></ul><ul><li>Hillsborough County </li></ul><ul><ul><li>$17.5 million for Title I </li></ul></ul><ul><ul><li>$22 million for IDEA </li></ul></ul><ul><li>Pinellas County </li></ul><ul><ul><li>$21 million for Title I </li></ul></ul><ul><ul><li>$15 million for IDEA </li></ul></ul><ul><li>Saving and retaining education jobs </li></ul><ul><ul><li>Approximately 800 in Pinellas and 1,500 in Hillsborough </li></ul></ul><ul><li>More to come for Hillsborough, Pinellas and Manatee, including tens of millions to modernize schools </li></ul>“ I don’t know how we would have been able to open schools without the stimulus money.” – Julie Janssen, Pinellas Superintendent It “went straight to keep our heads above water.” – MaryEllen Elia, Hillsborough Superintendent
    11. 12. Head Start <ul><li>Recovery Act invests in early childhood education </li></ul><ul><li>Hillsborough: $12 million </li></ul><ul><li>Pinellas: $802,000 </li></ul><ul><li>Lutheran Ministries’ Head Start: $86,000 </li></ul>
    12. 13. Housing and Community Development <ul><li>More than $100 million to Tampa Bay region </li></ul><ul><li>Tampa Housing Authority received $38 million to revitalize downtown Central Park while creating jobs, in addition to funding for to renovate other housing complexes </li></ul><ul><li>Neighborhood Lending Partners received $50 million for housing initiatives in Pinellas and Pasco counties </li></ul><ul><li>Redevelop hard-hit communities, create jobs, purchase and rehabilitate vacant homes </li></ul><ul><li>Pinellas County received $1.3 million to provide short-term rental assistance to those who have become homeless or are facing homelessness </li></ul><ul><li>Tampa received more than $1 million for CDBG for community centers </li></ul><ul><li>Additional $74 million for homeless assistance grants, throughout Tampa Bay </li></ul>Get In Line for New Jobs St. Petersburg Times, March 26, 2010
    13. 14. Transportation – I-4/ Selmon Crosstown Connector <ul><li>$105 million </li></ul><ul><li>Creates almost 13,000 jobs </li></ul><ul><li>Provides vital relief to Tampa Port and local businesses </li></ul><ul><li>Port of Tampa poised for economic expansion </li></ul>I-4/ Crosstown Connector Breaks Ground Tampa Bay Business Journal, April 9, 2010
    14. 15. Transportation – U.S. 19 and More <ul><li>$45 million in Recovery Act funds for U.S. 19 </li></ul><ul><li>Will create a significant number of jobs and ease traffic on congested road </li></ul><ul><li>$1.9 million for North Bay Trail (1st Street) from 30th Avenue North to 54th Avenue North. </li></ul><ul><li>$314,000 for East Avenue, Turner Street to Drew Street, Bicycle Safety Improvements </li></ul>The Miracle on U.S. 19 St. Petersburg Times, June 14, 2009
    15. 16. Transportation – HART and PSTA <ul><li>HART receiving $15.2 million </li></ul><ul><li>$7.8 million on 29 buses and 2 vans. Ridership is up. </li></ul><ul><li>$1 million to extend streetcar into downtown – in addition to Castor $1 million appropriation </li></ul><ul><li>Bus stop shelters and benches </li></ul><ul><li>$15 million for Pinellas Suncoast Transit Authority for capitol projects and operating </li></ul><ul><li>Hybrid-electric replacement buses, real-time bus information, and passenger amenities </li></ul>
    16. 17. <ul><li>$16 million for Tampa International Airport includes funding for security enhancements and runway work </li></ul><ul><li>Creating hundreds of jobs </li></ul><ul><li>$5.4 million for St. Petersburg-Clearwater Airport for terminal renovations and improvements </li></ul><ul><li>Expected to create or retain 44 jobs </li></ul>Transportation – Our Region’s Airports Stimulus Funds to Help St. Petersburg-Clearwater Airport’s Terminal Building Tampa Bay Business Journal, April 9, 2009
    17. 18. How Tampa Leads the Nation Source: New York Times/ July 9, 2009
    18. 19. High-Speed Rail – Historic Jobs Initiative <ul><li>Will create more than 20,000 construction jobs </li></ul><ul><li>$1.25 billion awarded to Florida for one of the first lines in new national HSR </li></ul><ul><li>Very competitive </li></ul><ul><li>Obama, Biden made announcement at UT </li></ul>“ We are going to start building a new high-speed rail line right here in Tampa, building for the future, putting people to work. ” - President Obama, Jan. 28, 2010
    19. 20. Community Health Centers <ul><li>$13 million to Tampa Bay area </li></ul><ul><li>Creates jobs for doctors, nurses and other medical professionals </li></ul><ul><li>Allows centers to serve more patients </li></ul><ul><li>Construction money allowing Community Health Centers of Pinellas to open Women’s Health Center– more than $1 million </li></ul><ul><li>New community health centers to be constructed in East Tampa </li></ul><ul><li>New clinic opened in North Tampa </li></ul><ul><li>Manatee County Rural Health Services adding exam rooms and hiring medical professionals </li></ul>Stimulus Money Headed to St. Pete Clinics Ch. 13, July 7, 2009
    20. 21. Research – Tampa Bay’s High-Wage Jobs of the Future <ul><li>Significant competitive research grants through NIH and NSF </li></ul><ul><li>$19 million awarded so far to Moffitt Cancer Center </li></ul><ul><li>Money will support cancer research and M2Gen partnership with Merck </li></ul><ul><li>More than $12 million to University of South Florida for research and to hire faculty </li></ul><ul><li>College of Marine Science researchers received grants to better understand and monitor climate change and environmental damage </li></ul><ul><li>Competing for more grant money </li></ul><ul><li>SRI received almost $500,000 for research </li></ul>Moffitt Cancer Center Gets $6 Million Ch. 13 news, June 17, 2009 “ There is no question that USF, that the stabilization funding, stopped a horrible year of cutting positions and cutting people.” – USF Vice President Michael Hoad
    21. 22. Tampa Bay’s Ports – Our Vital Economic Engines 4 Port of Tampa Companies in Line for Stimulus Funds, July 17, 2009 <ul><li>$12 million for improvements at shipyards, pier reconstructions and bulkhead replacement </li></ul><ul><li>Hundreds of jobs saved and created </li></ul><ul><li>International Ship and Marine Services, Tampa Ship, Gulf Marine Repair Riverhawk Marine, Diversified Marine Tech, Port of Tampa benefit </li></ul><ul><li>$1 million for Port security at Port Manatee </li></ul>
    22. 23. Tampa Bay’s Water Infrastructure <ul><li>City of Tampa received $23 million low-interest loan and $2.5 million grant, which will create 125 jobs </li></ul><ul><li>City will replace aging water pipes downtown and on Davis Islands </li></ul><ul><li>$3 million loan to Oldsmar to build a new water treatment plant </li></ul><ul><li>Promotes reliable infrastructure, clean and healthy Tampa Bay </li></ul>
    23. 24. MacDill Air Force Base <ul><li>More than $12 million for repairs and improvements to the runway and sinkhole mitigation </li></ul><ul><li>Runway Rubber Removal & Remarking -$339,000 </li></ul><ul><li>Repair Asphalt Adjacent to Concrete South Apron - $431,000 </li></ul><ul><li>Repair North Apron Feature A36b - $1,088,000 </li></ul><ul><li>Repair North Apron Taxi Route - $4,305,000 </li></ul><ul><li>Repair South Apron Storm Drainage -$6,027,000 </li></ul><ul><li>Critical to the KC-135 thanker air mobility mission </li></ul><ul><li>Col. Larry Martin says out of the $39 million available for Air Mobility Command, MacDill Secured $13 million because “we were ready” </li></ul>
    24. 25. Energy Efficiency <ul><li>Energy Efficiency and Conservation Block Grants to cities and counties </li></ul><ul><li>Flexible use to reduce total energy use and fossil fuel emissions and improve energy efficiency </li></ul><ul><li>Energy audits, building retrofits, transportation, reduce and capture greenhouse gases, new street lights, solar panels for government buildings </li></ul><ul><li>Approximately $18 million to Tampa Bay region </li></ul>Federal stimulus money to pay for Tampa Bay energy projects St. Petersburg Times, March 27, 2009
    25. 26. Investing in Solar Energy <ul><li>In Arcadia, President Obama announced $3.4 billion for “smart grid” energy </li></ul><ul><li>$267 million for Florida, including Lakeland, Miami and Tallahassee </li></ul><ul><li>DeSoto Next Generation Solar Energy Center creating jobs </li></ul><ul><li>University of South Florida involved in smart-grid work </li></ul><ul><li>Solar energy is clean, plentiful and affordable </li></ul><ul><li>Focus on creating a clean energy economy </li></ul>
    26. 27. COPS – Keeping Us Safe <ul><li>$4.7 million to St. Petersburg Police Department, Bradenton PD and Manatee County Sheriff </li></ul><ul><li>Hire and retain 25 officers </li></ul><ul><li>Funding through Justice Department’s COPS initiative </li></ul><ul><li>Provide salaries, benefits for three years </li></ul><ul><li>Tampa also received FEMA grant for assistance to firefighters program </li></ul>Stimulus Money To Allow Hiring of Tampa Bay Officers St. Petersburg Times, July 28, 2009
    27. 28. Brownfields Redevelopment <ul><li>Clearwater receiving $400,000 from the U.S. Environmental Protection Agency to clean up brownfields </li></ul><ul><li>Tampa also receiving $400,000 </li></ul><ul><li>Clean up illegal dump sites and other polluted property </li></ul><ul><li>Investing in cleaning up brownfields will aid in redevelopment </li></ul><ul><li>Improves public health </li></ul><ul><li>Spurs economic development and job creation </li></ul>Tampa Stimulus Money Helps Clean Up Dump Sites Tampa Tribune, May 11, 2009
    28. 29. PaperFree Florida <ul><li>University of South Florida received nearly $6 million </li></ul><ul><li>USF striving to be in forefront of electronic medical records initiative </li></ul><ul><li>PaperFree Florida creates jobs and reduces costly medical errors </li></ul>USF Ready to Hire for Medical Data Project St. Petersburg Times, April 14, 2010
    29. 30. From the Experts <ul><li>“ I think we’ve gotten to a point where it’s a self-sustaining recovery.” </li></ul><ul><li>- David Wyss, chief economist at Standard & Poor’s </li></ul><ul><li>“ The U.S. recovery from the Great Recession continues, with business conditions improving.” </li></ul><ul><li>- William Strauss, senior economist, Federal Reserve Bank, Chicago </li></ul><ul><li>“ I feel more confident … there’ll be no relapse.” </li></ul><ul><li>Stuart Hoffman, chief economist, PNC Financial Services Group </li></ul><ul><li>“ 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.” </li></ul><ul><li>Bernard Baumohl, chief economist, Economic Outlook Group </li></ul><ul><li>“ When you take it all together, the response [to the recession] was massive, unprecedented and ultimately successful.” </li></ul><ul><li>Mark Zandi, chief economist, Moody’s </li></ul>
    30. 31. White House Council of Economic Advisers <ul><li>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 between 2.2 million and 2.8 million jobs as of the first quarter of 2010. </li></ul><ul><li>The tax relief and income support provisions of the ARRA alone account for roughly half of the beneficial employment benefits. </li></ul><ul><li>As of the end of March, nearly half of the original $787 billion included in the Act has been outlaid or has gone to American households and businesses in the form of tax reductions. </li></ul><ul><li>The fiscal stimulus provided by the Act increased substantially in the first quarter of 2010. </li></ul>
    31. 32. Additional Resources
    32. 33. Tampa Bay’s Road to Recovery