Penny IV: Policy Guidelines and Program Implementation Support
We helped Pinellas County strategically deploy Penny IV Funds — a voter-approved 1% sales tax — to support redevelopment across one of Florida's most built-out counties.
Pinellas County
Planning and Economic Development, Economic Development, Public Policy
Pinellas County, FL
With limited land available for new residential, office and industrial development, Pinellas County needed a strategic framework to direct capital investments toward affordable housing and economic development. We provided market analysis, policy development and implementation advisory services to Pinellas County Economic Development (PCED) to ensure Penny IV Funds were deployed effectively.
Work Completed
Conducted market analyses to inform policy for deploying Penny IV Funds in support of housing across 60%, 80% and 120% of Area Median Income households
Estimated economic development potential and identified barriers to target industry office and industrial development through a customized market analysis approach
Crafted policy guidelines to strategically invest in capital projects addressing barriers to workforce housing and economic development
Provided implementation advisory services to support PCED staff in developing review and scoring procedures for projects seeking Penny IV economic development funding
Assisted the County in creating the Penny IV Employment Sites Program, the first major economic development initiative to fund capital projects attracting higher-wage target industry employers
Results
Market findings were presented to the County in 2019 and directly informed the policy guidelines for Penny IV. We have since provided ongoing due diligence support for affordable housing and economic development projects across the Penny programs. In May 2023, the Pinellas County Employment Sites Program we helped develop received a Tampa Bay Regional Planning Council Future of the Region Award in the Economy and Energy category.