High-Impact Performance Incentive Grants (HIPI)

How do High-Impact Performance Incentive Grants affect Florida businesses?

High-Impact Performance Incentive Grants (HIPI)  attract and grow high-impact businesses within Florida by offering performance-based financial incentives. These grants aim to boost economic development and create new job opportunities for Floridians. By partnering with Enterprise Florida, the state government aims to strengthen the state’s economy and foster a competitive business environment.

Businesses that qualify for HIPI grants can benefit from financial assistance, which may lead to business expansion, job creation, and increased innovation. In addition, these benefits could result in a positive economic ripple effect, where local suppliers, service providers, and other businesses in the area experience increased demand for their products and services. The HIPI grants demonstrate Florida’s commitment to supporting high-impact businesses and fostering economic development throughout the state.

Need help regarding economic development incentives? Schedule your consultation today with a top economic development attorney.

Which Florida laws and regulations apply to HIPI grants?

HIPI grants are authorized and outlined by Section 288.108, Florida Statutes. Grants are provided to pre-approved applicants in specific high-impact sectors as designated by the Department of Economic Opportunity (DEO).

When a business certifies “commencement of operations” to DEO and the grant agreement terms are met, the high-impact business is awarded 50 percent of its grant. On the other hand, when the business certifies its achievement of “full investment and employment goals” and the grant agreement terms have been met, the high-impact business is awarded the entire balance of the grant.

Which Florida businesses qualify for HIPI grants?

An applicant must:

• Operate within designated high-impact portions of the following sectors: Clean Energy, Corporate Headquarters, Financial Services, Life Sciences, Information Technology, Advanced Manufacturing, Transportation Equipment Manufacturing, and Semiconductors;
• Create at least 50 new full-time equivalent jobs in Florida in a designated high-impact sector in 3 years; or if a research and development facility, create at least 25 new full-time equivalent jobs in 3 years; and
• Make a cumulative investment in the state of at least $50 million in 3 years, or if a research and development facility, make a cumulative investment of at least $25 million in 3 years.

When a set of facts is appropriate to meet the requirements of HIPI grants, there are many paths a claimant may take. We are value-based attorneys at Jimerson Birr, which means we look at each action with our clients from the point of view of costs and benefits while reducing liability. Then, based on our client’s objectives, we chart a path to seek appropriate remedies.

To determine whether your unique situation may necessitate litigation, please contact our office to set up your initial consultation.

What are the strategic benefits for qualifying Florida businesses?

• Access to Capital: HIPI grants help small businesses secure financing they may not have been able to obtain through traditional sources.
• Job Creation: The program supports businesses in their growth, creating new job opportunities.
• Business Expansion: With increased access to capital, businesses can expand their operations, invest in new equipment, or enter new markets.
• Innovation: The program may foster innovation by helping businesses fund research and development projects.
• Collaboration: Businesses can partner with companies, educational institutions, or government agencies.

Frequently Asked Questions

1. Can High-Impact Performance Incentive Grants be combined with other state or local incentives?

HIPI grants can often be combined with other state or local incentives to further support business growth and development. For example, local governments may offer additional incentives, such as tax breaks or infrastructure improvements, to complement the financial assistance provided by the HIPI grant. This collaboration between state and local governments creates a more attractive business environment and encourages investment in Florida.

Have more questions about an economic development-related situation?

Crucially, this overview of HIPI grants does not begin to cover all the laws implicated by this issue or the factors that may compel the application of such laws. Every case is unique, and the laws can produce different outcomes depending on the individual circumstances.

Jimerson Birr attorneys guide our clients to help make informed decisions while ensuring their rights are respected and protected. Our lawyers are highly trained and experienced in the nuances of the law, so they can accurately interpret statutes and case law and holistically prepare individuals or companies for their legal endeavors. Through this intense personal investment and advocacy, our lawyers will help resolve the issue’s complicated legal problems efficiently and effectively.

Having a Jimerson Birr attorney on your side means securing a team of seasoned, multi-dimensional, cross-functional legal professionals. Whether it is a transaction, an operational issue, a regulatory challenge, or a contested legal predicament that may require court intervention, we remain tireless advocates at every step. Being a value-added law firm means putting the client at the forefront of everything we do. We use our experience to help our clients navigate even the most complex problems and come out the other side triumphant.

If you want to understand your case, the merits of your claim or defense, potential monetary awards, or the amount of exposure you face, you should speak with a qualified Jimerson Birr lawyer. Our experienced team of attorneys is here to help. Call Jimerson Birr at (904) 389-0050 or use the contact form to schedule a consultation.