Foreign Direct Investment (FDI)
A foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. Generally, FDI takes place when an investor establishes foreign business operations or acquires foreign business assets in a foreign company. FDI is one of the economic development tools available to the City of Miramar for its current and future success as an international business location.
Foreign Trade Zone (FTZ)
Foreign-trade zones are designated sites licensed by the Foreign-Trade Zones (FTZ) Board at which special customs procedures may be used. These procedures allow domestic activity involving foreign items to take place prior to formal customs entry. Duty-free treatment is accorded items that are re-exported and duty payment is deferred on items sold in the U.S. market, thus offsetting customs advantages available to overseas producers who compete with producers located in the United States.
In Broward County, Port Everglades (FTZ #25) and Fort Lauderdale Executive Airport (FTZ #241) are the designated FTZs and the city encourages its businesses to make use of either one as appropriate for their operations.
Sample of Miramar Businesses with Global Operations
The city is home to numerous companies that conduct business globally, including:
- ZF Marine
- Simtec Silicone
- WAI Global
- Zebra Technologies
- JL Audie
- Stanley Black & Decker
Transit Oriented Corridor (TOC)
A Transit Oriented Corridor (TOC) is generally characterized as a developed environment within a quarter mile of a public transit system, with building characteristics and public amenities that promote the safe movement of pedestrians. The city has designated the State Road 7 corridor as TOC to encourage a future land use pattern that is form-based as an alternative to conventional zoning. This means using physical form (rather than separation of uses) as the organizing principle for development regulations. The desired result is a greater mixed-use development pattern with a sustainable and walkable environment. The TOC regulations can be found in the city’s Land Development Code (LDC).
Opportunity Zone (OZ)
An Opportunity Zone (OZ) is an economically distressed area of a community where new investments, under certain conditions, may be eligible for preferential federal tax treatment. One or more OZ Funds control zone investment as a means of providing new private sector investment that commits at least 90 percent of their capital in qualifying assets in the zone. Each OZ is designated by census tracts and Miramar has two located in its historic area.