Downtown's revitalization is coming with new development and renovation. It's also coming company by company. A local certified public accounting firm has been on the job for years now advising clients about possible benefits of living and doing business within the city of St. Petersburg's Enterprise Zone. We work pretty much with clients and companies located right here in St. Petersburg, many of whom do not even realize they're in the zone.
Enterprise zones are state-sponsored, specially designated areas within a city.
Zone programs often are a major economic development tool for more than 40 states. What had been vacant lots or abandoned buildings have been turning into new business complexes and affordable housing. The program offers tax breaks to those who want to set up in the zone. The program could be more widely used, Jones said. The St. Petersburg Enterprise Zone was established in 1995, and a good portion of the Enterprise Zone benefits are for businesses rather than residential residents, said Jones.