Florida budget puts millions in reserves as economic uncertainty brews
Lawmakers have taken steps to shore up reserves, as forecasters warn of a busier than usual hurricane season and as economists fret over Trump’s trade wars and a sweeping proposal to cut federal taxes and spending. Lawmakers crafted a compromise budget and tax cut package, which would save taxpayers and reduce state revenues by an estimated $1.3 billion a year, according to legislative staff. They’ve also taken steps to set aside an additional $750 million a year into a reserve fund for emergencies, pending voter approval. More from the AP.
Downtown St. Pete businesses feel summertime lull without Rays baseball fans
After Hurricane Milton left Tropicana Field tattered and topless, the Rays opted to play this season at Steinbrenner Field in Tampa, the spring training home of the New York Yankees. Summer is often a slow time of year for small businesses in Tampa Bay, and now without the traffic of baseball fans into downtown St. Pete, business owners are bracing for a rough couple of months ahead. More from the Tampa Bay Times.
Palm Beach County millage rate to stay the same, but taxes likely to increase
Palm Beach County homeowners will likely see a property tax increase in 2026 due to rising property values, despite a stable millage rate. New construction fueled a significant portion of the nearly 8% increase in taxable property values. The county faces budget challenges including presidential security costs and losses in state revenue sharing. More from the Palm Beach Post.
Fort Myers-based FineMark Bank agrees to merge with Commerce Bank
FineMark National Bank & Trust, which once operated out of a renovated former Blockbuster Video space in south Fort Myers after being founded in 2007, just announced a merger agreement with Commerce Bancshares Inc. The parent company of Commerce Bank, based in Kansas City, Missouri, will acquire FineMark in an all-stock transaction worth about $585 million, according to FineMark’s news release. More from Gulfshore Business.
'Jacksonville stood out': Otto Aviation formally announces headquarters move
Otto Aviation, a company that plans to build “next generation” business jets, formally announced Monday it’s moving its headquarters to Jacksonville, and building a production facility there. Otto Aviation will invest more than $430 million in capital improvements to develop an 850,000 square foot manufacturing and production facility as part of its relocation to Jacksonville. The new facility will take up 80 to 100 acres of undeveloped property at Cecil Airport. More from First Coast News and News 4 Jax.
Sports Business
Orlando Dreamers hope Orange County steps up to the plate and backs baseball bid
The group behind the bid to bring the big leagues to Orlando made its biggest public pitch yet Monday, promising a room of about 200 I-Drive business and community leaders that baseball would fill hotel beds, restaurant tables and county coffers. But the overall message from the panel members was clear: They urgently need a statement of government support to bolster their effort.
» More from the Orlando Sentinel.
Florida Trend Exclusive
A ‘mosaic of dining’
A “restaurant renaissance” is taking place on Miami Beach’s Lincoln Road, where years of planning and investment are paying off for businesses along an eight-block-long pedestrian mall and retail center. Eight restaurants, from pricey fine dining to cafes and pizza parlors, are newly open or in the works.
» Read more from Florida Trend.