Recently, the City authorized the construction contract for the Atlantic Avenue Gateway Art Feature Project that is expected to transform the City’s entrance at Atlantic Avenue and I-95 into an artistic display of Delray’s cultural heritage. The total cost of the project, $1,182,842, will be funded by the Delray Beach Community Redevelopment Agency ($983,082) and the Florida Department of Transportation (FDOT) ($199,760).
This project was a result of the 2002 Downtown Delray Beach Master Plan, which was developed with the input of the community (including landscape architects, engineers and artists) during public workshops, and focuses on the unification of east and west Atlantic Avenue into a seamless downtown.
On April 3, 2012, the Delray Beach City Commission unanimously approved Resolution 21-12 establishing the Delray Beach Economic Development Fund to support citywide economic opportunities, through financial incentives, to attract and/or retain jobs as well as to increase the City's tax base. The Fund has been set up to serve as the funding mechanism to provide the required financial match to leverage State and County financial incentives for the retention and recruitment of businesses to Delray Beach.
Funding to support citywide economic opportunities through the Economic Development Fund will be provided from the City's unrestricted General Fund reserves - up to a total of one million dollars ($1,000,000). However, this funding will only be available for distribution to qualified targeted businesses and industries that meet the City's economic development goals.
The Economic Development Fund will help the City to support the local match (generally 20% of total state and/or county financial incentive awarded) that is required to receive State and/or County funding (generally providing the remaining 80%).
In November of 2011, the City Commission engaged the services of National Real Estate Consultant David Wilk of Sperry Van Ness, to develop a real estate based strategy for the strategic marketing of the Congress Avenue corridor in Delray Beach. Working in concert with Economic Development Director Vincent Nolan and City Sustainabilty Officer Richard Reade, Mr. Wilk presented a vision for the re-emergence of this older and underutililzed commercial area as the Delray Beach Innovation Corridor.
The rebranding strategy was formally adopted by the City Commission on June 5, 2012, when it engaged Mr. Wilk to move forward with an implementation strategy for the Innovation Corridor and the Delray Beach Innovation Park. This initiative ties into the Delray Beach Economic Develoment Fund and the City's participation in the PACE program for sustainable investment in commercial properties.
In June 2012, the City of Delray Beach City Commission adopted Resolution 24-12, authorizing participation in the Property Assessed Clean Energy (PACE) program offered by Florida Green Energy Works. The program offers business property owners the ability to voluntarily finance the installation of renewable energy, energy efficiency improvements and wind resistance improvements to their buildings. By voluntarily participating in this program, property owners pay an assessment over the functional life of the improvement as an on-going assessment on property tax bills (up to 20 years).
The Delray Beach Community Redevelopment Agency (CRA) approved an incentive for up to $332,348.60 under the Development Infrastructure Assistance Program for new hotel proposed for the 900-block of W. Atlantic Avenue, east of Interstate-95. Prime Investors & Developers will receive a partial reimbursement for certain infrastructure costs associated with the construction of the project, paid out over a five-year period.