The following incentives and programs have been instituted by local authorities to attract businesses to Delray Beach, to promote job growth, and to promote the development of Class-A office space:
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%). Refer to State Incentive Programs for more details.
The CRA's programs are largely aimed at the elimination of slum and blighted conditions and improving the standard of living of its residents within the CRA District. They are also intended to be catalysts for the revitalization of the entire area. Business incentives include rent assistance, signage grants, exterior improvement grants, job creation grants and infrastructure improvement grants for developers. Additional projects aimed at increasing job growth and generating pedestrian activity in the downtwon complement the process by focusing on some of the underlying problems that originally resulted in slum and blighted conditions. For a Delray Beach CRA District Map, click here.
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).