Economic Development Incentive Program

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Guidelines

The City Commission under Ordinance No. 2020-126 approved the ED Incentive Program, which is designed to significantly improve the appearance of exteriors of commercial properties within the City of Coral Springs.

Objectives:

  • To eliminate and prevent the spread of blight and deterioration of commercial properties.
  • To promote rehabilitation, development and redevelopment.
  • To achieve a higher quality environment that embraces appropriate architectural, urban design and land use principles.
  • To encourage new development.
  • To retain existing businesses and jobs through redevelopment and revitalization activities.
  • To encourage investment by the private sector by eliminating impediments to development and redevelopment.
  • To stabilize and increase the ad valorem tax base in the City.

Guidelines:

  • Applicants must be property owners/business owners of for-profit entities without any outstanding financial obligation to the City and/or any form of court judgement or order against the applicant in favor of the City.
  • Prioritizing of projects will be based upon economic development objects and community impacts.
  • Use of Multiple Incentives: Projects may qualify for more than one program where applicable. However, the utilization of more than one incentive program is defined as “stacking of incentive programs” and requires a private-to-public investment ration of 5:1 or higher.
  • The CRA Commercial Property Enhancement Program is not to be utilized in conjunction with the Economic Development Incentive Program.
  • Once a maximum grant for any property has been awarded, an applicant cannot reapply for another grant for the same location for a 5-year period.
  • Clawback Provision: Property owner must continue to own the property and businesses must remain in operation for a minimum of 5 years or value of the incentive must be repaid.
  • The program does not cover any work previously done prior to the City Commission approval of the program award.
  • The proposed project must be in compliance with all City, State, and Federal Building Code regulations. Project is subject to all required reviews and approvals by the City’s Development Services and Building Department.
  • Financial assistance is provided as a reimbursement after project completion.
  • Funds will be disbursed after a Certificate of Occupancy is issued (if applicable), inspection approvals and closed permits.
  • Funding for this program has been allocated for Fiscal Year 2020-2021.
  • Project completion date depends on the scope of the project and will be included in the grant agreement.
  • Residentially zoned properties are not eligible for this program.

Ineligible Costs:

  • Developer profit
  • Attorney’s fee
  • Financing costs and property acquisition costs
  • Improvements that are underway or started prior to an application approval by the City Commission
  • Interior improvements
  • Business operating expenses or advertising and marketing costs
  • Soft costs except when the soft cost is necessary to overcome a safety, blight or contamination impediment of the property (this is evaluated in a case-by-case basis).

Program No. 1
Permit & Impact Fee Grant Program

Development fee assistance to encourage new businesses and redevelopment

  • Reimbursement of up to a 50% of the total eligible fees paid up to a maximum of $50,000.
  • Eligible fees are Building permit fees, inspection fees, water and sewer connection fees, water and sewer impact fees and Planning and Zoning fees.

Program No. 2
Building Exterior Improvement Program

Eligible properties are office, retail, manufacturing and industrial buildings. The intent of this program is to rehabilitate, renovate or improve the property to enhance the area’s physical characteristics, visual quality and attractiveness, leading to improved occupancy and increased property values.

  • Reimbursement up to 50% of total eligible costs associated with comprehensive fixed capital improvements to the exterior of the property up to a maximum of $50,000 per project.
  • Eligible improvements include significant repair and improvement of exterior building components (structural repair, concrete restoration, plumbing and electric work, roof replacement or repair, impact-resistant windows and doors, walls and wall finishes).
  • New construction is not eligible

Administrative Process:

  1. Application submittal.
  2. Initial meeting with Applicant, Economic Development Office, Development Services and Building Departments.
  3. Review and initial staff approval.
  4. City Commission consideration and final decision.

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