Economic Development

City of West Palm Beach Initiatives

Business. Life. Balance

As ONE OF THE THREE LARGEST CITIES making up the South Florida region, and the central City of Palm Beach County, West Palm Beach is a vibrant, GROWING WATERFRONT CITY that offers the business advantages available in the region, combined with a more refined and relaxed environment for living and working.

The City of West Palm Beach has a ROBUST APPROACH TO ECONOMIC DEVELOPMENT. Targeting financial industry firms, marine services companies, and cutting edge medical practices the City has programs to help attract businesses.

Building Improvement Grants

Tenants may qualify for City grants that provide for up to 10% of the tenant improvement cost. The City is down to its last available commercial and industrial spaces. These tend to need improvements to make them business ready.

Up to

10%

of the most improvement
Cost is available from the city.

$100m

in infrastructure
improvements over the next 10 years

Florida law authorizes municipalities within the State to provide BOTH REAL AND PERSONAL PROPERTY TAX EXEMPTIONS, on a negotiated basis.

ONLY THE CITY’S PORTION OF THE TOTAL TAX BILL IS ELIGIBLE FOR EXEMPTION (8.4946 mills out of a total 22.4241, or 37.8%, otherwise known as the “exempted portion”)

ESTIMATED REAL PROPERTY TAX PSF IS $8.50 PER YEAR (per developer input), of which an exemption of up to 37.8% for up to 10-YEARS could be granted.

In the City of West Palm Beach, PROPERTY TAX EXEMPTIONS CONSIDERED FOR PROJECTS are considered on a case-by-case basis.

Other Programs
The City knows that business needs can be unique. The City has the flexibility to work with businesses to help in unique ways through incentives, services, and public private partnerships.
Transportation Center of Palm Beach Country
Street plans that include new Bike Lanes
Public area improvements for a WALKABLE CITY
Redesign and Repurpose of the Banyan Street PUBLIC PARKING GARAGE to become a multiple use civic center.

Benefits

Qualified Target Industry Tax Refund (QTI)

This discretionary program provides a TAX REFUND on a variety of FLORIDA STATE TAXES including corporate income, sales, ad valorem, intangible personal property, and insurance premium.

Amongst other qualification criteria, eligible projects MUST CREATE AT LEAST 10 NET NEW FULL-TIME EQUIVALENT FLORIDA JOBS and pay an average annual wage that is at least 115% of the state, metropolitan statistical area (MSA), or the local county average wages (whichever is highest).

The level of ASSISTANCE IS GEOGRAPHICALLY SPECIFIC as well as dependent on a number of other project criteria (headcount, wage, capital investment, industry, among others) and can range between $3K-6K per employee per year.

The refund applies to no more than 25% OF THE TOTAL REFUND APPROVED may be taken in any single fiscal year.

The local municipality must agree to contribute 20% OF THE APPROVED TAX REFUND for a business to be eligible for the QTI incentive.