|Economic Development Incentives|
Slum and blight have a negative impact on the tax base of the city and are selfpropagating. Although there is often a tendency to focus on individual redevelopment projects at the expense of resolving underlying problems in order to set the stage for redevelopment, the existing and planned CRA projects and programs stress the importance of both. The success of this community redevelopment effort is largely dependent upon the economic vitality of the area. The CRA’s programs aimed at the elimination of slum and blighted conditions and improving the standard of living of its residents are intended to be catalysts for the revitalization of the entire area. Additional projects aimed at increasing job growth and generating pedestrian activity in the downtown complement the process by focusing on some of the underlying problems that originally resulted in slum and blighted conditions.
The CRA’s goal is to establish programs that will encourage occupancy in the existing office buildings, and the development of new office buildings within the downtown for a specific time period. Eventually, the creation of business activity on itself will give downtown Delray Beach its own branding as a place to work. Over time it will be unnecessary to offer incentives to encourage downtown investment in office space and to attract workers to the downtown district.
If you are interested in applying for funding assistance for a business or commercial property, please complete our Business Grant Intake Form, and submit it to the CRA office. This will allow our staff to offer you the most useful information for your specific request. The form may be submitted electronically or in person.
New or existing non-retail businesses that bring a minimum of 5 new or relocated qualifying jobs to the CRA District may be eligible for an incentive equal to 5%, 10% or 20% of annual certifiable wages, paid out over a 5-year period.
Existing companies that relocate to the CRA District and bring a minimum of twenty-five (25) qualifying jobs may qualify for a grant equal to 20% of their eligible relocation expenses, up to $50,000. The grant is paid in one lump sum, within 90 days of the relocation after the jobs are in place.
Public or private entities may lease CRA-owned land for up to 60 years at severely discounted rates during the first fifteen years. In exchange, the developer builds a multi-story building with retail on the ground floor and Class A office space and other uses on additional floors.
Developers and businesses intending to construct Class-A office space in the CRA District may receive an equity contribution from the CRA equal to approximately 10% of the project cost, to be paid back to the CRA after the project becomes profitable.
The CRA will pay the first five years of interest charges on a loan for businesses located in the CRA District, up to $50,000 in targeted areas, and up to $25,000 elsewhere throughout the District.
Private for-profit organizations may be reimbursed for up to 50% of the cost of eligible site improvements for a construction or renovation project that includes office space. The grant is not to exceed 50% of the projected TIFs generated by the project over a 10-year period.