The city’s Economic Development Office launched the Incentive Pilot Program for local businesses which will encourage development and redevelopment opportunities in Coral Springs. For 12 months, the pilot program will address functionally obsolete buildings and development/redevelopment opportunities to eliminate and prevent the spread of blight and deterioration in the city.
Of the pilot program, Mayor Scott Brook said, “In our city, we know our local businesses are the backbone of Coral Springs, which is why we constantly look for ways to honor and benefit our business community. Launching this program will not just retain existing businesses and jobs, it will also encourage investment within the city.”
As part of the city’s Economic Development Strategic Plan, the Incentive Pilot Program will encourage new development to occur in Coral Springs while stabilizing and increasing the ad valorem tax base in the city. The city is offering two options within the Pilot Program that include:
Permit and Impact Fee Grant: Development fee assistance to businesses include but are not limited to Building Permit and Inspection Fees, Water and Sewer Connection Feeds, Water and Sewer Impact Fees and Planning and Zoning Fees. This program provides a reimbursement of up to a 50% of total eligible fees paid up to a maximum of $50,000.
Building Exterior Improvement Grant: To encourage business and property owners to rehabilitate, renovate or improve their property. These grants are available to all office, retail, manufacturing and industrial property owners. New construction is not eligible. The program provides a reimbursement of 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.
Director of Economic Development, Kristi Bartlett said, “It’s imperative for cities to offer programs that incentivize development and redevelopment opportunities because it’s the only way to ensure the elimination of deteriorating infrastructures. It’s our duty to cultivate quality environments in Coral Springs that embrace appropriate architectural, landscape, urban design and land use principles; and that’s what this program is all about.”
Eligible applicants must be for-profit entities without any outstanding financial obligation to the city or any form of court judgement or order against the applicant in favor of the city. For application requirements, eligibility and details, please visit the Economic Development Website.