It is the policy of the City of Boca Raton to provide economic development incentives for companies seeking to relocate to the City or to expand their existing company within the City. The Economic Development Incentives Policy is designed to stimulate private sector investment, economic growth and job creation in the City by offering incentives and grants consistent with this policy and availability of funds. Moreover, it establishes a consistent process for the City’s participation in the development of corporate activity which will have a significant and positive effect on the economic health of the community.
The incentive programs under this policy are for companies that are primarily corporate or regional headquarters. The incentive programs under this policy are not intended for retail operations, restaurants, or similar businesses.
County & State Partnership
The City partners with state and county economic development entities, including Enterprise Florida, the Palm Beach County Economic Development Office and the Business Development Board of Palm Beach County, to advance the efforts of economic development within the City. All of the incentive programs under this policy are for the purpose of creating jobs and increasing economic development within the City.
There are a number of incentive programs included in the Economic Development Policy, which may be funded and awarded by the City. The incentive programs covered by this policy are primarily used for the expansion and/or relocation of corporate or regional headquarters. The City's incentive programs are not intended for retail operations, restaurants or similar businesses. Incentives include:
- Development Process Incentives
- Local Match of State and County Economic Development Programs
- Workforce Development Assistance and Grants
- Energy Efficiency Retrofit Grants
- Facade Improvement Grants
- Business Development Grants
- Business Development Loans
- Rent/Lease Subsidies
- Tax Increment Financing
- Property Transfer or Acquisition
- Unique Opportunity/Alternative Incentive Program
All incentives, loans and grants under this policy are subject to and require the approval of City Council.
Each financial incentive, grant and/or loan program has specific eligibility requirements, and each requires the submission of a written application and financial information to the City. A presentation to and discussion with City staff and others may be required. Applications for the incentive programs will be reviewed and evaluated on a case-by-case basis. For more information about the application process, please email [email protected].
The evaluation of each application will be based on a number of factors including, without limitation:
- Meeting the specific program eligibility criteria
- Number of jobs to be created and/or retained
- Average annual salary of jobs to be created and/or retained
- Capital investment of the company
- Economic impact to the City and to other companies within the City
- Qualifications and track records of corporate owners
- Potential for long-term viability
- Evaluation and analysis of corporate finances
- Availability of funds
- Sector/industry of the company
- Square footage of space to be occupied
The award of an incentive under this policy may require periodic audits and/or verification during and after the life of the incentive. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
Any proprietary confidential corporate information submitted to the City as part of the incentive and grant application process, which is exempt from the public records law (provided the requirements for exemptions, such as receiving a request for the information to be kept confidential) will be kept confidential subject to and in accordance with Section 288.075, Florida Statute.