AGENDA ITEM REPORT
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A RESOLUTION AMENDING THE ECONOMIC DEVELOPMENT INCENTIVE PROGRAM GUIDELINES FOR INCENTIVE STRATEGIES.
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BACKGROUND:
The City of Coconut Creek has provided incentives for priority economic development projects and coordinates incentive packages with county, state, and federal agencies. Some of the programs that the City has participated in include the Job Growth Incentive Program in coordination with the State of Florida and Broward County, and the issuance of Industrial Revenue Bonds. In addition, the City of Coconut Creek budgets $250,000 annually in the General Fund for economic development purposes that include items such as:
1) Retaining and strengthening existing businesses.
2) Attracting targeted industries for the purpose of diversifying the employment base and strengthening the tax base.
3) Other economic development activities as approved by the City Commission such as the City's participation in the Junior Achievement Program facility.
4) Other economic development activities as approved by the City Manager in accordance with the City's existing purchasing policy.
These priorities require very different approaches and often are operating at different scales. For the purpose of retaining and strengthening existing businesses, the City Commission created two specific strategies, the Rent Subsidy Program and the Commercial Rehabilitation Program, adopted as the Economic Development Incentive Program in April of 2012, both serving a need for our local business community.
The Economic Development Division funds have also provided for other economic development opportunities, such as the City Hall storefront at the Junior Achievement facility, which have allowed the City to stay competitive and involved in the local, state, and regional economic development community.
DISCUSSION:
The Economic Development Incentive Program currently authorizes the administrative approval of economic development grants that fall u...
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