The City of Coconut Creek provides incentives for priority economic development projects and coordinates incentive packages with county, state and federal agencies. City staff reviews potential projects for eligibility. For projects with a significant positive impact on area wage and employment levels, the City will consider offering a customized incentive package that may include cash benefits, reduced and/or waiver of certain fees, and expedited permitting.
Commercial Rehabilitation Programs
The City of Coconut Creek has adopted an Economic Development Incentive Program for targeted priority business areas in an effort to aid the local business community. The Program includes a Commercial Rehabilitation Program. Grant applications will be accepted on a first come, first serve basis, from October 1 through July 31. For more information on eligibility for program funds and application requirements, contact Dan Nelson via email or at 954-973-6756.
City of Coconut Creek Job Growth Incentive (JG)
The City of Coconut Creek offers Job Growth (JG) incentives to target businesses and industries for relocating, establishing new and expanding target industries and businesses in Coconut Creek. The amount of incentives shall be decided on a case by case basis by the City Commission based on fund availability, proposed use of funds, specified award criteria and other considerations deemed appropriate by the City Commission.
Target businesses and industries receiving Job Growth incentive funds will also be encouraged to apply for job training for each new qualified job created. Customized job training classes will be provided for eligible existing and new employees through Florida Atlantic University, Florida International University, Broward College, Atlantic Vocational Technical Center or another Quick Response Training provider designated by the City.
Industrial Revenue Bonds
Industrial Revenue Bonds (IRBs) provide a source of long-term, sub-prime market financing of capital requirements for relocating or expanding manufacturing and tax exempt 501(c)3 facilities. IRBs are securities that may be issued by the City of Coconut Creek for the purpose of financing the capital costs of private and not-for-profit projects. Although the bonds are considered special obligations of a government unit and therefore exempt from federal income tax on the interest, the bonds are not backed by the faith and credit of the City. The private borrower is responsible for the debt and must provide adequate security and guarantees the bond. Several examples of capital costs that can be financed are land acquisition and construction costs, the acquisition of a building, as well as machinery and equipment.