Open main submenu☰ Close main submenuX 360 ADVANTAGE BUILDING WELLNESS LOCATION & NEIGHBORHOOD INCENTIVES TEAM CONTACT An ideal business location Natural advantages of this growing city plus economic incentives make the City of West Palm Beach an attractive location for any business. Economic Development - City Incentives Building Improvement Grants Tenants may qualify for City grants that provide for up to 10% of the tenant improvement cost. The City is down to its last available commercial and industrial spaces. These tend to need improvements to make them business ready. The Waterfront As one of the three largest cities making up the South Florida region, and the central City of Palm Beach County, West Palm is a vibrant, growing waterfront city that offers the business advantages available in the region, combined with a more refined and relaxed environment for living and working. Government Partnerships The City knows that business needs can be unique. The City has the flexibility to work with businesses to help in unique ways through incentives, services, and public private partnerships. For example: Up to 10% of the improvement cost is available from the City. Ready To Do Business The City of West Palm has a robust approach to economic development. Targeting financial industry firms, marine services companies, and cutting edge medical practices the City has programs to help attract businesses. City of West Palm Beach Economic Initiatives West Palm Beach is ONE OF THE THREE LARGEST CITIES in the South Florida region—a GROWING WATERFRONT CITY that offers the business advantages of the region, combined with a more refined and relaxed environment for living and working. The City of West Palm Beach has a ROBUST APPROACH TO ECONOMIC DEVELOPMENT. Targeting financial industry firms, marine services companies, and cutting edge medical practices the City has programs to help attract businesses. Florida law authorizes municipalities within the State to provide BOTH REAL AND PERSONAL PROPERTY TAX EXEMPTIONS, on a negotiated basis. ONLY THE CITY’S PORTION OF THE TOTAL TAX BILL IS ELIGIBLE FOR EXEMPTION (8.4946 mills out of a total 22.4241, or 37.8%, otherwise known as the “exempted portion”). ESTIMATED REAL PROPERTY TAX PSF IS $8.50 PER YEAR (per developer input), of which an exemption of up to 37.8% for up to 10-YEARS could be granted. PROPERTY TAX EXEMPTIONS CONSIDERED FOR PROJECTS are considered on a case-by-case basis. Tenants may qualify for City grants that provide for up to 10% of the tenant improvement cost. The City is down to its last available commercial and industrial spaces. These tend to need improvements to make them business ready. QTI Incentive: The tax refund under this scenario would likely amount to $5,000 per FTE per year. The increased award per FTE is the result of the wages under this scenario meeting 200% of county average annual wage. Thus, the estimated tax credit benefit, assuming 100 employees with average annual wage of $98,246 are created in one year, would amount to $500,000 in that year. Other Programs The City knows that business needs can be unique. The City has the flexibility to work with businesses to help in unique ways through incentives, services, and public private partnerships. The Transportation Center of Palm Beach Country is an invaluable resource. West Palm Beach street plans now include new bike lanes. The City has made extensive public area improvements for a WALKABLE CITY. Redesign and Repurpose of the Banyan Street PUBLIC PARKING GARAGE to become a multiple use civic center.
