SMARTAreasPalm Bay Creates Sustainable Market and Reinvestment Target (SMART) areas for Economic Development
As part of an aggressive Economic Development Program to assist existing businesses expand, to attract new businesses, and to make Palm Bay competitive with other cities in the State of Florida, and Country. Palm Bay designated four (4) areas as Sustainable Market and Reinvestment Target (S.M.A.R.T.) areas:
- Riverview SMART Area which includes the commercial and industrial areas of the Bayfront Community Redevelopment District (BCRA)
- North Interchange SMART Area
- Central Interchange SMART Area
- WestTech SMART Area
By creating the SMART Areas, property owners in the designated areas can take advantage of financial and economic incentives from the State of Florida’s Department of Environmental Protection (DEP) Brownfield Redevelopment Program and Enterprise Florida, Inc. to help in either redeveloping or developing their properties. Incentives include such things as:
- Job Creation bonuses up to $2,500/new employee created for eligible businesses
- Loan guarantees for primary lenders up to 50% on all sites
- Sales tax credit on building materials for affordable housing developments
- Brownfield area benefits administered by Enterprise Florida, Inc.
- Property owners have the right to opt their properties out of the designation by contacting the City. The designation does not involve any “taking” of property by the City or State, so this is not an eminent domain action. The proposed designation will also not directly affect your property tax valuation.
It is hoped that by designating the SMART Areas, the City will be more attractive to business to stay, expand and locate in the City, thus providing jobs and expanding the City’s tax base. For more information or if you have questions about this matter, please contact:
Tim Ford, BCRA Administrator at (321) 409-7187 or Edyie McCall, Business Development Administrator at (321) 952-3426
The Palm Bay Enterprise Zone (EZ-0502) is located in the Northeast section of the city. It includes Commerce Park Drive, Kirby Industrial Circle and the surrounding area. Please see the map for streets and boundaries.
Forms and InstructionsEnterprise Zone Jobs Tax Credit (Sales and Use Tax)
- Enterprise Zone Jobs Tax Credit (Sales and Use Tax) Form DR-15ZC
- Enterprise Zone Jobs Tax Credit (Sales and Use Tax) Instructions Form DR-15ZCN
- Enterprise Zone Business Equipment & Machinery Sales Tax Refund Application
- Enterprise Zone Building Material Sales Tax Refund Application
- Enterprise Zone Property Tax Credit Form F-1158Z and Instructions
- Property Tax Credit (Notice of New, Rebuilt or Expanding Property) Form DR-456
HUBZone ProgramThe Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. Learn more at http://www.sba.gov/hubzone/
- Click here to view Interactive Map of HUBZone which shows Palm Bay's HUBZone designation area with parcel information.
- Beautification Grants Temporarily Suspended until October 1, 2014
- Business Recruitment Incentive Program Temporarily Suspended until October 1, 2014
- Crime Reporting Reward Program
- Facade Grants Temporarily Suspended until October 1, 2014
- Targeted Business Incentive Program
Click here for more information on BCRA Grants and Incentives
Ad Valorem Tax Abatement
Who is eligible? New business locating/relocating to Palm Bay and expansion of business already located in Palm Bay that meet the following criteria:
- Key Florida Industries: Cleantech, Life Sciences, Information Technology, Aviation/Areospace, Homeland Security/Defense, Financial/Professional Services, Manufacturing, Emerging Technologies, Corporate Headquarters, excluding retail.
- New or expanding business who make a positive contribution to the economy of Palm Bay in terms of new jobs and improvements to real and personal property.
- The applicant must be a person, firm, partnership, coroporation, or other business organization or entity, with the object of private or public gain, benefit, or advantage, either direct or indirect.
Definition of New Business: as defined in Section 196.012(15), Florida Statutes must meet the following criteria:
- Any business establishing ten (10) or more jobs to employ ten (10) or more full time employees in this State, which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
- Any business establishing twenty-five (25) or more jobs to employ twenty-five (25) or more full-time employees in this State, whose sales factor, as defined by Section 220.15 (5), Florida Statutes, for the facility with respect to which it requests an economic development ad valorem tax exemption is less than 0.50 for each year the exemption is claimed; or
- An office space in this State owned and used by a corporation newly domiciled in this state; provided such office space houses fifty (50) or more full-time employees of such corporation; or
- A business located in an Enterprise Zone (pursuant to Section 290.0065, Florida Statutes).
- Any new business must first begin operation on a site clearly separate from any other commercial or industrial operation owned by the same business.
Definition of Expansion: as defined in Section 196.012(16), Florida Statutes must meet the following criteria:
- A business establishing ten (10) or more jobs to employ ten (10) or more full time employees in this State, which manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or
- Any business establishing twenty-five (25) or more jobs to employ twenty-five (25) or more full time employees in this State, whose sales factor, as defined by Section 220.15(5), Florida Statutes, for the facility with respect to which it requests an economic development ad valorem tax exemption is less than .050 for each year the exemption is claimed; or
- Any business located in an Enterprise Zone (pursuant to Section 290.0065, Florida Statues).
Foreign Trade Zone #136
Palm Bay Reduces Business Development CostsIn an effort to spark new commercial growth in the city, the city council on Thursday, June 6, 2013 approved a resolution to temporarily waive the transportation impact fee for new businesses coming to Palm Bay. The Transportation Impact Fee Mitigation resolution is meant as an economic development incentive to build the city’s non-residential tax base and further stabilize revenue.
The resolution authorizes the temporary suspension of transportation impact fees under specific criteria including the following:
- Projects must be non-residential and subject to ad valorem taxation
- A building permit for the project must be applied for and issued after June 6, 2013 and before June 30, 2014 and a certificate of occupancy must be issued for the project by June 30, 2015.