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 business 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 business activity which will have a significant and positive effect on the economic health of the community.

The City will continue to work with county and state economic development entities, including the Palm Beach County Business Development Board (BDB), the Palm Beach County Economic Development Office and Enterprise Florida, to forward the efforts of economic development in the City, the County and the State. 

All of the incentive programs under this policy are for the purpose of creating jobs, and increasing economic development and economic growth in the City.  

The incentive programs under this policy are for companies that are primarily office or industrial businesses. The incentive programs under this policy are not intended for retail operations, restaurants, or similar businesses.

There are a number of incentive programs that are included in this policy which may be funded and awarded by the City.  The incentive programs covered by this policy are detailed in the next sections. 

• Development Process Incentives
  The City will provide services to assist the development process for a relocated or expanding company that meets the criteria of this policy.

  Eligibility: To be eligible for the development process assistance incentives, a company or business must demonstrate eligibility under one of the following categories:

  1. Relocating company or business.
     • The company or business is a viable entity with their principal place of business currently located outside of the City of Boca Raton and will be relocating to the City of Boca Raton.
     • The company will be relocating a minimum of 10 employees to the City within three years.
     • The average salary level for these relocated positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
       
       
  2. Expansion of a company or business.
     • The company or business is a viable entity currently located within the City of Boca Raton.
     • The company will be expanding or adding a minimum of ten employees.  
     • The average salary level for these relocated positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 

  Incentives: Based on the needs of the company or business, the City will offer assistance to the company or business during the development process through one or more of the following programs or functions:

  1. Site Selection Assistance
  2. Individualized Development/Building Plan Review Team
  3. Expedited Permitting
  4. On-line Permitting
  5. Delay of Payment Date of Development and/or Permit Fees
  6. Reduction of Development and/or Permit Fees

  Application Process: The application process for this incentive will be a written application submitted to the City outlining the City process assistance incentives desired and sufficient documentation to verify the eligibility criteria and the application evaluation criteria.  The review and evaluation will be based on meeting the eligibility requirements and the application evaluation criteria outlined in this policy.

• Local Match of State & County Economic Development Programs
  The City will provide the local match required for State economic development incentive programs, such as the Qualified Target Industry Tax Refund (QTI) Program and the Quick Action Closing Fund, that require a local government match amount if the County is unable or unwilling to provide such match amounts. The City may also participate in other state and county programs that require a local government match.

  Eligibility: The eligibility for this incentive will be determined by the State and/or County agency responsible for administering the specific program, such as Enterprise Florida. 

  Incentive: The City will provide the local match for State and/or County economic development incentive programs that require a local government participation contribution or match.

  Application Process: The application process will be through the State or County agency that is responsible for the specific economic development program, and will coordinate with the Palm Beach County Business Development Board (BDB) as appropriate. The City will review the application based on the eligibility requirements of the particular incentive program, the application submittal and approval history, the specifics of the proposed business plans including financial information, and the application evaluation factors outlined in this policy. If approved, the City will enter an agreement with the company or business outlining the terms of the incentive. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
• Workforce Development Assistance and Grants
  The City will assist with the development and training of employees of relocated or expanding businesses or companies.

  Eligibility: To be eligible for the Workforce Development Assistance and Grant Program, a company of business must demonstrate eligibility under one of the following categories:

  1. Relocating company or business.
     • The company or business is a viable entity with their principal place of business currently located outside of the City of Boca Raton and will be relocating to the City of Boca Raton.
     • The company will be relocating a minimum of ten employees to the City.  
     • The average salary level for these relocated positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
     • There is a demonstrated need for development and training of the new employees.
       
       
  2. Expansion of a company or business.
     • The company or business is a viable entity with their principal place of business currently located inside of the City of Boca Raton.
     • The company will be expanding or adding a minimum of ten employees.
     • The average salary level for these new positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
     • There is a demonstrated need for development and training of the new employees.

  Incentives: Based on the needs of the company or business, the City will offer employee development and training assistance to the company or business for new or relocated employees in one or both of the following incentive programs:

  1. Employee Development and Training Assistance – The City will work with the business or company and local employee training agencies and the community educational institution to find the appropriate education and training programs for the employees of the business or company.
     
     

  2. Employee Development and Training Assistance Grants – The City will provide a grant of up to $1500 per employee for employee development and training programs. The cap on each project under the Workforce Development Assistance and Grants program is $50,000, subject to available funds.  

  Application Process: The application process for this incentive will be a written application to the City outlining the employee development and training assistance and/or grant desired and sufficient documentation to verify the eligibility criteria and the application evaluation criteria. The City will review the application based on the eligibility criteria, the specifics of the proposed business plans including financial information, and the application evaluation criteria outlined in this policy.  If the application is reviewed favorably, the City will determine the maximum amount of the grant and the City and the company will execute a Workforce Development Assistance Agreement.  If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.

• Energy Efficiency Retrofit Grants
  The energy efficiency of commercial buildings within the City reflects the importance of environmental sustainability in the City, and improvements to the energy efficiency of the commercial buildings will result in a better physical environment and enhance economic development. As such, the City will offer a one-time grant to a company to partially defray the cost of energy efficiency retrofits of a commercial building within the City.  

  Eligibility: To be eligible for the Energy Efficiency Retrofit Grant program, a company or business must demonstrate that it meets the following eligibility criteria:

  1. The company or business owns a commercial building located within the City of Boca Raton.
  2. The company is undertaking significant building renovations resulting in an increase in total building energy efficiency of at least 15%.  

  Incentives: The City will contribute to a business or company that meets the program eligibility criteria,   up to $1.00 per square foot of finished space that will be included in the energy efficiency retrofit to a building.  

  The grant will be paid to the business or company after the project is completed. The maximum funds available on each project under the Energy Efficiency Retrofit Grant program is $100,000, subject to available funds.   

  Application Process: The application process for the Energy Efficiency Retrofit Grant is a written request to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria, the proposed business plans including financial information, and details of the proposed energy efficiency retrofit renovation project including the anticipated costs.  Based on the grant eligibility criteria, the specifics of the proposed business plans including financial information, and the application evaluation factors outlined in this policy, the City will review the application. If the application is approved, the City will determine the maximum amount of the grant and the City and the company will execute an Energy Efficiency Retrofit Grant Agreement. 

  After the project is completed, the business or company will inform the City of the successful completion of the energy efficiency retrofit project. The City will then remit the grant amount to the business or company provided that:

  1. The project is physically verified as completed by the City based on the information/ documentation provided by the company or business.
  2. The project costs are verified by the City.
  3. The amount of the grant is less than or equal to 25% of the total energy efficiency renovation costs.

  If there is other building renovation that is completed at the same time as the energy efficiency retrofit renovation, only the costs associated with the energy efficiency retrofit will be used in the eligibility calculation.  

• Facade Improvement Grants
  The condition and appearance of the commercial buildings within the City reflect the viability of the business community within the City, and improvements to the appearance of the commercial buildings will result in a better physical environment and enhance economic development. As such, the City will offer a one-time grant to a company to partially defray the cost of improvements to the exterior facades of commercial buildings to create a new appearance or update the appearance of the building. Facade improvement grants will be awarded for exterior property improvements, including window and door replacements, replacement of lighting fixtures, signage, and installation of permanent landscaping.

  Eligibility: To be eligible for the Facade Improvement Grant program, a company or business must demonstrate that it meets the following eligibility criteria:

  1. The company or business owns a commercial building located within the City of Boca Raton.
  2. The company is undertaking significant building exterior renovations (more than simply painting a building).  

  Incentives: The City will contribute to a business or company that meets the program eligibility criteria,   up to $1.00 per square foot of finished space within the building proposed for the Facade Improvement Grant.   

  The grant will be paid to the business or company after the project is completed. The maximum funds available on each project under the Facade Improvement Grant program is $100,000, subject to available funds.   

  Application Process: The application process for the Facade Improvement Grant is a written request to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria, providing details of the proposed facade improvement project including the anticipated costs, and the size of building finished interior space.  An architectural rendering may be required to present the proposed building improvements, and the application will require a submission of a Community Appearance Board application, as appropriate.

  Based on the grant eligibility criteria, the specifics of the proposed business plans, including financial information, and the application evaluation factors outlined in this policy, the City will review the application. The proposed project may also require successful review by the Community Appearance Board. If the application is approved, the City will determine the maximum amount of the grant and the City and the company will execute a Facade Improvement Grant Agreement. 

  After the project is complete, the business or company will inform the City of the successful completion of the Facade Improvement Project. The City will then remit the grant amount to the business or company provided that:

  1. The project is physically verified as completed by the City, based on information/ documentation provided by the company or business,
  2. The project costs are verified by the City, and
  3. The amount of the grant is less than or equal to 25% of the total facade improvement costs.

  If there is other building renovation that is completed at the same time as the facade improvement project, only the costs associated with the facade improvement project will be used in the eligibility calculation.

• Business Development Grants
  On a case by case basis, the City will provide one-time grants to companies with significant capital improvement projects that create long-term, tax base growth, that are relocating a significant number of employees to the City, and that meet the eligibility criteria.

  Eligibility: To be eligible for a Business Development Grant, a company or business must demonstrate that it meets the following eligibility criteria:

  1. The company or business is a viable entity with their principal place of business currently located outside of the City of Boca Raton and will be relocating to the City of Boca Raton.
  2. The company or business is a target industry as defined by the State of Florida.
  3. The company will be relocating or hiring a minimum of 100 employees in the next three years.
  4. The average salary level for these relocated positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
  5. The company will be expending significant funds in the City for capital improvements 
  6. The company or business will bring a significant potential for economic growth to the community, not just with the company or business itself, but also with affiliated and secondary businesses

  Incentives: The City will provide a grant to eligible companies or business of up to $10,000 per employee that will be relocated or hired which meets the salary eligibility criteria.  The actual amount of the grant will be discussed and agreed to by representatives of the City and the company or business. The grant will be paid to the business or company as the jobs are successfully created and filled. The maximum funds available on each project under the Business Development Grant are $500,000, subject to available funds.    

  Application Process: The application process for the Business Development Grant is a written application to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria. Representatives from the City and the company or business will discuss the proposed relocation in detail to determine if it meets the criteria for this program.  The review and evaluation of the application will be based on meeting the eligibility requirements and the application evaluation factors outlined in this policy. If the application is approved, the City and the company or business will execute a Business Development Grant Agreement. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
• Business Development Loans
  The City offers several economic development loan programs to City businesses including the Small Business Loans Program for those small businesses already in business, and the Start-up Business Loan Program for new businesses.  To be eligible for these programs, a business or company must: create new jobs, increase the City tax base through capital investment, and become a catalyst for future business development.
  
  G.1 Small Business Development Loan Program for Existing Businesses

  Eligibility: To be eligible for a Small Business Development Loan, a company or business must to demonstrate that it meets the eligibility criteria. The company or business: 

  1. The company or business is a viable entity with their principal place of business currently located within the City of Boca Raton for at least two years.
  2. Must be financially stable.  
  3. Must have a complete business expansion plan.
  4. Will be adding a minimum of 20 employees in the next three years.
  5. The average salary level for these new positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
  6. Will bring a significant potential for economic growth to the community, not just with the company or business itself, but also with affiliated and secondary businesses.

  Incentives: The City will provide a loan to eligible companies or businesses of between $1,000 and $50,000 for up to five years at a fixed annual interest rate of between 0 and 10%, with preference given to shorter-term loans. The loan proceeds may be used for business development and/or expansion; to purchase inventory, materials, supplies, equipment, tools, furniture and/or fixtures; remodeling expenses; or for specifically identified working capital.  Loan proceeds may not be used to refinance existing debt, or to pay personal or business taxes.  The loan may be prepaid without penalty.

  Loans from this program may require a pledge of assets and/or a personal guarantee by the borrower. 
  
  Application Process: The application process for the Business Development Loan is a written application to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria, including business financial statements, a complete business plan to demonstrate capacity for repayment, a one-year cash flow projection, and the pledged collateral, as applicable.  

  Representatives from the City and the company or business will discuss the proposed loan in detail to determine if it meets the criteria for this program.  Based on the grant eligibility criteria, the specifics of the proposed business plans including financial information, and the application evaluation factors outlined in this policy, the City will review the application. If the application is approved, the City and the company or business will develop the complete terms of a Business Development Loan Agreement, and establish the schedule for follow-up discussions and submittals during the life of the loan. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
  
  

  G.2 Start-Up Business Loan Program

  The City’s Start-Up Business Loan Program is a program to encourage entrepreneurs and innovative companies, especially in the high-tech industries.    

  Eligibility: To be eligible for a Start-Up Business Loan, a company or business must demonstrate that it meets the eligibility criteria. The company or business: 

  1. The company or business is a viable entity with their principal place of business currently located within the City of Boca Raton for less than two years, and less than five years in any location.    
  2. Must be financially stable.
  3. Must have a complete business expansion plan.
  4. Will be adding a minimum of 5 employees in the next three years.
  5. The average salary level for these new positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
  6. Loans from this program may require a pledge of assets and/or a personal guarantee by the borrower. 

  Incentives: The City will provide a loan to eligible companies or business of between $1,000 and $15,000 for up to five years at a fixed annual interest rate of between 0 and 10%, with preference given to shorter-term loans. The loan proceeds may be used for business development and/or expansion; to purchase inventory, materials, supplies, equipment, tools, furniture and/or fixtures; remodeling expenses; or for specifically identified working capital.  Loan proceeds may not be used to refinance existing debt, or to pay personal or business taxes.  The loan may be prepaid without penalty.
  
  Application Process: The application process for the Start-Up Business Loan is a written application to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria, including business financial statements (or other suitable financial records), a complete business plan to demonstrate capacity for repayment, a one-year cash flow projection, and the pledged collateral, as applicable.  

  Representatives from the City and the company or business will discuss the proposed loan in detail to determine if it meets the criteria for this program.  Based on the grant eligibility criteria, the specifics of the proposed business plans including financial information, and the application evaluation factors outlined in this policy, the City will review the application. If the application is approved, the City and the company or business will execute a Start-Up Business Loan Agreement, and establish the schedule for follow-up discussions and submittals during the life of the loan. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
• Rent Subsidies
  The Rent Subsidies Program is a method to create a positive economic impact on the community. Examples of such impact are job creation, creation of economic traffic, having the potential to attract additional businesses, and/or contributing to the improvement of the vitality of existing businesses. The Rent Subsidies Program is intended to target and recruit new businesses that provide a significant and unique enhancement in the area to which it is relocating. To be eligible for this program, a business or company must: create new jobs, increase the City tax base through the additional employment, become a catalyst for future business development, and generate economic traffic

  This program targets specific types of businesses to locate in the City, and/or attracts businesses to specific areas of the City. Therefore, this program could target both businesses and companies from outside the City and businesses and companies relocating from other areas of the City.    

  This grant program provides matching grants of up to $75,000 for up to 75% of the first year’s annual rent or lease payments of businesses moving into existing vacant building space.  Existing businesses expanding into larger space may also qualify for the program based on the economic impact of their expansion.

  The Rent Subsidies Program is based on and requires a five year lease, in which the City pays up to $75,000 for up to 75% of the annual rent or lease amount for the initial year, up to $50,000 for up to 50% of the annual rent or lease amount for the second year, up to $25,000 for up to 25% of the annual rent or lease amount for the third year, and the tenant pays the full amount for the fourth and fifth year. 

  Eligibility: To be eligible for the Rent Subsidies Program, a company or business must demonstrate that it meets the following eligibility criteria, by demonstrating that the company:

  1. Is creating jobs
  2. Is financially stable
  3. Has been in business for at least two years
  4. Is a business targeted by the City for creating a positive economic impact on the City, or a particular area of the City, through job creation, creation of economic traffic, having the potential to attract additional businesses, and/or contributing to the improvement of the vitality of existing businesses 
  5. The company or business will bring a significant potential for economic growth to the community, not just with the company or business itself, but also with affiliated and secondary businesses
  6. Has a complete and detailed business plan

  Preference shall be given for target industries as identified by the State of Florida.

  Incentives: The City requires a commitment from the business or company to occupy the space for a minimum of five years. The City will provide a grant of up to $75,000 for up to 75% of the rent or lease amount for the initial year of the five year lease, up to $50,000 for up to 50% of the rent or lease for the second year of the lease and up to 25,000 for up to 25% of the rent or lease for the third year of the lease. The business or company will pay the full amount of the lease in the fourth and fifth year of the lease. 

  Should the business or company be unable to occupy the space for the full five years, or otherwise meet the conditions of the Rent Subsidy Program, the applicant will be required to repay a pro-rated share of the grant.  

  Grant payment shall be made by the City to the landlord. As part of the Rent Subsidies Program, the tenant space must be fully renovated and upgraded.  

  Application Process: The application process for the Rent Subsidies Program is a written application to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria. Applications must include a business plan, a copy of the lease, the number of employees who will working at the lease location, and an explanation of the economic impact of the business.

  In addition, an analysis of the cost of the lease for the five year lease amount on a square footage basis must be submitted, demonstrating that the total lease amount is market rate defined as a rate equal to or less than the average square foot cost for similar space within the City and within the immediate area of the building space to be leased.

  Representatives from the City and the company or business will discuss the proposed location/relocation in detail to determine if it meets the criteria for this program.  Based on the grant eligibility criteria, the specifics of the proposed business plans including financial information, and the application evaluation factors outlined in this policy, the City will review the application. If the application is approved, the City and the company or business will execute a Lease Subsidy Agreement. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period
• Tax Increment Financing
  Tax Increment Financing is a development tool designed to help finance certain eligible improvements to property in designated redevelopment areas (TIF districts) by utilizing the new, or incremental, tax revenues generated by the project after completion. Under TIF, property taxes within the TIF District are frozen for up to 23 years.  The property taxes created from increases in the property values over this base (the tax increment) can be allocated to eligible projects within the TIF district. 
  
  One method for the allocation of TIF funds is the property owners making Payments In Lieu of Taxes (PILOTS) to a "special allocation fund". The proceeds of the fund are then used to reimburse the developer for eligible project costs or to retire indebtedness incurred to cover those costs. Eligible project costs are the total of all reasonable or necessary costs incurred, or estimated to be incurred, and any costs incidental to a redevelopment plan or project. Specifically, these costs include, but are not limited to:

  • Costs of studies, surveys and plans
  • Professional service costs (architectural, engineering, legal, financial, etc.)
  • Property assembly costs (acquisition, demolition, clearing and grading)
  • Costs of rehabilitating, reconstructing, remodeling of existing structures
  • Costs of construction of public infrastructure  
  • Financing costs, including issuance interest and reserves.

  The creation of a TIF District requires significant participation by the City.  As such, requests for TIF financing require a number of discussions with City staff in addition to the submission of the application, financial information and business plan, specific and specific proposed project information including detailed maps and drawings.  Presentations before City boards including City Council and the development and submittal of legal documents may also be required.  The review and evaluation of the application for the proposed TIF District and TIF project will be based on meeting the eligibility requirements and the application evaluation factors outlined in this policy.  

  The creation of a TIF District will require the development of a TIF Agreement.  The TIF Agreement provides a property tax exemption for each land owner of between 0 and 100% of the taxes attributable to the increment in new value resulting from the proposed new development, and a clear description of the TIF project. The TIF project shall be designated for a specified number of years, which shall be not less than 5 years and not more than 20 years.  

• Property Transfer or Acquisition
  Recognizing that there is a limited amount of vacant land within the City for the construction of facilities for expanding or relocating companies or businesses, and coupled with the relatively high cost of this property, the City, on a case by case basis, may be able to provide property that it owns or has under its control to a company or business with a significant capital improvement project that create long-term, tax base growth, that adding a significant number of employees to the City, and that meet the eligibility criteria. The property transaction may be a long term lease, a fee transfer, a sale of property, or a part of a property acquisition or trade arrangement. The City may also assist in the acquisition of a property.       

  Eligibility: To be eligible for Property Transfer or Acquisition, a company or business must demonstrate that it meets the following eligibility criteria:

  1. The company or business is a viable entity with their principal place of business currently located outside of the City of Boca Raton and will be relocating to the City of Boca Raton or an existing company or business with their principal place of business currently located inside the City of Boca Raton.
  2. The company will be relocating or hiring a minimum of 50 employees in the next three years.
  3. The average salary level for these relocated positions will be at least 120% of the Palm Beach County average wages as determined by the Florida Labor Market Statistics Center. 
  4. The company will be expending significant funds in the City for capital improvements 
  5. The company or business will bring a significant potential for economic growth to the community, not just with the company or business itself, but also with affiliated and secondary businesses

  Incentives: The City may provide vacant property that it owns or that it controls for the construction of a building to companies and businesses which meet the eligibility criteria, based on the availability of City property. The actual amount of the property and the terms of the property transaction will be discussed and agreed to by representatives of the City and the company or business. 

  Application Process: The application process for the Property Transfer or Acquisition is a written application to the City outlining the company’s property requirements and the reasons for requiring City property, providing sufficient documentation to verify that the business or company meets the eligibility criteria and the application evaluation criteria. Property appraisals, and site plans may also be required from the applicant.
  
  Representatives from the City and the company or business will discuss the proposed property transaction in detail to determine if it meets the criteria for this program and to verify the particular parcels or property that might be available.  The review and evaluation of the application will be based on meeting the eligibility requirements and the application evaluation factors outlined in this policy. If the application is approved, the City and the company or business will execute a Property Transfer or Acquisition Agreement. If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period.
• Unique Opportunity/Alternative Incentive Program
  Recognizing that there may be economic development situations that provide opportunities to the City, but fall outside of the programs specifically identified under this policy, the City, on a case by case basis, will consider proposals for grants, loans, or matching funds in addition to, the specific incentive programs listed in this policy. The Unique Opportunity/Alternative Incentive Program will be used to:

  1. Attract businesses to the City that create new jobs, as well as create long-term, tax base growth through significant capital investment, or    
  2. Retain businesses that are currently within the City that have existing jobs and that  contribute to the long-term, tax base growth  

  Eligibility: To be considered for funds, an applicant must present a unique opportunity to the City and demonstrate significant capital investment in the community, job creation, creation of a positive economic impact on the City, and/or significant potential for economic growth to the community. 

  Incentives:  The City shall provide grants and/or loans to a company that meets the eligibility requirements.    

  Application Process: The application process for the Unique Opportunity/Alternative Incentive Program is a written application/proposal to the City providing sufficient documentation to verify that the business or company meets the eligibility criteria, and that the proposed project presents a unique economic development opportunity to the City. The application submittal shall detail the amount, terms and purposed use of the grants and/or loans desired by the company, in addition to financial documentation and a complete business plan.

  Representatives from the City and the company or business will discuss the proposed project in detail to determine if it meets the criteria for this program.  The review and evaluation of the application will be based on meeting the eligibility requirements and the application evaluation factors outlined in this policy. If the application is approved, the City and the company or business will execute a Unique Opportunity/Alternative Incentive Program Agreement.  If incentives are awarded based on the creation of jobs, the jobs must be maintained throughout the incentive period

All incentives, loans, and grants under this policy are subject to and require approval of the Boca Raton 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.  The evaluation of each application will be based on a number of factors including, without limitation: 

• Meeting the specific program eligibility criteria
• Number and salary of jobs to be created and staffing level projections
• The potential to provide an economic benefit to the City and to other businesses within the City and the area
• Qualifications and track records of business owners or managers
• Potential for long-term viability
• Evaluation of business plan
• Analysis of relevant financial information
• Demonstration of financial need
• Investment of business owner
• Availability of funds
• Type of business
• Square footage of space to be occupied
• Other incentive programs applied for and/or received

The award of an incentive under this policy may require periodic audits and/or verifications 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.