CRA Creates New Business Incentives

Delray Beach, FL, May 22, 2010 --(PR.com)-- The Delray Beach Community Redevelopment Agency has created three new economic development incentive programs that reward new and existing businesses for creating higher-paying jobs and high-end office space in the CRA District.

The Job Creation Bonus (JCB) Program and the Relocation Development Incentive (RDI) Program offer cash incentives to companies that bring new jobs to the CRA District. Qualifying jobs must pay at least 115% of the county’s average annual wage, or a minimum or $51,186.50 annually. New and existing companies must create at least five qualifying jobs to apply for the JCB Program, and at least 25 jobs to apply for the RDI program.

The JCB program offers to pay companies a percentage of the wages of qualifying jobs, up to $10,000 per job, paid out over a five-year period. Higher incentives are offered for businesses that occupy newly constructed or renovated “Class A” office space, and for businesses located in the West Atlantic area and CBD-RC zoning district. The RDI program offers to reimburse existing businesses 20% of their relocation costs up to $50,000 if they move to the CRA District.

The Land Value Investment (LVI) Program allows public or private entities to lease CRA-owned property for up to 60 years at severely discounted rates during the first fifteen years of the lease. In exchange, the developer agrees to build a multi-story building with retail on the ground floor and Class A office space and other uses on additional floors.

The CRA is currently developing three additional incentive programs, which the CRA board is expected to approve by the end of June. For more information or to apply for funding, visit the CRA website at www.delraycra.org or contact Economic Development Director Francisco Perez-Azua at the CRA office at (561) 276-8640.

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