TO: CRA Board of Commissioners
FROM: Elizabeth Burrows, Economic Development Manager
THROUGH: Jeff Costello, CRA Executive Director
DATE: September 11, 2018
Title
Extension of CRA Incentives - Job Creation Bonus Program and Development Infrastructure Assistance Program
Body
Recommended Action:
Recommendation
1) Approve the proposed modification to the Job Creation Bonus Incentive Program guidelines, extending the program expiration date to September 30, 2021.
2) Approve the proposed modification to the Development Infrastructure Assistance Program guidelines, extending the program expiration date to September 30, 2021.
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Background:
In 2010, the CRA established six economic development incentive programs, designed to complement its long-established business grant programs. The goal of the incentives, authorized by Section 3.12 of the Community Redevelopment Plan (Ordinance No. 27-14), has been to encourage the development and occupancy of new and existing office buildings in and around the downtown area. Because high quality office space creates opportunities for office users that bring high-value job positions, these incentive programs are an integral component of a larger strategy intended to diversify wages of our local workforce.
Among the six incentive programs created in 2010 were the Job Creation Bonus (JCB) Program and the Development Infrastructure Assistance (DIA) Program. The JCB Program was created to help attract companies that were adding or relocating high-wage job positions to the CRA District. On June 25, 2015, the CRA Board approved several modifications to the JCB Program, streamlining the eligibility criteria and calculation of funding awards, reducing the length of the incentive period to provide value sooner, and adding a Local Hiring Bonus element to encourage quality job opportunities for Delray Beach residents. At that time, the program was also extended through September 30, 2018.
The DIA Program is a tool that o...
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