(West Palm Beach, FL) -In an effort to kick start economic growth and entice business and industry to invest in the City of West Palm Beach, Mayor Jeri Muoio announced today plans for the city to offer new economic incentives to the private sector.
Mayor Muoio announced her plan during the annual State of the City Address this morning at the Palm Beach County Convention Center.
These new economic development incentives level the playing field in Palm Beach County, and will make the City of West Palm Beach competitive with other nearby municipalities and perhaps more attractive to business than other cities in Palm Beach County.
Part of the framework includes a combination of strategic investment initiatives that will focus on business expansion and retention; marine industry recruitment; downtown office conversion funds; small business loan guarantees; and capital improvement projects.
“I’m talking about creating a new tool box and making a difference with real incentives for our business community. And it doesn’t matter the size of the business or where the business is located in the city. We are recruiting not only job creators but also businesses that will invest in the city,” said Mayor Muoio during her address.
These new incentives will help businesses restore and renovate their buildings. They will help industrial areas upgrade facilities and purchase new equipment to make them more efficient. These incentives will help fill vacant offices and encourage the construction of new signature office buildings.
“We must continue making a difference in the lives of our business community regardless if they just moved here or they have been here for 50 years,” said Muoio.
This is the first time West Palm Beach has ever done this city-wide. A preliminary framework of the new economic incentives will be presented to the City Commission for review and approval.