Thursday, May 20, 2010
BOCA RATON TO GIVE INCENTIVE DOLLARS TO BUSINESSES
City Council, recognizing that other local and state governments are giving out funds and other assistance to attract businesses, has approved $1,000,000 to provide local matching dollars to business receiving state money or moving to the city, or to expanding local businesses that are creating jobs. Some state, city and county grants require a local dollar match. The amount may increase to $5,000,000. The City Council’s focus is to create jobs and expand the tax base.
Under the plan, a local business could receive between $1000 and $500,000 to create a certain number of jobs, provide a salary level that is 120% of the average county salary, and have the potential to create significant economic growth in the city. The target is office-based and industrial businesses, not restaurants or retail businesses.