To promote new development that increases the value of property within the City and provides additional economic development opportunities.
New construction projects for multi-family, mixed use, and/or non-residential developments with a construction value of $500,000 or more are eligible for the incentive vouchers.
The City has established a fund for vouchers that can be used for impact fees, building permit, and other City fees associated with new construction of eligible projects. The voucher amount is 2% of the construction cost, up to a maximum of $30,000. An eligible project within designated Community Redevelopment Area (CRA) can receive an additional 2% of the construction cost, up to a maximum of $30,000 for a maximum amount of $60,000.
Vouchers are awarded on a first come/first served basis and applications shall be processed through the Building Department.
In addition to the maximum threshold established above, no voucher can exceed the actual fee amount (impact fees, plan review, building permit, etc.) required at time of building permit. The vouchers are also limited by the budgeted fund amount. When the funds are expended for the fiscal year, no more vouchers will be issued unless the City Commission amends the budget accordingly.
The Finance Department will use the incentive fund account to provide the voucher funds to the appropriate City accounts for impact fees, building permits, etc. in accordance with the application of the voucher.
For more information, please contact the Development Services Department at (352) 483-5460.