Council to discuss revisions to city’s incentive programs
A proposed revision to city economic development and business incentive programs will be discussed Wednesday.
The revisions to come before Cape Coral City Council include an update to clarify goals, improve eligibility, and streamline incentive programs.
The goals of the program are to stimulate investment, expand the tax base, increase employment, support business growth, and foster redevelopment.
Updates include new requirements, such as applicants must be in good standing with business tax, utilities, and code compliance, as well as clearer disqualification triggers for unpaid obligations or code violations. In addition, applications must be submitted and deemed complete by the city’s Economic & Business Development Office, prior to certificate of occupancy or completion.
The incentive participation agreements are only required for awards for more than $100,000, or tied to ongoing performance measures.
The Cape Collaborates and B2B Programs will reimburse, rather than provide upfront funding; will exclude retail, gas stations, car washes and storage facilities; remove eligibility for business advertising and addresses challenges with liens on upfront funding.
The BIG Grant Program enhancement will increase the award potential of 10% of total project cost, and not just infrastructure; expand eligibility to allow speculative projects, not just targeted industries or job creating employees; and allow retail unless it is the principal component.
Other items on the agenda include a mobility fee ordinance discussion, a financial policy update, watershed management plan and Del Prado Landscape.
The meeting will take place at 9:30 a.m. Wednesday, Sept. 10, in Council Chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com