City Proposes to Create sMART areas for Economic development

As part of an aggressive Economic Development Program to assist existing businesses expand, to help create new businesses, and to make Palm Bay competitive with adjacent cities and other cities in the State of Florida, the City of Palm Bay is proposing to designate four (4) areas in the City as Sustainable Market and Reinvestment Target (S.M.A.R.T.) Areas.

The four (4) areas are:

1. Riverview SMART Area which includes the commercial and industrial areas of the Bayfront Community Redevelopment District
2. North Interchange SMART Area
3. Central Interchange SMART Area
4. WestTech SMART Area

View SMART Areas Map

By creating the SMART Areas, property owners in the designated areas can take advantage of financial and economic incentives from the State of Florida’s Department of Environmental Protection (DEP) Brownfield Redevelopment Program and Enterprise Florida, Inc. to help in either redeveloping or developing their properties.  Incentives include such things as:

• Job Creation bonuses up to $2,500/new employee created for eligible businesses
• Loan guarantees for primary lenders up to 50% on all sites
• Sales tax credit on building materials for affordable housing developments
• Brownfield area benefits administered by Enterprise Florida, Inc.

Property owners have the right to opt their properties out of the designation by contacting the City. The designation does not involve any “taking” of property by the City or State, so this is not an eminent domain action.  The  proposed designation will also not directly affect your property tax valuation.

It is hoped that by designating the SMART Areas, the City will be more attractive to business to stay, expand and locate in the City, thus providing jobs and expanding the City’s tax base.  For more information or if you have questions about this matter, please contact:

Tim Ford, BCRA Administrator at 321-409-7187 or
Jim McMillan, Assistant to the City Manager for Economic and Business Development at 321-952-3426

Palm Bay Facts

Read February 2010 Palm Bay Community Data from the Economic Development Commission of Florida's Space Coast. View Space Coast EDC Website

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Jim McMillan
5240 Babcock Street
Suite 300
Palm Bay, FL 32905
(321) 952-3426
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