City of Hollywood Incentives
Economic Development Ad Valorem Tax Exemption
The City of Hollywood offers an Ad Valorem Tax Exemption of up to 25% of the city portion (up to 50% in the Liberia Area Business Corridor) of Ad Valorem Taxes for a period not to exceed 8 years for qualifying new or expanding businesses that invest at least $250,000 in capital improvements and create new jobs. The award and amount of the exemption requires City Commission approval.
Local Alternative Economic Development Incentive Program
Eligible businesses that make a capital investment of not less than $500,000 in a target area or $1,000,000 in a non-target area may qualify for financial incentive payments from the city. The amount of the incentive is at the discretion of the City Commission and is based on a point scale that considers factors such as the number of jobs created, salary level of the jobs created, amount of capital investment and longevity of the business in the city. Each point makes a business eligible for an annual payment of $1,000, up to a maximum annual payment of $100,000. The maximum payment to any eligible firm over its lifetime cannot exceed $500,000.
For more information on these programs, please contact the Department of Economic Development at 954.921.3271.
Quantum Marine Headquarters - Groundbreaking
Community Redevelopment Agency (CRA) Programs
Hotel Improvement Program
The Hotel Improvement Program (HIP) has been established as an incentive for owners and tenants of small properties defined as hotel/motel, inn, or bed and breakfast, located in both the Downtown and Beach districts of the Hollywood CRA. This program provides a 33% reimbursement grant of up to $250,000 or 20% of the assessed value, whichever is lower, for comprehensive fixed capital improvements to both the interior and exterior of the property. As part of receiving this grant, the property must become certified as a Superior Small Lodging or a AAA Diamond Rated Property.
Property Improvement Program
The Property Improvement Program (PIP) is an incentive grant program of the CRA for owners and tenant buildings located within the CRA districts. It provides a 50% reimbursement grant of up to $50,000 for comprehensive fixed capital improvements to the exterior of the property. The goal of this program is to encourage commercial, multi-family and single-family rental properties to renovate, restore and improve their property enhancing its visual quality and attractiveness.
Paint Only Program
The Paint Only Program (POP) is an incentive grant program of the CRA for owners and tenants of buildings located in the CRA districts. It provides a 50% reimbursement grant up to $10,000 for cleaning, patching and painting of a building’s exterior when done by a licensed contractor.
For more information about these grant programs and how to apply, please visit www.hollywoodcra.org or call 954.924.2980.
Margaritaville - Construction Phase
Margaritaville - Completed