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 require 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.
Local AD Valorem Tax Exemption
Receive up to 25% of the City portion of Ad Valorem Taxes, or up to 50% in the Liberia Area Business Corridor for up to 8 years. New or expanding businesses that invest at least $250,000 in capital improvements and create new jobs qualify for this incentive.
Employee Relocation Assistance
Target industry businesses that recently relocated to Hollywood are eligible for aid in the relocation of new employees to low to moderate-income (LMI) areas within the City.
State of Florida Workforce Training Incentive Program for New Employees
Quick Response Training (QRT), administered by CareerSource Florida, is a state-funded grant program for businesses to train new, full-time employees.
State of Florida Incentive for Manufactures
The State of Florida offers incentives and sales tax exemptions to manufacturers for equipment purchases and energy use.
Incumbent Worker Training Incentive Program for Existing Employees
The Incumbent Worker Training Program (IWT) is funded through the Federal Workforce Innovation and Opportunity Act (WIOA). Through this program, training is available for current employees to compete in a global economy and retain existing businesses.
For more information on these programs, please contact our Economic Development Team at 954.921.3620.
Community Redevelopment Agency (CRA) Programs
Properties that fall within the City of Hollywood Community Redevelopment Agency (CRA) Beach and Downtown area may apply for the below incentive programs, which are specifically for this designated area.
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.
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.
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.
Save