PALM COAST, Fla. — Palm Coast is launching a new incentive program aimed at encouraging private development and redevelopment in part of the city before a key redevelopment district expires.
City officials said the new Vertical Development Incentive Program will offer financial reimbursements to qualifying projects based on new property tax revenue generated after construction is completed.
The program applies only within a defined section of the city’s Community Redevelopment Area, including land east of Old Kings Road and west of Landing Boulevard.
Officials said the goal is to help larger projects move forward more quickly because many developments face a shorter timeline before the redevelopment district expires in 2034.
Projects must include new vertical construction or major redevelopment, meet investment minimums and show that incentives are necessary for the project to move ahead.
City officials said incentives will be paid only after projects are completed and producing new tax revenue.
The city says the program is designed so there is no upfront impact on general fund spending because reimbursements come only from newly created tax increment revenue.
Developers can get additional information or apply by contacting Economic Development Coordinator Jazmin Rosario at 386-986-2626.
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