As part of an aggressive Economic Development Program to assist existing businesses expand, to attract new businesses, and to make Palm Bay competitive with other cities in the State of Florida, and Country. Palm Bay designated four (4) areas as Sustainable Market and Reinvestment Target (SMART) areas:
- Riverview SMART Area which includes the commercial and industrial areas of the Bayfront Community Redevelopment District (BCRA)
- North Interchange SMART Area
- Central Interchange SMART Area
- WestTech SMART Area
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:
BCRA Administrator or Business Development Administrator at (321) 409-7187
The Palm Bay Enterprise Zone (EZ-0502) is located in the Northeast section of the city. It includes Commerce Park Drive, Kirby Industrial Circle and the surrounding area.
The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities.
View Interactive Map of HUBZone which shows Palm Bay's HUBZone designation area with parcel information.
Foreign Trade Zone #136
Port Canaveral is Grantee of Foreign Trade Zone 136, encompassing more than 4,000 acres throughout Brevard with hubs in the north, central, and south regions of Brevard County, Florida.