Economic Development and Incentive Brochure
THE CITY OF LAKE WORTH BEACH
has adopted a variety of innovative and significant incentives to encourage private investment and to facilitate a robust, sustainable city. Density, Intensity, Height, Financial and Transfer of Development Rights are all incentives that the City has embraced to foster a healthy climate for investment and sustained economic growth.
Lake Worth Beach Opportunity Zones
The qualified opportunity zone (QOZ) program was created to encourage long-term job creation and economic development in blighted areas.
Sustainable Bonus Incentive
Urban planned developments, residential planned developments and mixed use planned developments are eligible for the following incentives above the base allowances of the City’s Land Development Regulations:
- 25% increase in density, intensity and height for projects of one half acre or more
- 50% increase in density, intensity and height for mixed use projects that are 2 acres or larger west of Dixie Highway
- 50% increase in density, intensity and height for mixed use projects that are 5 acres or larger west of Interstate 95
- 100% increase in density and intensity for mixed use projects in the Transit Oriented Development district west of Interstate 95
Transfer Development Rights
Urban planned developments, residential planned developments and mixed use planned developments that have maximized the bonus incentive under the Sustainable Bonus Incentive Program, may qualify for the transfer of development rights purchased from city owned parcels to the achieve the following:
- For projects east of Dixie Highway
- Increase of 10 units per acre
- For projects west of Dixie Highway
- Increase of 10 units per acre
- Increase of Floor Area Ratio (F.A.R.) by 10 percent
- Increase of height by up to 15’-0” and one story
Economic Investment Incentive
The City offers financial incentives based on the anticipated new revenue streams to the City’s electric, water, sewer and stormwater utility funds from new projects.
- Incentives are based on the projected revenue stream from a project over its first 3 to 5 years of operation
- Incentives are calculated based on the type of use proposed
- Upfront incentive payments are made at four key stages of a project’s development
- Entitlement approval
- Submission of building permit application
- Receipt and Issuance of building permit
- Final Approval and Issuance of Certificate of Occupancy
- Infrastructure incentives may be available if project funding has been approved as part of the City’s formal Capital Improvement Plan
Electricity Incentive Rate
The City of Lake Worth is pleased to offer a special program in order to attract jobs to Lake Worth. The Economic Development Electricity Incentive Rate Program ties a discounted rate for commercial electric to job creation within municipal boundaries.
In order to qualify for the Economic Development Electricity Incentive Rate:
- Create 10 New Full-time Jobs
- Add 150kw of New Load to Lake Worth Electrical Grid
The new discounted electrical load rate is applicable to new business establishments, commercial or industrial space that has been vacant for more than one month, and the expansion of existing establishments. The program is not available for load shifted from one location to another.
Year 1: 23.6% reduction to be credited in Year 2
Year 2: 20% reduction to be credited in Year 3
Year 3: 15% reduction to be credited in Year 4
Year 4: 10% reduction to be credited in Year 5
Year 5: 5% reduction to be credited in Year 6