Fort Pierce Redevelopment Agency Incentive Program
The Fort Pierce Redevelopment Agency (FPRA) offers several funding assistance programs to support redevelopment projects, commercial property improvements and residential infill development throughout the FPRA District. Click here Version OptionsIncentivesHeadline to learn more.
Expedited Site Plan Review and Fast Track Permitting
Qualified companies are eligible for expedited site plan review and fast track permitting. Our team will coordinate with your company to streamline the development review and permitting process to ensure your development is completed on schedule.
St. Lucie County Incentives
The St. Lucie Board of County Commissioners believe that addressing the needs of new businesses and encouraging and assisting in the expansion of existing businesses fosters positive economic growth and produces healthy competition, creativity and innovation; which leads to healthy self-sustaining economies that thrive in recessions and withstand depressions. St. Lucie County continues to create economic development opportunities that yield long-term sustainability outcomes by implementing a variety of incentives for businesses that encompass one or more of the Targeted Industry categories and that produce above average employment opportunities and lead to the improvement in the quality of life for County residents. Visit St. Lucie County's website to learn more.
Fort Pierce Utilities Authority
Fort Pierce Utilities Authority (FPUA) is exceedingly proud of the level of positive and encouraging economic growth being experienced within the City of Ft. Pierce. This growth has facilitated the creation of a new and exciting Business Development Department, engineered to serve our growing and incoming commercial and industrial partners, and beyond!
Along with this, we have a focused commitment to assisting developers, engineering and design teams, as well as realtors, and contractors, with their project development. Project and business development includes, but is not limited to: new site development, new construction, site expansions involving additional construction as well as on-site improvements, and in-fill potentials. Contact FPUA's Business Development Team to learn about their development services and offerings: https://fpua.com/contact-us/.
The Opportunity Zone Program aims to foster economic development and job creation in economically distressed communities. It was created by the Federal Tax Cuts and Jobs Act of 2017 to encourage businesses, developers and financial institutions to invest long-term capital in low-income census tract areas. These areas were designated as Qualified Opportunity Zones by the U.S. Department of Treasury in June 2018. Treasury has approved 8,760 Qualified Opportunity Zones, which are in all 50 states, five territories and the District of Columbia.
Fort Pierce is home to two opportunity zones. Investments are made in Opportunity Zones through U.S. Treasury Qualified Opportunity Zone Funds, which must invest over 90 percent of their assets in Qualified Opportunity Zone properties and businesses. Qualified Opportunity Zone Funds attract investors through possible tax benefits. Tax benefits can accrue once unrealized capital gains from other investments are rolled into Qualified Opportunity Zone Funds. Benefits include the following:
- Taxes are deferred on capital gains rolled into Qualified Opportunity Zone Funds and the original tax bill through December 31, 2026 or the sale of the Opportunity Zone investment, whichever is earlier;
- Taxes are reduced on capital gains held in Qualified Opportunity Zone Funds for certain lengths of time; for investments held for 5-years, the cost basis for tax purposes is increased by 10% and for investments held for 7 years, the cost basis increases an additional 5%;
- The rolled over capital gain appreciates tax-free if the investment in the Qualified Opportunity Zone Fund is held for 10 years or longer.
FPRA Impact Fee Moratorium
Ordinance 23-054 provides a moratorium on the imposition and collection of City impact fees within the Fort Pierce Redevelopment Area until November 2024.
The intent of this moratorium is to assist businesses in the Fort Pierce Redevelopment Agency boundaries reduce their startup costs and to contribute to the sense of vitality that occurs when buildings are occupied. It is our hope that this moratorium will encourage and entice development within the FPRA boundaries. Since infill locations are within the urban core of our community, typically they already have much of the needed infrastructure. Unless extraordinary capital improvements are required, infrastructure costs can be substantially lower for infill development relative to a similar project in an undeveloped area.
Infill Lien Reduction Program
Resolution No. 22-R16 establishes an Infill Lien Reduction Program designed to promote reinvestment and revitalization of vacant infill property by providing a property owner reasonable relief from burdensome interest and liens levied prior to their ownership. Via development agreement, the soft costs associated with city liens will be waived and 50% of the hard costs may be refunded in accordance with the agreement. There will be specific time parameters associated with obtaining building permits and completing construction to be eligible for the refund. This program will be available on an individual basis. For more information, please contact the City Manager's Office at email@example.com.