Daytona Beach Shores, FL – The reading of an ordinance that should encourage economic development in Daytona Beach Shores is on the agenda for tonight’s meeting. Councilman Rick Frizalone is chairing the city’s Economic Development Council. He said a major goal is to help develop the west side of A1A.
At today’s scheduled meeting, Frizalone will present several proposals as part of an Ordinance recommended for approval on first reading by city staff. The original document is a revision of a draft ordinance created at a June 11 workshop.
Frizalone said there are several proposals to consider with the first one geared towards developers or business owners that want to purchase a property. A rebate of up to ten percent of the sales price would be provided to allow the purchaser to use the funds to assist in the development of the real property.
The incentive for those that would rather lease a property would be to subsidize the lease for up to a three year time period. Frizalone said that could help a new business stay in business by freeing up some cash to be used for setting things up and other development of the property.
Existing businesses can also benefit from the proposal. Frizalone said that with an application, the reward for businesses in good standing for at least a three year period of time is the waiving of local business taxes, permitting fees and application fees. He said that the city could also help existing businesses with expansion.
An Economic Development Program Trust Fund would be established, into which revenues from funding sources, as determined by the City Council, shall be deposited and from which all expenditures related to the City’s Economic Development Program shall be paid.
Frizalone said the plan is to have meetings with current businesses to hear their ideas. The city has ideas of what they need to do but he said they want to hear from the businesses because at the end of the day, the City Council is made up of elected officials and they want to do what’s best for the community and its residents.