City of Hollywood Incentives
Commercial Property Improvement Program (CPIP)
The City of Hollywood established a Commercial Property Improvement Program (CPIP) in 2017. The program was designed to improve the facades of publicly or privately owned commercial or industrial buildings within the designated area (Census Tract Block Groups) LMI areas along Hollywood Boulevard between Interstate 95 and 22nd Avenue.
In 2019 the City Commission approved expansion of the program to include the following additional commercial and industrial areas:
- Johnson Street from 72nd Avenue to 55th Avenue
- Hollywood Boulevard from 72nd Avenue to 22nd Avenue
- US 441 north of Atlanta Street to Pembroke Road
- Dixie Highway/N 21st Avenue from Sheridan Street to Pembroke Road
- Federal Highway/US1 from Sheridan Street to Pembroke Road
CPIP grant funds are available to property owners that intend to restore, renovate or improve their building and property thereby enhancing the visual quality and attractiveness of the corridors and improve the area’s physical characteristics.This program is based on the premise that exterior improvements to commercial buildings in highly visible locations will stimulate private investment, attract customers, and result in new economic opportunities.
The program consists of a reimbursement grant for a percentage of the construction cost up to a maximum amount of $25,000.00 per property/property owner on a post-completion basis. With the expansion of the program, funding is now by two sources: Community Development Block Grant (CDBG) funds awarded to the City of Hollywood by the United States Department of Housing and Urban Development (HUD). $200,000 is available for this program. General Capital Outlay Funding allocated by the City Commission for FY2019-2020. $200,000 is available for this program, for a total of $400,000.
CPIP funds are limited to one time per property address per federal fiscal year. Properties that fall within the Downtown Community Redevelopment Area do not currently qualify for this program. For more information on the CPIP Program, please call Principal Planner Tekisha Jordan at 954.921.3620.
Economic Development Ad Valorem Tax Exemption
The City of Hollywood offers an Ad Valorem Tax Exemption of up to 25% of the city portion (up to 50% in the Liberia Area Business Corridor) of Ad Valorem Taxes for a period not to exceed 8 years for qualifying new or expanding businesses that invest at least $250,000 in capital improvements and create new jobs. The award and amount of the exemption requires City Commission approval.
Local Alternative Economic Development Incentive Program
Eligible businesses that make a capital investment of not less than $500,000 in a target area or $1,000,000 in a non-target area may qualify for financial incentive payments from the city. The amount of the incentive is at the discretion of the City Commission and is based on a point scale that considers factors such as the number of jobs created, salary level of the jobs created, amount of capital investment and longevity of the business in the city. Each point makes a business eligible for an annual payment of $1,000, up to a maximum annual payment of $100,000. The maximum payment to any eligible firm over its lifetime cannot exceed $500,000.
For more information on these programs, please contact our Economic Development Team at 954.921.3620.
Community Redevelopment Agency (CRA) Programs
Hotel Improvement Program
The Hotel Improvement Program (HIP) has been established as an incentive for owners and tenants of small properties defined as hotel/motel, inn, or bed and breakfast, located in both the Downtown and Beach districts of the Hollywood CRA. This program provides a 33% reimbursement grant of up to $250,000 or 20% of the assessed value, whichever is lower, for comprehensive fixed capital improvements to both the interior and exterior of the property. As part of receiving this grant, the property must become certified as a Superior Small Lodging or a AAA Diamond Rated Property.
Property Improvement Program
The Property Improvement Program (PIP) is an incentive grant program of the CRA for owners and tenant buildings located within the CRA districts. It provides a 50% reimbursement grant of up to $50,000 for comprehensive fixed capital improvements to the exterior of the property. The goal of this program is to encourage commercial, multi-family and single-family rental properties to renovate, restore and improve their property enhancing its visual quality and attractiveness.
Paint Only Program
The Paint Only Program (POP) is an incentive grant program of the CRA for owners and tenants of buildings located in the CRA districts. It provides a 50% reimbursement grant up to $10,000 for cleaning, patching and painting of a building’s exterior when done by a licensed contractor.
For more information about these grant programs and how to apply, please visit www.hollywoodcra.org or call 954.924.2980.