Definitions.
Cape Coral Code of Ordinances § 29-2
in effect§ 29-2. - Definitions.
The following words, terms and phrases have the meanings set forth herein.
APPLICANT. Any person, firm, developer, partnership or corporation submitting an Economic and Business Development Incentive Program application to the City.
APPLICATION. A written application for assistance from the City's Economic and Business Development Incentive Program on the form prescribed by the City, together with any additional information requested by the City.
AVERAGE ANNUAL EMPLOYMENT. The sum of the number of full-time equivalent employees as of the last day of each month of the preceding calendar year divided by 12.
AVERAGE ANNUAL WAGE. The average of all wages and salaries in Lee County, Florida.
BENEFITS. The value to the City of providing incentives through its Economic and Business Development Incentive Program, which generally includes:
• Increased property values within the city.
• Increased revenue from taxes, fees and permits.
• Increased tourism and commercial activity within the city.
• Increased employment opportunities for City residents.
• Increased income for city residents from higher wage jobs created in the city.
BUSINESS, FOR PROFIT. A for-profit sole proprietorship, corporation, partnership, association, organization, agency or other entity which operates a commercial, professional, or industrial enterprise of any kind.
BUSINESS, NOT FOR PROFIT. A not-for-profit corporation, partnership, association, organization, agency, or other entity which operates a commercial, professional, or industrial enterprise of any kind for purposes other than profit and in which no part of the organization's income is distributed to its members, directors, or officers.
CAPITAL INVESTMENT. Any expenditure for an expansion of an existing business or a new business to be located in the city which can be capitalized under generally accepted accounting principles.
CITY. The City of Cape Coral, Florida.
CITY COUNCIL. The governing body of the City of Cape Coral, Florida.
COMMUNITY REDEVELOPMENT AGENCY (CRA). The Cape Coral Community Redevelopment Agency.
COMMUNITY REDEVELOPMENT AREA. The area designated by the City Council pursuant to F.S. § 163.330, as appropriate for community redevelopment.
CORPORATE HEADQUARTERS BUSINESS. An international, national, or regional headquarters office of a multinational or multistate business enterprise or national trade association, whether separate from or connected with other facilities used by such business.
DEVELOPMENT. The activity of improving real property to the extent of adding value to the tax base through construction of new, or expansion of existing, office, commercial, industrial, or mixed-use developments, and the creation of employment opportunities.
EXPANSION. The expansion of a business by or through additions to real and personal property on a site co-located with a commercial or industrial operation owned by the same business, or a private developer to expand or create commercial, professional or industrial space, resulting in a net increase of office, commercial, or industrial space and/or in employment at such business.
EXISTING BUSINESS. A business which is already operating an existing commercial or industrial enterprise within the city.
FISCAL YEAR. The fiscal year of the City of Cape Coral, October 1 through September 30.
FULL-TIME EMPLOYEE. A person employed by a business for at least 40 hours per week. This term does not include persons who act as or serve as independent contractors to the business or persons who have an ownership interest in the business unless they are also employed by the business.
FULL-TIME EQUIVALENT EMPLOYEES. Two or more employees of a business, neither of whom is employed by the business for at least 40 hours per week, but whose combined weekly work hours for the business total at least 40 hours per week. For example, two part-time employees of a business, each of whom work 20 hours per week for the business, would constitute one Full-Time Equivalent Employee for the business. This term does not include persons who act as or serve as independent contractors to the business or persons who have an ownership interest in the business unless they are also employed by the business.
INCENTIVE. A grant of any inducement having monetary value by the City that is offered to an applicant to pursue a development or project that encourages private investment and/or the creation or retention of jobs. The incentive may also include grants from other entities that the City may be able to obtain.
INCENTIVE PARTICIPATION AGREEMENT. A binding agreement between an applicant/incentive recipient and the City outlining the terms and conditions of an Incentive award.
INCENTIVE RECIPIENT. The private parties receiving incentives from the City.
JOB. Each new full-time position or full-time equivalent position that is created as a direct result of the ongoing operation of a development, project, business attraction or expansion. For the purposes of calculating the number of jobs created by a Project, only those employed at businesses directly associated with the Project shall be considered.
LOCAL FINANCIAL SUPPORT. Funding from local sources, public or private, that is paid to the State of Florida's Economic Development Trust Fund and that is equal to 20 percent of the annual tax refund for a qualified target industry business or funding from local sources, as may be required under a state program pursuant to F.S. § 288.106.
NEW BUSINESS. A business which has newly located to or is newly locating its commercial or industrial enterprise within the city. For purposes of this article, a business shall be considered a new business for a period of not more than 12 months from the date of its location in the city. Once the time period has expired, the business shall hereafter be considered an "existing business" for purposes of this article.
PROJECT. The creation of a new business, expansion of an existing business, or real property development or redevelopment.
RELOCATION. The relocation of a business' operations and presence to the city from outside its geographic boundaries.
QUALIFIED TARGET INDUSTRY BUSINESS. A target industry business approved by the State of Florida to be eligible for tax refunds under the Qualified Target Industry Tax Rebate Program pursuant to F.S. § 288.106.
WAGES. All compensation including salaries, bonuses, commissions and the value of exercised stock options subject to Federal Income Tax, but excluding fringe benefits; provided, stock options shall be included in the calculation of wages in a manner consistent with the program established pursuant to F.S. § 288.106.
(Ord. 99-21, § 1, 12-15-2021; Ord. 64-25, § 2, 12-3-2025)
Source: City of Cape Coral, Florida, Code of Ordinances, City Charter and Land Development Code (Municode Library, library.municode.com)URL: https://library.municode.com/fl/cape_coral/codes/code_of_ordinances?nodeId=CH29ECDEBUINPR_ARTIGEPR_S29-2DEFetched: 11/4/2026