Economic and Business Development Incentive Fund.
Cape Coral Code of Ordinances § 29-3
in effect§ 29-3. - Economic and Business Development Incentive Fund.
The Economic and Business Development Incentive Fund ("Fund") is hereby established, into which revenues from funding sources, as determined by the City Council, shall be deposited and from which expenditures related to the city's economic and business development incentive program shall be paid. Moneys to be credited to the Fund may consist of local business tax proceeds, local financial support funds, interest earnings, and cash from other funds. Amounts on deposit in the Fund shall be invested pursuant to applicable law. All investment earnings shall be retained in the Fund and used for the purposes thereof. All program income, including investment earnings, shall be retained in the Fund, and used for economic and business development purposes.
The objectives of the city in offering the incentives, which includes, but may not be limited to:
a. Stimulating new investment.
b. Attracting new office, commercial, light industrial/warehouse spaces.
c. Expanding and diversifying the overall tax base.
d. Increasing commercial activity.
e. Attracting new visitors.
f. Enhancing property values.
g. Increasing employment opportunities for city residents.
h. Generating higher income and wealth for residents from higher wage jobs.
i. Removing barriers to development.
j. Supporting the expansion of existing businesses.
k. Encouraging the creation of new businesses to serve the needs of the community.
l. Fostering redevelopment of vacant and underutilized buildings.
m. Activating waterfront
n. Reducing travel times and encourage development closer to where people live
o. Activating the waterfront.
p. Reducing travel times and encourage development closer to where people live.
q. Foster a thriving cultural scene and promote arts and creative industries across the community.
r. Strengthen urban connectivity by prioritizing infill and waterfront development projects.
s. Advance sustainability and resilience that support climate adaptation, green infrastructure, storm-resilient construction, and conservation.
t. Invest in strategic infrastructure, including digital enhancements and renewable energy.
u. Pursue signature developments and placemaking projects that shape the city's identity and appeal.
v. Enhance family, youth, and cultural amenities, and promote Cape Coral as a destination for experiential and sports tourism.
w. Collaborate across sectors (public, private, educational) for workforce development and to meet emerging economic needs.
x. Accelerate utility build-out or funding for infrastructure that could address future constraints.
y. Encourage mixed-use, transit-oriented, or mobility-supportive development forms.
z. Promote housing diversity and affordability tied to existing
The Fund shall be used for the expansion of businesses existing in the city, the attraction of new business, or new development to the city to offset expenses incurred or other financial burdens related to locating or expanding within the city, or expenses associated with new development or redevelopment projects. The funds collected for deposit in the Fund may be used for the following activities:
• Business development activities (attraction, retention and expansion)
• Infrastructure (including payment of impact fees) to support business attraction, retention and expansion
• Commercial development, redevelopment, or revitalization including office, light industry/warehouse and mixed-use development
• Job creation opportunities
• Promotion and marketing services, functions, and programs.
• Program administration, implementation, and monitoring.
The City Council may, from time to time by ordinance, authorize additional programs which may be funded through the Fund.
Expenditures for activities that are not related to the City's economic and business development program shall not be paid from the Fund.
The Fund shall be self-perpetuating from year to year unless specifically terminated by the City Council. Any balance in the Fund at the end of any fiscal year shall remain in the Fund at the end of the year and shall be available for carrying out the purposes of the Fund.
Accounting and reporting procedures shall be consistent with state law and city policies and reported to the City Council by the city manager, or designee, at least annually. The City shall cause the Fund to be audited and shall report the results of such audit as required to the City Council.
The city manager is authorized to approve incentive awards up to $100,000 to any one entity to enhance economic and business development opportunities. Incentive awards of $100,000 or more shall be approved by the City Council.
An annual performance review shall be undertaken by the city auditor to measure the program's effectiveness in supporting business development within the city and meeting its intended goals.
(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_S29-3ECBUDEINFUFetched: 11/4/2026