Targeted Redevelopment Encourages Investment, Job Creation
Hillsborough County, Fla. (March 20, 2017) - Hillsborough County is encouraging investment and job creation by inviting property owners, business owners, developers, and real estate brokers to bring underutilized land back into productive use through the Targeted Redevelopment Program. The program was created to address opportunities within unincorporated Hillsborough County that enhance the development and uses of areas that are traditionally seen as declining in value or are underutilized relative to their location and existing infrastructure.
Approved by the Hillsborough County Board of County Commissioners, the Targeted Redevelopment Program aims to keep Hillsborough County competitive. It focuses on job creation efforts in four specific areas by eliminating blight and deterioration and by encouraging investment to retain and attract new businesses and jobs. The program does this by providing financial incentives that pay a portion of permitting fees, demolition, site infrastructure, and building interior and exterior improvement costs. It also includes an expedited permitting process to fast track projects with condensed timelines and small business façade financial incentives for commercial retail businesses. The four target redevelopment areas are:
- The University of South Florida/Innovation Area
- North Tampa International Airport/Anderson Road Area
- Palm River Area
- North 56th Street/Orient Road Area
The Targeted Redevelopment Program is available to businesses and/or property owners of office, industrial, commercial buildings, and sites based on the following general eligibility criteria:
- The redeveloped property must be available for office, industrial and/or commercial use, with the exception of the Catalyst Project Incentive, which allows mixed-use, transit-oriented, and significant retail development.
- The property must be located within the four Unincorporated County Redevelopment Pilot Incentive Areas.
- The redevelopment project must be consistent with the Comprehensive and Community Plans, and local codes and ordinances.
Those interested in applying for the program can schedule a meeting with Hillsborough County Economic Development department staff for the required pre-application review. Qualified applicants and final grant agreements must be approved by the Hillsborough County Board of County Commissioners. Applicants will be considered and awarded on a first-come, first-served basis. Program grant funds will be distributed on completion of construction, and all work is performed to the satisfaction of the Hillsborough County Building Inspection Division and Economic Development.
For those who have questions regarding the Targeted Redevelopment Program, or to schedule a pre-application meeting, visit the program page or contact Eric Lindstrom with Economic Development at (813) 276-2747.