Economic Investment Incentives
The City of Lake Worth Beach offers density, intensity, height, financial, and transfer of development rights incentives to encourage private investment and foster sustainable economic growth.
Economic Development and Investment Incentives
The City of Lake Worth Beach has adopted a variety of innovative and significant incentives to encourage private investment and to facilitate a robust, sustainable city. Density, Intensity, Height, Financial and Transfer of Development Rights are all incentives that the City has embraced to foster a healthy climate for investment and sustained economic growth.
Sustainable Bonus Incentive Program
Comprehensive Plan Density, Intensity and Height Incentives
Tier I
Provides for additional heights above two stories within all zoning districts where three or more stories is allowed.
Tier II
Provides for additional density, height and intensity as part of urban planned developments, residential planned developments and mixed use planned developments above those as outlined in the City's Land Development Regulations. 15% of additional density must be deed restricted as affordable/workforce for at least 25 years. Incentive levels:
25% increase in density, intensity and height for projects of one-half acre or more.
50% increase in density, intensity and height for mixed use projects that are 2 acres or larger west of Dixie Highway.
50% increase in density, intensity and height for mixed use projects that are 5 acres or larger west of Interstate 95.
100% increase in density and intensity for mixed use projects in the Transit Oriented Development district west of Interstate 95.
Affordable/Workforce Housing Program
Provides a 15% increase in overall density within all residential and mixed-use zoning districts, predicated that all additional units are deed restricted for at least 25 years.
Affordable/Workforce Housing Program Incentive
Provides a 15% increase in overall density within any residential and mixed-use zoning districts, predicated that all additional units are deed restricted for at least 25 years. Incentive is offered to by-right projects under Tier One and for all other projects utilizing other City incentives under Tier Two.
Transfer Development Rights Program
Urban planned developments, residential planned developments and mixed use planned developments that have maximized the bonus incentive under the Sustainable Bonus Incentive Program may qualify for the transfer of development rights purchased from city owned parcels.
Projects East of Dixie Highway
Increase of 10 units per acre
Projects West of Dixie Highway
Increase of 10 units per acre
Increase of Floor Area Ratio (F.A.R.) by 10 percent
Increase of height by up to 15'-0" and one story
Economic Investment Incentive Program
The City offers financial incentives based on the anticipated new revenue streams to the City's electric, water, sewer and stormwater utility funds.
Incentives are based on the projected new revenue from a project over its first 3 to 5 years of operation
Incentives are calculated based on the type of use proposed: Residential, Commercial/Retail/Office, Industrial, Hotel/Motel/Resort
Incentive payments are made after project completion and at the end of the effective operating period
Infrastructure incentives also may be available if project funding has been approved as part of the City's formal Capital Improvement Plan
Economic Development Electricity Incentive Rate Program
The City is pleased to offer a special program in order to attract jobs to Lake Worth. The Economic Development Electricity Incentive Rate Program ties a discounted rate for commercial electric to job creation within municipal boundaries.
Qualification Requirements
Create 10 New Full-time Jobs
Add 150kw of New Load to Lake Worth Electrical Grid
The new discounted electrical load rate is applicable to new business establishments, commercial or industrial space that has been vacant for more than one month, and the expansion of existing establishments. The program is not available for load shifted from one location to another.
Rate Reduction Schedule
Year 1: 23.6% reduction to be credited in Year 2
Year 2: 20% reduction to be credited in Year 3
Year 3: 15% reduction to be credited in Year 4
Year 4: 10% reduction to be credited in Year 5
Year 5: 5% reduction to be credited in Year 6
Confidentiality Agreement for Economic Development Projects
The City Commission has authorized key staff members to receive and distribute information pursuant to Section 288.075 of the Florida Statutes. In doing so, they recognize that any disclosure could:
Jeopardize a project
Injure a project in the marketplace
Harm would result from the release of sensitive business information
Would discourage economic development in general
Have a negative impact on increasing the number of jobs in the state
Site 1 — North Dixie Highway
A 13.60 acre site located near the northern boundary of the city on the west side of North Dixie Highway. Zoning is Mixed Use Dixie Highway (MU-DH), and the future land use is Mixed Use East (MUE). Conceptual site plan demonstrates a 60% residential and 40% mixed use configuration.
Scenario 1 — Base Land Development Regulations with Sustainable Bonus Tier I
Lot coverage – 65%
Building coverage – 50%
Floor Area Ratio – Max 1.55 or 918,244 sq. ft.
Density – 30 units per acre or 408 units. 470 units with Affordable/Workforce Housing Bonus
Height – 45 ft not to exceed four stories
Scenario 2 — Sustainable Bonus Incentive Program Tier II
Lot coverage – 65%
Building coverage – 50%
Floor Area Ratio – Max 2.325 or 1,377,367 sq. ft.
Density – 45 units per acre or 612 units. 704 units with Affordable/Workforce Housing Bonus
Height – 67.5 ft not to exceed six stories
Scenario 3 — Transfer Development Rights
Lot coverage – 65%
Building coverage – 50%
Floor Area Ratio – Max 2.5575 or 1,515,104 sq. ft.
Density – 55 units per acre or 748 units. 860 units with Affordable/Workforce Housing Bonus
Height – 82.50 ft not to exceed seven stories
Site 2 — Lake Worth Tri-Rail Station
A 9.897 acre site located next to the Lake Worth Tri Rail Station along the south side of Lake Worth Road west of Interstate 95. Zoning is Transit Oriented Development West (TOD-W), and the future land use is Transit Oriented Development (TOD). Conceptual site plan demonstrates a 35% residential, 50% commercial and 15% hotel mixed use configuration.
Scenario 1 — Base Land Development Regulations with Sustainable Bonus Tier I
Lot coverage – 65%
Building coverage – 55%
Floor Area Ratio – Max 2.20 or 462,869 sq. ft.
Density – 40 units per acre or 395 units. 454 units with Affordable/Workforce Housing Bonus
Height – 55 ft not to exceed five stories
Scenario 2 — Sustainable Bonus Incentive Program Tier II
Lot coverage – 65%
Building coverage – 55%
Floor Area Ratio – Max 3.975 or 836,320 sq. ft.
Density – 120 units per acre or 1187 units. 1365 units with Affordable/Workforce Housing Bonus
Height – 82.5 ft not to exceed seven stories
Scenario 3 — Transfer Development Rights
Lot coverage – 65%
Building coverage – 55%
Floor Area Ratio – Max 4.3725 or 919,952 sq. ft.
Density – 130 units per acre or 1286 units. 1479 units with Affordable/Workforce Housing Bonus
Height – 97.50 ft not to exceed eight stories
