Business & Growth

When it comes to starting a business in Palm Coast, there's more than enough reasons for entrepreneurs and small businesses alike to take notice

When it comes to starting a business in Palm Coast, there's more than enough reasons for entrepreneurs and small businesses alike to take notice. Take for example our ever-flourishing economy or nimbleness for inclusive growth opportunities – which together destine us to be the prime location for North Florida's start-up ecosystem. Yet whatever the appeal, the 4,500+ businesses that call Palm Coast "home" love being here and we love having them.

Our love is rooted in our community legacy of continually coming together to support, share goals and ideas and connecting with one another. Being that it's in our DNA, we support small businesses and entrepreneurs, and want nothing more for them to grow and prosper. Some of our tools and guidance in doing so, include:


What is SCORE?

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SCORE has been helping small business owners and new entrepreneurs for nearly fifty years. We started in 1965 and, in 2015, we marked our 50th anniversary. 

  • Free confidential business COUNSELING in person or via email.
  • Free business WORKSHOPS.
  • Free business TOOLS, templates, and tips.

You have direct access to our local Volunteer MENTORS who have extensive expertise across many different business disciplines and industries.


Innovation District

In 2018, the Community Redevelopment Agency reevaluated Palm Coast's Town Center, located in the Community Redevelopment Area (CRA). The area has been largely infrastructure-ready for several years, yet, the vision for Town Center had never fully been realized. In over a ten year period, Town Center had only reached a 17% developed threshold at the beginning of 2018. Yet, with a fresh look at the area and new approach, the Agency made developing Town Center a high priority.

Through research and analysis, the Agency found that an Innovation District would not only be a great fit for growing Town Center, but also would be economically, socially, and culturally viable for the future for Palm Coast. As defined by the Brookings Institute, an Innovation District, "facilitates the creation and commercialization of new ideas and support for economies by growing jobs in ways that leverage their distinct economic attributes." For Palm Coast, we plan to build on the Innovation District vision by leveraging proximity, density, authenticity and fostering it to become an experiential-living hub where our residents can live, work and play.

The Innovation District is centrally-located in the urban core of Town Center. To kick start forward-thinking residential and non-residential developments within this area, it has been designated as an Opportunity Zone.


Opportunity Zone

The U.S. Department of Treasury has officially certified Florida's nomination of 427 census tracts to be designated as Qualified Opportunity Zones, including Palm Coast's tract. This census track is located in the heart of Palm Coast, including Palm Coast Town Center and the new .

Our approved Opportunity Zone, a new economic development tool enacted by the Tax Cuts and Jobs Act of 2017, offers local citizens the opportunity to invest back into their communities and proactively be a part of the solution to problems such as revitalizing downtown districts, boosting local entrepreneurship, establishing specialized funds to target rural development challenges, commercializing technology around local knowledge centers, and more.

For investors, the Opportunity Zone program offers tax incentives to citizens who re-invest their unrealized capital gains into Opportunity Funds dedicated to investing in designated census tracts. The program provides deferral and reduction of capital gains taxes when the gain is invested in a Qualified Opportunity Fund and maintained for at least five years. Additional tax incentives are available for investments held for periods of seven and 10 years.

For more information, visit Opportunity Zone FAQs or check out Opportunity Zone Updates.

 


Jason DeLorenzo
Community Development Chief Development Officer