The purpose of the Pioneer Project Incentive Program (PPIP) is to incentivize the development of residential, commercial, and mixed-use projects in the CRAs that would otherwise not happen due to conditions outside of the developer’s, the City’s or the CRAs’ ability to control or influence, such as exorbitant development impact fees by outside agencies or market conditions.
The PPIP would support development projects that will positively impact the residential and business community and the economic vitality of the CRA. Qualifying projects are desirable to the CRAs and identified as potentially having a significant positive impact on the local economy.
Pioneer projects are defined as follows:
- A market rate or above residential project that significantly increases the CRA’s population.
- An innovative commercial project that creates employment opportunities attracts significant attention to the CRA and fills an unmet need in the CRA. Qualified Targets Industry projects are especially desirable.
- A mixed-use commercial and residential project achieving the standards above.
Program Funding
Projects will be considered on a case-by-case basis at the sole discretion of the CRA, and any award is contingent upon the availability of funds. Assistance may be made in full within the first year or disbursed over several years. Staff will complete the evaluation process and determine project eligibility and level of support.
- Structures 1,000 SF to 5,000 SF: Award up to $150,000
- Structures larger than 5,000 SF but less than 10,000 SF: Award up to $500,000
- Structures larger than 10,000 SF: Award up to $1.5M
What does the PPIP assistance include?
- TIF Rebate: A partial to total rebate for a defined period.
- Impact Fee and Mobility Fee Waiver or Reduction: The City may offer a partial or complete waiver of impact fees and mobility fees through its regional brownfields designation.
- Grant: Awarded on a reimbursement basis following the completion of the project.
- Land contribution
*Additional forms of assistance may be provided on a case-by-case basis.
Projects with one or more of the following have a greater chance of being awarded
- Maximum capital investment: Projects must demonstrate that the public investment committed to a project will leverage substantial private capital investment. For evaluation purposes, a minimum investment ratio of 3:1, private to public investment, will be utilized. Greater leverage of private investment is desirable; however, meeting or exceeding the ratio threshold does not guarantee the request for assistance.
- Number of residential units: Development of 20 or more units in a standalone residential project or ten or more units in a mixed-use project.
- Public-use facilities: parks or parkettes, tourism and visitation amenities, public meeting spaces, parking facilities, electric vehicle charging stations, streetscape improvements, and public infrastructure improvements.
- Jobs created: The jobs must pay an average annual wage that is 115% of the Osceola County average wage. (2023: 115% = $54,839).
- Connection with the CRA Redevelopment Plans: Fulfills one or more of the goals and objectives in the Plan or development of an opportunity site.