Economic Development Incentive Fund
In February 2014, Cocoa City Council approved Resolution No. 2014-019 creating an Economic Development Incentive (EDI) Fund. Under the EDI Fund, qualifying applicants could be eligible for grant funding through 2 concentrations: business development and the creation of new jobs, and utility-related activities. The program eligibility for both concentrations is identical and the amount awarded to a business is determined primarily upon the number of new jobs created, the average annual salary of those new jobs created, and the amount of private capital investment. The grant is performance-based and is awarded per new job created. The maximum amount of incentive to be claimed by an applicant is $50,000 for each concentration, or a total of $100,000 if the applicant qualifies for both.
Utility-related economic development funds awarded under the EDI Fund shall be on a reimbursement basis and shall be used only for water, sewer, stormwater, and reclaimed water utility related on-site or off-site capital improvements.
An eligible business is a new or expanding business operating within the City of Cocoa and must establish 10 or more new jobs to employ 10 or more full-time equivalent employees in the city of Cocoa within the 1st year of commencing operations, providing an average annual salary not less than the lower living wage of Brevard County. An eligible business must also qualify as a target industry business as defined by the State; and invest at least $250,000 in land, building, or equipment in the first year of commencing operations within the City Limits of Cocoa.
Eligible businesses must complete the Economic Incentive Application (PDF) and submit to the Office of Economic Development via email or in person at Cocoa City Hall (Attention: Office of Economic Development):
65 Stone Street
Cocoa, FL 32922
Projects qualifying for the utility-related activities must also fill out the Utilities Supplemental Application (PDF).