• Bond
• Grant
• Loan
• Tax
• Other

Incentive: Industrial Development Revenue Bonds (IDRBs) finance business and industrial expansions for firms with strong credit. IDRBs can provide low-interest loans for large projects by permitting the borrower to take advantage of long-term financing with lower than prime interest rates. Additionally, for certain types of manufacturing facilities, interest rates can be lowered further due to the tax-exempt status of the bond issue. Private parties purchase the bonds, in effect making the loan to the borrowing business.

Project Cost: IDRBs may finance up to 100 percent of project costs, with loans up to $10 million available if the financing is tax-exempt. In the case of taxable bonds, no cap on the amount exists. Since significant legal costs are necessary with an IDRB issue, projects should be at least $1 million in value to be cost effective.

• Chapter 159, Florida Statutes [External Link].
• Chapter 19-4, Florida Administrative Code [External Link].
• Palm Beach County PPM# CW-F-065. (click on PPMs INDEX, then CW-F-065)

PPM# CW-F-065 establishes the guidelines for processing industrial development/private activity bonds. The legal secretary to the bond attorney in the County Attorney’s Office will handle all initial inquiries regarding industrial development/private activity bond applications.

Loan Structure: Interest on IDRBs may be at a fixed or variable rate. Variable rates typically range from 85-100 percent of prime, depending on the strength of the firm's credit. Fixed interest rates average approximately one percent below prime. Maturity varies from five to 30 years, matching the life of assets.

• Long-term maturities.
• Low interest rates.
• Low down payment with 100% financing.

Eligibility: The bonds are issued by Palm Beach County with principal, interest and other costs of the bonds paid solely by the beneficiary company. A company may not have participated as an owner or principal user in tax-exempt financing totaling more than $40 million nationwide. Companies applying for IDRB Funding must obtain a qualified Bond Counsel (see Bond Counsel section below).

• Bond Buyer’s Municipal Marketplace Directory (“Red Book”) [External Link]. Applicants are instructed to select a bond counsel listed in the latest edition of the "Red Book."

• Application Instructions
• Application Form
• Resolution R2011-0852

Resolution R2011-0852 explains the application fee (non-refundable), the financing fee, and County Attorney fee for industrial development/private activity bonds, refunds, and other related financings by Palm Beach County.

Administration: The Palm Beach County Department of Economic Sustainability and the Palm Beach County Attorney's Office coordinate assisting a business through the IDRB application process.

1. Department of Economic Sustainability
   100 Australian Avenue, Suite 500, West Palm Beach, FL 33406
   Steven Misshula, Economic Development Specialist; smisshula@pbcgov.org
   (561) 233-3627; Fax (561) 233-3651
   
   
2. Palm Beach County Attorney Office
   Paul F. King, Assistant County Attorney; pking@pbcgov.org
   Mary James, Legal Secretary; mejames@pbcgov.org
   P.O. Box 1989, West Palm Beach, FL 33402-1989
   (561) 355-2734; Fax (561) 355-4398

^ Top

100 Australian Avenue, Suite 500
West Palm Beach, FL 33406
phone:  (561) 233-3671
fax:  (561) 656-7543 e-fax
Mapquest