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.
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, materially increases the property's tax value, attracts significant attention to the CRA and/or fills an unmet need in the CRA.
- 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.
Incentive Amount: If approved, the PPIP incentive will be limited to 10% of the "Tangible Project Cost," up to one $1.5 million. Tangible Project Cost is defined as physical costs that directly contribute to increasing the taxable value of the property, like site development, construction costs, permanent building improvements, machinery, and equipment. "Soft costs" like architectural, engineering and legal fees, financing costs, furniture, etc, are not eligible for reimbursement.
Disbursement schedule:
- Up to $150,000, disbursed in one payment
- Awards between $150,001 and $500,000, disbursed in three equal payments, one per year.
- Awards greater than $500,001, disbursed in five equal payments, one per year (up to $1.5 million program maximum)
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. (2025: 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.