Economic Development

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Contact Information: (727) 943-4932, 324 East Pine St, Tarpon Springs, FL 34689

The City of Tarpon Springs is committed to promoting, maintaining, and nurturing an attractive and robust business climate. From its Historic Downtown to the world-famous Sponge Docks and working waterfront there are abundant opportunities for marine and industrial expansion. Tarpon Springs provides a favorable tax structure, quality infrastructure, and a Community Redevelopment Area that makes it a prime choice for business development.

Economic Development Newsletter
Economic Development Newsletter Sign-Up
Local Properties for Sale July 2020
Local Properties for Lease July 2020

Demographics:
Tarpon Springs Demographics and Business Summary
Pinellas County Demographics and Business Summary
Pinellas County Community Overview
Data Center

Business Incentive Programs
Forms and information for all business incentive programs may be found in our Document Library.

Greektown Facade Grant Program:  For commercial properties within the Greektown area.  Funding is first come, first served.
Targeted Industry Programs
Workforce Programs
Infrastructure Programs
Special Opportunity Programs
Sales Tax Exemptions
Ad Valorem Tax Exemption

Opportunity Zone

Opportunity Zones provide a new tool for investors, fund managers and communities by utilizing privately sourced funds into eligible economic and community re-investment projects. This new tool was created as part of the Tax Cuts and Jobs Act of 2017 and allows investors to defer taxes on realized capital gains and to reduce tax liabilities on investments made in Qualified Opportunity Funds. The goal of the Opportunity Zone program is to spur much needed investment in housing, business, and infrastructure in distressed areas. Florida has 427 approved zones. Pinellas County has 16 Opportunity Zones and the City of Tarpon Springs has one.

A Qualified Opportunity Fund is an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in an Opportunity Zone and that utilizes the investor’s gains from a prior investment for funding the Opportunity Fund. Opportunity Zones are defined areas made up of low-income communities from designated census tracts. The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and the Opportunity Zones were certified by the U.S. Treasury on June 14, 2018. The City of Tarpon Springs was approved for one Opportunity Zone within the City and its certification is valid for 10 years.

Property in Opportunity Zones
Investors who have capital gains to reinvest can purchase real estate that is located within an approved Opportunity Zone. Investments can be made on an individual basis or through an authorized Opportunity Fund. A key element when purchasing property is the Substantial Improvement Requirement which is where the investor has a 30-month time period to improve the property, such that the basis of the property increases by an amount that exceeds the amount of the adjusted basis at the beginning of the 30-month time period. For example: An opportunity fund that acquires a building/site for $10M must make an additional improvement of $10M + $1 by the end of the 30-months.

Businesses in Opportunity Zones
Businesses that are located within an Opportunity Zone can establish Opportunity Zone stock or Partnership Interest shares. These programs allow investors with capital gains to potentially defer taxes on their investments in a business. Businesses can use these funds to purchase or lease a tangible property that will be used in the Opportunity Zone during the holding period. If an intangible property is involved, a significant portion of the business’s intangible property is required to be used in the activities of the business. The government has identified a list of businesses (“sin businesses”) that cannot participate in this program.

Opportunity Zone Map
Opportunity Zone Data Overview
Opportunity Zone Fact Sheet