Palm Coast Council Approves Economic Development Grant

In a world of multi-billion-dollar investments in artificial intelligence, $100,000 may not seem like much, but it could be a big deal for Palm Coast.

The City Council recently unanimously approved a grant application from Ormond Beach-based Commercial Construction Inc. to help offset wetland mitigation costs on the 7.5-acre site the company is developing.

According to a city staff report, Commercial Construction plans to build two buildings on the site in Commerce Park, both 40,980 square feet in size. Total investment in the plan is projected to be $8.5 million.

Phong Nguyen, Palm Coast interim community development director, said the funds would come out of the economic development budget. He said the grant is for wetland mitigation for the second building,

“Looking at the budget for economic development, this would be a benefit for the city for them to develop the second facility,” Nguyen said. “They would not receive any funding until it is at certificate of occupancy (stage).”

According to the city staff report, the project would boost Palm Coast’s economic development efforts.

“The project includes constructing two industrial buildings that will expand the city’s limited supply of manufacturing space, promote job creation and diversify the local ad valorem tax base,” the report said. If approved, the grant would advance city goals of encouraging commercial and industrial development, support the expansion of existing manufacturers and “strengthen long-term economic growth within Palm Coast.”

Nguyen said the planned first building already has prospective tenants and the company is looking to attract tenants for the second facility.

Asked by Mayor Mike Norris about the tenants committed to the first building, Nguyen said he has no information.

“The owner didn’t let me know who would be occupying there,” Nguyen said. “Typically, anything that is related to industrial development would be in that facility. It could be a host of things that are occupying there.”

Norris said the project will help the city.

“Sites and buildings, we need sites and buildings,” he said. “That’s what this company is doing.”