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West Palm Beach Mayor Jeri Muoio plans to make an announcement Tuesday morning regarding jobs and the economy in her State of the City address.
The city spokesperson said Muoio will announce plans for a "Flagler Financial District" in an effort to recruit more financiers to the city. The area will be located between Okeechobee Boulevard and Flagler, Rosemary and 6th streets.
City officials believe hundreds of business leaders will be in attendance to hear her plan.
The city's Twitter feed messaged Monday night, "Hint: Think Wall St in WPB."
A city spokesperson says the plan has support from the Palm Beach County Business Development Board, the Downtown Development Authority and the Chamber of Commerce of the Palm Beaches.
Anthony Scaramucci with Skybridge Capital, author of "Goodbye Gordon Gekko," recently spoke to the Business Development Board. He told NewsChannel 5 that there are an increasing number of financial firms, particularly private equity and hedge fund managers, eyeing Palm Beach County.
Scaramucci says the tax policies in the area are attractive to employers who will grow the tax base with more employees.
"I do predict over the next five to 10 years you'll see this area of the country become a hub for financiers," he said.
The State of the City address is planned for 8:15 a.m. Tuesday at the Palm Beach County Convention Center.