WEST PALM BEACH, Fla. - In her annual State of the City address, West Palm Beach Mayor Jeri Muoio announced plans Tuesday to establish 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.
The mayor says the plan is critical in attracting new businesses to downtown.
Hundreds of business leaders were in attendance to hear her plan.
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.
Muoio said there has been a reduction in person-to-person crime down by more than 5 percent. Also, the city secured a $1.25 million grant, which will put 10 new police officers on the streets.
The mayor said the city will follow through with charter schools, arts, economic development incentives and green energy initiatives.
Also, a new park will be created on Parker Avenue on the southern end of the city.
She says the biggest challenge the city faces is meeting the demands of growth.