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.