www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 9, 2016
February 9, 2016 - Regular Meeting
Agenda Item #19


Subject
Port Tax Increment Financing Expenditure

Briefings
Briefing Provided Upon Request

Contact and/or Presenter Information
Karen Stewart
Economic Development Program Manager
Ext. 6832


Action Requested

Authorization to provide a one-time payment to Manatee County Port Authority, utilizing funds in the Port Tax Increment Financing Fund in the amount of $200,000 to support the required match of a Port infrastructure improvement project to South Dock Street.

Adoption of Budget Amendment Resolution B-16-035 transferring funds from the reserves in the Port Tax Increment Financing Fund to the Port fund to support a Port infrastructure improvement project expenditure.



Enabling/Regulating Authority
Ordinance No. 09-50 Establishing The Port Manatee Improvement Trust Fund


Background Discussion
In December 2009, the Board of County Commissioners adopted Ordinance No. 09-50 for the purposes of establishing The Port Manatee Improvement District and establishing the Port Manatee Improvement Trust Fund authorizing deposit and use of Tax Increment Revenues.

Ordinance 09-50 established the Port Manatee Improvement District to provide a financing mechanism to pay a portion of the costs for a number of activities including capital improvements to Port Manatee.

Port Manatee will make infrastructure improvements to South Dock Street and the security facility to accommodate future cargoes for Port related businesses.

The costs of the infrastructure improvements will be paid utilizing a grant in the amount of $750,000 provided by the 2014 Port Security Grant Program. The grant requires $250,000 in local match for a total project cost of $1 Million. 

The match will be provided using $200,000 from the Port Tax Increment Financing Fund and $50,000 from private sources.  The Port TIF currently has $216,000 available for use within the TIF.
 
Port staff supports the use of the TIF funds for this important project and ensuring that we will be able to leverage the grant funds to complete the project.


County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records
Signed copy of Resolution B-16-035 to budget@mymanatee.org, Debbie.carpenter@mymanatee.org, lori.stephens@manateeclerk.com, and karen.stewart@mymanatee.org.

Cost and Funds Source Account Number and Name
$200,000 Port TIF 822.0990002 - object code 599000

Amount and Frequency of Recurring Costs
one time


Attachment:  B-16-035.pdf