www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - July 26, 2016
July 26, 2016 - Regular Meeting
Agenda Item #35


Subject
Economic Development Incentive Grant - Project Cardinal

Briefings
None

Contact and/or Presenter Information
Karen Stewart
Economic Development Program Manager
Ext. 3029

Action Requested
Adoption of Resolution R-16-127 finding that Project Cardinal is approved for an Economic Development Incentive Grant and a Transportation Impact Fee Grant.

Enabling/Regulating Authority
F.S. 288.106 Tax refund program for qualified target industry businesses.
F.S. 288.075 Confidentiality for economic development projects
Manatee County Government Incentive Grant



Background Discussion
On April 21, 2009, the Manatee County Board of County Commissioners adopted the Manatee County Economic Development Incentive Program which provides for Economic Development Incentive (EDI) Grants.

EDI Grants are available to qualifying businesses creating new high-wage job opportunities, either by expanding an existing business or by bringing a new business to Manatee County. The incentive is customized per business based on the number of jobs created and percent above 115% of the average Manatee annual wage of the company.

The County has received a written request from the business for confidentiality regarding its intentions, plans, and interests to locate, relocate, or expand any of its business activities in this State, pursuant to Section 288.075 Florida Statutes.

Project CARDINAL will expand a headquarters facility in Manatee County.

Project CARDINAL is projected to create 30 quality jobs over five years, with the company paying a minimum of 150% of the 2014 Manatee County average annual wage plus benefits.

Manatee County staff will be responsible for monitoring EDI/TIFI Grant requirements, as well as processing the invoice for payment upon confirmation of compliance with agreement to be executed.

Compliance with the EDI/TIFI program is managed through the adoption of Resolution R-16-127.  
 
The County will require future budget appropriations beginning FY 2017-2018 through FY 2020-2021, if job creation and construction requirements are met.  We have appropriated monies annually for the last few years to be set aside for economic development incentives for the local EDI/TIFI program where applicable, and will continue to ensure that reserves are set aside for this purpose and carried forward to fund the County‚Äôs future obligations ($171,960) for this application.

County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records
Original Resolution for Board Records, copy of executed resolution and approved agenda to Karen Stewart, Neighborhood Services Department (karen.stewart@mymanatee.org)


Cost and Funds Source Account Number and Name
EDI - 107.0015806 - $60,000 TIFI - 101.0015806 - $111,960

Amount and Frequency of Recurring Costs
Over 5 years


Attachment:  Cardinal R-16-127.pdf