www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 2, 2015
June 2, 2015 - Regular Meeting
Agenda Item #16


Subject
Economic Development Incentive Grant - Project Evolve

Briefings
None

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


Action Requested
Adoption of Resolution R-15-064 finding that Project EVOLVE is approved for a Customized Economic Development Incentive Grant (EDI). 

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 Program


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

Customized EDI Grants are available to qualifying businesses that provide a significant capital investment and increase the tax base in Manatee County. 

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 EVOLVE will construct a solar electric generation facility in Manatee County with a capital investment expected to be $140 Million.

Project EVOLVE is expected to pay in excess of $17 Million annually in County ad-valorem taxes which includes in excess of $8 Million in School District taxes. 

The company is considering other locations in Florida to locate the facility. This is a customized incentive based on the very large capital investment and expected property tax receipts.

Manatee County staff will be responsible for monitoring Customized EDI 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-15-064.  

The County will require future budget appropriations beginning FY 2016-2017 through FY 2022-2023, if construction requirements are met.  We have appropriated monies annually for the last few years to be set aside for economic development incentives such as 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 ($1,300,000.00) 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 $1,300,000

Amount and Frequency of Recurring Costs
Over a 7 year period


Attachment:  Evolve-R15064.pdf