|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 3, 2014|
Agenda Item #22
Economic Development Incentive Resolution (R-14-076) Project Monaco
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-14-076 finding that Project Monaco is approved for an Economic Development and Transportation Impact Fee Incentive Grant.
F.S. 288.106 Tax refund program for qualified target industry businesses.
Manatee County Government Incentive Program
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.
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 MONACO will locate a manufacturing facility in Manatee County.
Project MONACO is scheduled to create 41 quality jobs over five years paying a minimum of 115% of the 2012 Manatee County average annual wage plus benefits.
The Transportation Impact Fee Incentive (TIFI) eligibility is fifty-percent based on the company paying 115% of the 2012 Manatee County Average annual wage.
TIFI is estimated to be $7,484.62 per Resolution R-14-076.
Manatee County staff will be responsible for monitoring EDI/TIFI Grant requirements, as well as processing the invoice for payment upon completion of construction and upon confirmation of compliance with agreement to be executed.
Compliance with the program is managed through the adoption of Resolution R-14-076.
The County’s commitment will require future budget appropriations beginning FY 2014-2015 through FY 2018-2019, 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 such as the state and local EDI program, where applicable, and will continue to ensure that reserves are set aside for this purpose and carried forward to fund the County’s future obligations ($48,484.80) for this application.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Original Resolution for Board Records, copy of executed Resolution and approved stamped agenda to Karen Stewart, Neighborhood Services Department (firstname.lastname@example.org)
Cost and Funds Source Account Number and Name
1070015806 EDI $41,000, 1010015806 TIFI $7,484.62
Amount and Frequency of Recurring Costs
$48,484.62 over a five year period