www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - March 26, 2013
March 26, 2013 - Regular Meeting
Agenda Item #26


Subject
Economic Development Incentive Grant, Project Freeze (R-13-061)

Briefings
None

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


Action Requested
Adoption of Resolution R-13-061 finding that "Project Freeze" is approved for an Economic Development Incentive Grant to be paid over a five year period.


Enabling/Regulating Authority
F.S. 288.106 tax refund program for qualified target industry business.

Manatee County Economic Development Incentive Program.


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 County annual wage.

Project FREEZE will bring a new manufacturing headquarters to Manatee County.

Project FREEZE will create 52 jobs over five years paying a minimum of 150% of the 2011 Manatee County average annual wage plus benefits.

Manatee County staff will be responsible for monitoring all EDI Grant requirements, as well as processing the invoice for payment on an annual basis upon confirmation of compliance with wage and annual job creation and retention requirements.

Compliance with the program is managed through the adoption of Resolution R-13-061.    

The County’s commitment will require future budget appropriations beginning FY 2013-2014 through FY 2017-2018, if all the employment conditions 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 ($104,000) for this application.



County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records
Original to Board Records; copy to Karen Stewart, Neighborhood Services Department


Cost and Funds Source Account Number and Name
EDI.107.0015806

Amount and Frequency of Recurring Costs
$104,000


Attachment:  Project Freeze R13061.pdf