|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 27, 2013|
Agenda Item #19
Economic Development Incentive Grant - Resolution R-13-155 - Project Bronco
Contact and/or Presenter Information
Karen Stewart, Economic Development Manager
Neighborhood Services Department, Ext. 6832
Adoption of Resolution R-13-155 finding that Project BRONCO be approved for an Economic Development Incentive Grant and a Transportation Impact Fee Incentive over a five-year period.
F. S. 288.106 Tax refund program for qualified target industry businesses
Manatee County's Economic Development Incentive Program
On April 21, 2009, the Manatee County Board of County Commissioners adopted the Manatee County Economic Development Incentive Program which provides 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 the average Manatee County annual wage.
The Transportation Impact Fee Incentive (TIFI) eligibility is 50% based on paying 115% of Manatee County's average annual wage.
Project BRONCO is locating a new manufacturing facility in Manatee County and plans to create 56 new jobs over five years paying a minimum of 115% of the Manatee County average wage plus benefits.
Project BRONCO is eligible for TIFI at 50% as a new company locating in Manatee County and creating quality jobs above 115%.
Manatee County staff will be responsible for monitoring all EDI Grant and TIFI requirements, as well as processing invoices 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-13-155.
The County's commitment will require future appropriations beginning in FY 2013-2014 through FY 2018-2019, 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 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 ($62,392) 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 stamped approved Agenda memorandum and executed Resolution to Karen Stewart (firstname.lastname@example.org), Neighborhood Services Department.
Cost and Funds Source Account Number and Name
$56,000 EDI 107.0015806 $6,392.40 TIFI 101.0015806
Amount and Frequency of Recurring Costs
Over a 5 year period.