www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 9, 2016
REVISED August 9, 2016 - Regular Meeting
Agenda Item #13


Subject
Economic Development Incentive Grant - Project Centennial

Briefings
None

Contact and/or Presenter Information

Karen Stewart
Economic Development Program Manager
Ext. 3029



Action Requested
Adoption of Resolution R-16-130, finding that Project Centennial is approved for an Economic Development Incentive 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 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 CENTENNIAL will expand a headquarters facility in Manatee County.

Project CENTENNIAL is projected to create 225 quality jobs over 5 years, with the company paying a minimum of 115% of the 2014 Manatee County average annual wage plus benefits.

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 Customized EDI program is managed through the adoption of Resolution R-16-130.

The County will require future budget appropriations beginning FY2017-2018 through FY2021-2022, 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's future obligations ($243,036) 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 - $225,000; TIFI - 101.0015806 - $18,036

Amount and Frequency of Recurring Costs
Over 5 years


Attachment:  Centennial-R-16-130.pdf