|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 4, 2013|
Agenda Item #22
Economic Development Incentive Grant - Project NEON R-13-097
Contact and/or Presenter Information
Karen Stewart, Manager
Economic Development Division
Adoption of Resolution R-13-097 approving Project NEON for an Economic Development Incentive Grant.
F.S. 288.106 Tax refund program for qualified target industry businesses.
Manatee County's Economic 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 the company's average annual wage.
Project NEON will expand a manufacturing/headquarters company in Manatee County creating 20 additional jobs over a five year period and is eligible to receive a waiver of the average wage requirement through a customized incentive.
Project NEON will commit to pay an average wage of $35,633 which is at least 100% of the Manatee average wage; and provide benefits.
Manatee County staff will be responsible for monitoring all EDI grant 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-13-097.
The County's commitment will require future budget appropriations beginning FY2013-2014 through 2017-2018, if all the employment conditions are met. We have annually appropriated monies 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 ($20,000) 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 Resolution and stamped approved Agenda Memorandum to Karen Stewart, Neighborhood Services Department (firstname.lastname@example.org).
Cost and Funds Source Account Number and Name
$20,000 EDI 1070015806
Amount and Frequency of Recurring Costs
$20,000 over a 5 year period