www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - March 24, 2015
REVISED March 24, 2015 - Regular Meeting
Agenda Item #27


Subject
Economic Development Incentive Grant - Project Galt

Briefings
None

Contact and/or Presenter Information

Karen Stewart
Economic Development Program Manager
Ext. 3029



Action Requested
Adoption of Resolution R-15-034 finding that Project Galt is approved for an Economic Development Incentive Grant (EDI) and Transportation Impact Fee Incentive (TIFI).

Enabling/Regulating Authority

F.S. 288.106 Tax refund program for qualified target industry businesses.

Manatee County Government 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 and Transportation Impact Fee Incentive (TIFI) 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.

The County has received a written request from the business for confidentiality regarding its intentions, plans, and interest to locate or expand any of its business activities in this State, pursuant to Section 288.075 Florida Statutes.

Project GALT will locate a manufacturing facility in Manatee County.

Project GALT is projected to create 55 quality jobs over five years, with the company paying a minimum of 150% of the 2012 Manatee County average wage plus benefits.

Manatee County staff will be responsible for monitoring EDI/TIFI Grant requirements, as well as processing the invoice for payment upon compliance with agreement to be executed.

Compliance with the EDI/TIFI Program will be managed through adoption of Resolution R-15-034.

The County will require future budget appropriations beginning in FY 2015-2016 through FY 2019-2020, if job creation requirements are met. We have appropriated monies annually for the last few years to be set aside for economic development incentives such as the 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 ($119,589) 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 $110,000; TIFI - 101.0015806 $9,589

Amount and Frequency of Recurring Costs
Over a five year period.


Attachment:  Galt-R15034.pdf