|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - May 19, 2015|
Agenda Item #26
Economic Development Incentive Grant - Project Castaway
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-15-072 finding that Project Castaway is approved for an Economic Development Incentive Grant (EDI) and Transportation Impact Fee Incentive (TIFI); and Adoption of Resolution R-15-073 finding the Project Castaway be approved as a Qualified Target Industry and providing matching funds as a local participant in the Qualified Target Industry Tax Refund Program (QTI).
F.S. 288.106 Tax refund program for qualified target industry businesses.
Manatee County Government Incentive Grant
The Qualified Target Industry (QTI) Tax Refund Program is a State economic development program that provides incentives for attracting and expanding target industries to Florida. Manatee County has participated in this program and also uses the criteria from this program for the local incentive program to attract quality jobs.
EDI / TIFI 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 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 CASTAWAY will locate a Headquarters facility in Manatee County.
Project CASTAWAY is projected to create 200 quality jobs over five years, with company paying a minimum of 200% of the 2013 Manatee County average annual wage plus benefits.
The State QTI Program will provide incentives for 200 jobs created by Project Castaway. The State will pay 80% of the incentive ($1,120,000) and the County will provide a local match of 20% of the QTI Incentive ($280,000).
The State QTI program criteria will be utilized by Manatee County staff on an annual basis to confirm the wage and number of jobs meet the State incentive requirements according to F.S. 288.106. County staff will process invoices annually in accordance with policies and procedures set forth by the Department of Economic Opportunity (DEO).
Compliance with the QTI program is managed through the adoption of Resolution R-15-073.
Manatee County staff will be responsible for monitoring EDI Grant requirements ($654,847), as well as processing the invoice for payment upon confirmation of compliance with agreement to be executed.
Compliance with the EDI/TIFI program is managed through the adoption of Resolution R-15-072.
The County will require future budget appropriations beginning FY 2015-2016 through FY 2022-2023, 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 State QTI and 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 ($934,847) 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 executed resolution and approved agenda to Karen Stewart, Neighborhood Services Department (firstname.lastname@example.org)
Cost and Funds Source Account Number and Name
EDI - 107.0015806 $600,000; TIFI-101.0015806 $54,847; QTI - 001.0015806 $280,000
Amount and Frequency of Recurring Costs
Over an 8 year period