|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - November 7, 2017|
Agenda Item #50
Project Aspect Qualified Targeted Industries Incentive
Contact and/or Presenter Information
County Economic Development Official
Adoption of Resolution R-17-127 finding that Project Aspect be approved as a Qualified Targeted Industry and providing local financial support for the Qualified Targeted Industry Tax Refund Program (QTI) business.
F.S. 288.106 Tax refund program for qualified targeted industry businesses.
F.S. 288.075 Confidentiality for economic development projects
The Qualified Targeted 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.
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 ASPECT is expected to locate a headquarters facility in Manatee County.
Project ASPECT is projected to create 40 quality jobs over five years, with the company paying a minimum of 200% of the 2015 Manatee County average annual wage plus benefits ($76,894).
The State QTI Program will pay 80% of the incentive ($224,000). The total required local financial support is 20% or $56,000. The Town of Longboat Key adopted Resolution 2017-21 on September 15, 2017, in the amount of $25,000. The County is being requested to provide $31,000 to complete the local financial support of 20% for the QTI incentive.
The State QTI 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-17-127
The County will require future budget appropriations beginning FY 2018-2019 through FY 2025-2026, 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 will continue to ensure that reserves are set aside for this purpose and carried forward to fund the County’s future obligations ($31,000) 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 executed resolution and approved agenda to Karen Stewart, Redevelopment and Economic Opportunities Department (email@example.com)
Cost and Funds Source Account Number and Name
QTI - 001.0015806 - $31,000
Amount and Frequency of Recurring Costs
Over an eight year period
Attachment: Aspect QTI-R-17-127.pdf