www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - September 23, 2014
REVISED September 23, 2014 - Regular Meeting
Agenda Item #24


Subject
Economic Development Incentive Resolution (R-14-137)

Briefings
None

Contact and/or Presenter Information
Karen Stewart
Economic Development Program Manager
Ext. 3029

Action Requested
Adoption of Resolution R-14-137 finding that Project FIERO is approved for an Economic Development Incentive Grant.



Enabling/Regulating Authority
F.S. 288.106 Tax refund program for qualified target industry businesses.
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 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 FIERO will locate a manufacturing facility in Manatee County.

Project FIERO is scheduled to create 29 quality jobs over five years, with company paying a minimum of 115% of the 2012 Manatee County average annual wage plus benefits.

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

Compliance with the program is managed through the adoption of Resolution R-14-137.     

The County will require future budget appropriations beginning FY 2014-2015 through FY 2018-2019, 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 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‚Äôs future obligations ($29,000) 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
1070015806 $29,000

Amount and Frequency of Recurring Costs
$29,000 over 5 years


Attachment:  Fiero-R14137.pdf