Bradenton Area Convention Center One Haben Boulevard, Palmetto - Longboat Key Room 9:00 a.m. - August 11, 2020
August 11, 2020 - Regular Meeting
Agenda Item #27

Adoption of Resolution R-20-118 Authorizing an Economic Development Incentive Grant - Project Baxter


Contact and/or Presenter Information
Ruth A. Buchanan
Economic Development Manager
Ext. 3633

Action Requested
Adoption of Resolution R-20-118 finding that Project Baxter is approved for an Economic Development Incentive Grant and Inclusive Economic Development Bonus Grant.

Enabling/Regulating Authority
Florida Statute 125.045 County economic development powers

Florida Statute 288.075 Confidentiality for economic development projects

Manatee County Government Incentive Program Guidelines

Background Discussion
On August 6, 2019, the Manatee County Board of County Commissioners adopted the revised Manatee County Incentive Program Guidelines which provides for Economic Development Incentive (EDI) Grants.

Economic Development Incentives (EDI) 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 average 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 Baxter intends to locate an Advanced Manufacturing facility in Manatee County and is projected to provide $1,275,000 in capital investment and create 25 new jobs over five years, with the company paying a minimum of 150% of the 2018 Manatee County average annual wage ($63,434) plus benefits.

Manatee County staff will be responsible for monitoring EDI and Inclusive Economic Development Bonus Grant program requirements, as well as processing the invoices annually for payment upon confirmation of compliance with agreement to be executed.

Compliance with the EDI and Inclusive Economic Development Bonus Grant program is managed through the adoption of Resolution R-20-118 and associated Funding Agreement. The form of the Resolution and Funding Agreement was reviewed, revised, and approved by the County Attorney's Office in April 2018.

The County will require future budget appropriations beginning FY 2021-2022 through FY 2025-2026, if job creation and capital investment requirements are met. We have appropriated monies annually for the last few years to be set aside for economic development incentives for the local EDI and Inclusive Economic Development Bonus program incentives 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 ($68,000) for this application.

County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other

Reviewing Attorney

Instructions to Board Records

Original Resolution for Board Records, copy of executed resolution and approved agenda to Ruth Buchanan, Redevelopment and Economic Opportunity Department (Ruth.Buchanan@mymanatee.org).

Cost and Funds Source Account Number and Name
EDI - 107.0015806 $50,000; SWD (Inclusive Economic Development) -- 823.0020603 $18,000

Amount and Frequency of Recurring Costs
over a 5 year period

Attachment:  Baxter Resolution R-20-118.pdf
Attachment:  Baxter Funding Agreement Agenda Item v2.pdf