Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - February 13, 2018
February 13, 2018 - Regular Meeting
Agenda Item #49

Project Cypress Economic Development Incentive


Contact and/or Presenter Information
Karen Stewart
County Economic Development Official
Ext. 6832

Action Requested
Adoption of Resolution R-18-025 finding that Project Cypress is approved for a customized Southwest District (SWD) Economic Development Incentive Grant and Transportation Impact Fee Incentive.

Enabling/Regulating Authority
F.S. 125.045 County economic development powers
F.S. 288.075 Confidentiality for economic development projects
Manatee County Incentive Program Guidelines

Background Discussion
On December 12, 2017, the Manatee County Board of County Commissioners adopted the Manatee County Incentive Program Guidelines which provides for Economic Development Incentive (EDI) Grants for Southwest District targeted industries to include medical office, warehouse, and hotels on urban corridors.

Customized 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 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 Cypress will locate a medical office facility in Manatee County.

Project Cypress is projected to provide $650,000 in capital investment in the SWD and create 13 quality jobs over five years, with the company paying a minimum of 115% of the 2016 Manatee County average annual ($46,099) 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 EDI/TIFI program is managed through the adoption of Resolution R-18-025.

The County will require future budget appropriations beginning FY 2018-2019 through FY 2022-2023, 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/TIFI 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 ($19,244) 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 Karen Stewart, Redevelopment and Economic Opportunities Department (karen.stewart@mymanatee.org)

Cost and Funds Source Account Number and Name
SWTIF EDI 8230020603.582000

Amount and Frequency of Recurring Costs
$19,244 over 5 years

Attachment:  Cypress - R-18-025.pdf