|January 29, 2013 Regular Meeting|
Agenda Item #24
Economic Development Incentive Resolution (R-13-027) Project Guardian
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-13-027 finding that Project GUARDIAN is approved for an Economic Development Incentive Grant.
F.S. 288.106 Tax refund program for qualified target industry businesses.
Manatee County Government Incentive Program
- 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 the average Manatee County annual wage.
- Project GUARDIAN plans to expand a life sciences facility in Manatee County creating 47 new jobs over a five year period paying above Manatee County's average annual wage plus benefits.The proposed incentive is unique to this project using a customized approach based on the wage, sector of job and the ability to retain 59 existing jobs (plus the addition of 47 new jobs) for this project.
- Using a customized approach for this project will require the establishment of two wage incentive levels within one incentive category. When this is achieved it will ensure that the company creates jobs that pay at a much higher wage than just the company average. This incentive will bring a higher return on investment to the local economy ensure job retention and have a greater impact on both the direct and indirect jobs associated with this project.
- Manatee County staff will be responsible for monitoring all EDI grant requirements, as well as processing invoices for payment on an annual basis upon confirmation of compliance with wage and annual job creation and retention requirements.
- Compliance with the program is managed through the adoption of Resolution R-13-027.
- The County's commitment will require future budget appropriations beginning FY2013/2014 through FY2017-2018, if all the employment conditions are met. We have annually appropriated monies 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's future obligations ($111,000) 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 stamped agenda to Karen Stewart, Neighborhood Services Department.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
$111,000 over a five year period
Attachment: Project Guardian R 13 027.pdf