|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 2, 2015|
Agenda Item #16
Economic Development Incentive Grant - Project Evolve
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-15-064 finding that Project EVOLVE is approved for a Customized Economic Development Incentive Grant (EDI).
F.S. 288.106 Tax refund program for qualified target industry businesses.
F.S. 288.075 Confidentiality for economic development projects
Manatee County Government Incentive Grant Program
On April 21, 2009, the Manatee County Board of County Commissioners adopted the Manatee County Economic Development Incentive Program which provided for Economic Development Incentive Grants.
Customized EDI Grants are available to qualifying businesses that provide a significant capital investment and increase the tax base in Manatee County.
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 EVOLVE will construct a solar electric generation facility in Manatee County with a capital investment expected to be $140 Million.
Project EVOLVE is expected to pay in excess of $17 Million annually in County ad-valorem taxes which includes in excess of $8 Million in School District taxes.
The company is considering other locations in Florida to locate the facility. This is a customized incentive based on the very large capital investment and expected property tax receipts.
Manatee County staff will be responsible for monitoring Customized 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-15-064.
The County will require future budget appropriations beginning FY 2016-2017 through FY 2022-2023, if construction requirements are met. We have appropriated monies annually for the last few years to be set aside for economic development incentives such as 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’s future obligations ($1,300,000.00) 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, Neighborhood Services Department (firstname.lastname@example.org).
Cost and Funds Source Account Number and Name
EDI - 107.0015806 $1,300,000
Amount and Frequency of Recurring Costs
Over a 7 year period