|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 4, 2013|
Agenda Item #21
Economic Development Incentive Grant - Project TOPAZ - R-13-095
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-13-095 finding that Project TOPAZ is approved for an Economic Development Incentive Grant and a Transportation Impact Fee Incentive to be paid over a five year period.
F.S. 288.106 tax refund program for qualified target industry business
Manatee County's Economic Development 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 115% of the average Manatee County annual wage.
The Transportation Impact Fee Incentive (TIFI) eligibility is 100% based on paying 200% of Manatee County average annual wage.
The TIFI incentive is estimated to be $1,705 in Resolution R-13-095. The actual TIFI incentive amount to be paid for Project TOPAZ will be determined when the building permits are approved and current Manatee County impact fee schedule adopted. TIFI will be paid at the time applicant receives certificate of occupancy.
Project TOPAZ will relocate a new manufacturing company in Manatee County and will create 17 new jobs over five years paying 200% of the Manatee County average annual wage plus benefits.
Manatee County staff will be responsible for monitoring all EDI and TIFI Grant requirements, as well as processing the invoice 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-13-095.
The County's commitment will require future budget appropriations beginning FY2012-2013 through FY 2017-2018, if all the employment conditions are met. The Neighborhood Services Department has 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's future obligations ($52,705) 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 stamped approved agenda memorandum and executed resolution to Karen Stewart, Neighborhood Services Department (firstname.lastname@example.org).
Cost and Funds Source Account Number and Name
$52,705 EDI 1070015806
Amount and Frequency of Recurring Costs
Over a 5 Year Period