|May 8, 2018 - Regular Meeting|
Agenda Item #33
Project Pulse Multimodal Transportation Impact Fee and Qualified Targeted Industry Incentive
Contact and/or Presenter Information
County Economic Development Official
Adoption of Resolution R-18-067 finding that Project Pulse is approved for a Multimodal Transportation Impact Fee Incentive (MTIFI); and adoption of Resolution R-18-068 finding that Project Pulse be approved as a Qualified Targeted Industry (QTI) Business and providing local financial support in the Qualified Targeted Industry Tax Refund Program.
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
The Qualified Targeted Industry (QTI) Tax Refund Program is a State economic development program that provides incentives for attracting and expanding target industries to Florida. Manatee County has participated in this program and also uses the criteria from this program for the local incentive program to attract quality jobs.
Multimodal Transportation Impact Fee Incentive (MTIFI) 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 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 PULSE will locate an aviation/aerospace facility in Manatee County with an estimated capital investment of over $5 million.
Project PULSE is projected to create 20 quality jobs over six years, with the company paying a minimum of 115% of the 2016 Manatee County average annual wage plus benefits.
The State QTI Program will provide incentives for 20 jobs created by Project PULSE. The State will pay 80% of the incentive ($48,000) and the County will provide local financial support of 20% of the QTI incentive ($12,000).
The State QTI criteria will be utilized by Manatee County staff on an annual basis to confirm the wage and number of jobs meet the State incentive requirements according to F.S. 288.106. County staff will process invoices annually in accordance with policies and procedures set forth by the Department of Economic Opportunity (DEO).
Compliance with the QTI Program is managed through the adoption of Resolution R-18-068.
Manatee County staff will be responsible for monitoring MTIFI Grant requirements, as well as processing the invoice for payment upon confirmation of compliance with agreement to be executed ($32,860).
Compliance with the MTIFI program is managed through the adoption of Resolution R-18-067.
The County will require future budget appropriations beginning FY 2018-2019 through FY 2023-2024, if job creation requirements are met. We have appropriated monies annually for the last few years to be set aside for economic development incentives such as the State QTI and local MTIFI 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 (total of $44,860) for this application.
Given the number of jobs created and the amount of capital investment, the County may consider a customized infrastructure incentive to assist with access in the future.
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, Redevelopment and Economic Opportunity Department (email@example.com).
Cost and Funds Source Account Number and Name
MTIFI - 101.0015806 - $32,860; QTI - 001.0015806 $12,000
Amount and Frequency of Recurring Costs
Over six year period
Attachment: Pulse MTIFI R-18-067.pdf
Attachment: Pulse QTI R-18-068.pdf