Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 21, 2015
REVISED April 21, 2015 - Regular Meeting
Agenda Item #15

Economic Development Incentive Grant - Project Coronado


Contact and/or Presenter Information

Karen Stewart
Economic Development Program Manager
Ext. 3029

Action Requested

Adoption of Resolution R-15-047 finding that Project Coronado is approved for an Economic Development Incentive Grant (EDI) and Transportation Impact Fee Incentive (TIFI).

Enabling/Regulating Authority

F.S. 288.106 Tax refund program for qualified target industry businesses.

Manatee County Government Economic Development program

Background Discussion

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 Grants.

EDI / TIFI 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 wage for the company.

The County has received a request from the business for confidentiality regarding its intentions, plans, and interest to locate, relocate, or expand any of its business activities in this State, pursuant to Section 288.075 Florida Statutes.

Project Coronado will expand an Info-Technology facility in Manatee County.

Project Coronado is projected to create 27 quality jobs over five years, with the company paying a minimum of 150% of the 2013 Manatee County average 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 the agreement to be executed.

Compliance with the EDI/TIFI program is managed through the adoption of Resolution R-15-047.

The County will require future budget appropriations beginning in FY 2015-2016 through FY 2019-2020, 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 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 ($58,898.00) 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, Neighborhood Services Department (karen.stewart@mymanatee.org)

Cost and Funds Source Account Number and Name
EDI - 107.0015806 $54,000; TIFI - 101.0015806 $4,898

Amount and Frequency of Recurring Costs
Over a five year period

Attachment:  Coronado-R15047.pdf