www.mymanatee.org
Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - April 24, 2018
REVISED April 24, 2018 - Regular Meeting
Agenda Item #39


Subject
Project Beacon Economic Development Incentive

Briefings
None

Contact and/or Presenter Information
Karen Stewart
County Economic Development Official 
Ext. 6832


Action Requested
Adoption of Resolution R-18-061 finding that Project Beacon is approved for an Economic Development Incentive Grant.

Enabling/Regulating Authority
F.S. 125.045 County economic development powers
F.S. 288.075 Confidentiality for economic development projects
Manatee County Government Incentive Program Guidelines


Background Discussion
On December 12, 2017, the Manatee County Board of County Commissioners adopted the Manatee County Incentive Program Guidelines 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 the average 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 Beacon intends to locate a Logistics and Distribution facility in Manatee County.

Project Beacon is projected to provide $1.3 M in capital investment and create 14 quality jobs over five years, with the company paying a minimum of 115% of the 2016 Manatee County average annual wage ($46,099) plus benefits. 

Manatee County staff will be responsible for monitoring EDI Grant requirements, as well as processing the invoices annually for payment upon confirmation of compliance with the agreement to be executed.

Compliance with the EDI program is managed through the adoption of Resolution R-18-061.
The County will require future budget appropriations beginning FY 2018-2019 through FY 2022-2023, if job creation and capital investment requirements are met.  We have appropriated monies annually for the last few years to be set aside for economic development incentives for the 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‚Äôs future obligations ($33,433) for this application.


County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records
Original Resolution for Board Records, copy of executed resolution and approved agenda to Karen Stewart, Redevelopment and Economic Opportunity Department (karen.stewart@mymanatee.org).

Cost and Funds Source Account Number and Name
EDI - 107.0015806 $14,000; TIFI - 101.0015806 $19,433

Amount and Frequency of Recurring Costs
$33,433 over 5 years


Attachment:  Beacon R-18-061.pdf