|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 11, 2015|
Agenda Item #15
Economic Development Incentive Grant - Project Hydro
Contact and/or Presenter Information
Economic Development Program Manager
Adoption of Resolution R-15-132 finding that Project Hydro is approved for an 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
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 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 HYDRO will locate a headquarters facility in Manatee County.
Project HYDRO is projected to create 15 quality jobs over five years, with company paying a minimum of 115% of the 2013 Manatee County average annual 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 agreement to be executed.
Compliance with the EDI/TIFI program is managed through the adoption of Resolution R-15-132.
The County will require future budget appropriations beginning FY 2016-2017 through FY 2020-2021, if job creation 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/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 ($15,000) 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 (email@example.com)
Cost and Funds Source Account Number and Name
EDI - 107.0015806 $15,000
Amount and Frequency of Recurring Costs
Over a five year period