|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 22, 2017|
Agenda Item #34
Project Omega II Economic Development and Qualified Targeted Industry Incentive
Contact and/or Presenter Information
County Economic Development Official
Adoption of Resolution R-17-099 finding that Project Omega II be approved as a Qualified Targeted Industry business and providing local financial support for the Qualified Targeted Industry Tax Refund Program (QTI), and adoption of Resolution R-17-100 finding that Project Omega is approved for an Economic Development Incentive Grant.
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.
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 OMEGA II will locate a warehouse facility in Manatee County.
Project OMEGA II is projected to create 40 quality jobs over five years, with the company paying a minimum of 115% of the 2015 Manatee County average annual wage plus benefits.
The State QTI Program will provide incentives for 40 jobs created by Project OMEGA II. The State will pay 80% of the incentive ($96,000) and the County will provide local financial support of 20% of the QTI incentive ($24,000).
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-17-099
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 program is managed through the adoption of Resolution R-17-100.
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 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 ($64,000) 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, Redevelopment and Economic Opportunity Department (firstname.lastname@example.org).
Cost and Funds Source Account Number and Name
EDI - 107.0015806 $40,000; QTI - 001.0015806 $24,000
Amount and Frequency of Recurring Costs
Over five year period
Attachment: Omega QTI-R-17-099.pdf
Attachment: OMEGA R-17-100 EDI TIFI .pdf