Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - December 16, 2014
REVISED December 16, 2014 - Regular Meeting
Agenda Item #31

Economic Development Incentive Resolution (R-14-169) Project Epsilon


Contact and/or Presenter Information
Karen Stewart
Economic Development Program Manager
Ext. 3029

Action Requested
Authorization to rescind Resolution R-14-077 and to adopt Resolution R-14-169 to provide correction to the amount of incentive and finding that "Project Epsilon" be approved for an economic development incentive grant.

Enabling/Regulating Authority
F.S. 288.106 Tax refund program for qualified target industry businesses.
Manatee County Government Incentive 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 (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.

This agenda item is correcting an error in the previously approved incentive.  No changes to the budgeted amount are being requested.  The correct amount is $700,000; the incorrect amount is $350,000.

Project EPSILON will expand an infotech facility in Manatee County.

Project EPSILON is projected to create 350 quality jobs over five years, with the company paying a minimum of 150% of the 2012 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.

Resolution R-14-169 corrects the incentive amount indicated on the rescinded resolution which was entered in error.

Compliance with the program is managed through the adoption of Resolution R-14-169.

The County will require future budget appropriations beginning FY 2014-2015 through FY 2018-2019, 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 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‚Äôs future obligations ($700,000) 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
1070015806 EDI $700,000

Amount and Frequency of Recurring Costs
$700,000 over a five year period

Attachment:  Epsilon-R14077.pdf
Attachment:  Epsilon-revised-R14169.pdf