|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - December 17, 2013|
Agenda Item #18
EDI Grant - Project Equinox - R-13-216
Contact and/or Presenter Information
Karen Stewart, Economic Development Program Manager
Neighborhood Services Department, ext. 6832
Adoption of Resolution R-13-216 finding that Project Equinox be approved for an Economic Development Incentive Grant and Transportation Impact Fee Incentive over a six-year period.
F.S. 288.106 Tax refund program for qualified target industry
Manatee County Government Incentive Program
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.
Project EQUINOX will locate a Clean Tech facility in Manatee County.
Project EQUINOX is scheduled to create 100 jobs over five years paying a minimum of 150% of the 2011 Manatee County average annual wage ($53,450) plus benefits.
The Transportation Impact Fee Incentive (TIFI) eligibility is seventy-five percent based on the company paying 150% of the 2011 Manatee County Average annual wage.
TIFI is estimated to be $3,196.20 per Resolution R-13-216.
Manatee County staff will be responsible for monitoring EDI Grant requirements, as well as processing the invoice for payment upon completion of construction and upon confirmation of compliance with agreement to be executed.
Compliance with the program is managed through the adoption of Resolution R-13-216.
The County’s commitment will require future budget appropriations beginning FY 2013-2014 through FY 2018-2019, if job creation and construction 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’s future obligations ($203,196.20) 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 stamped approved Agenda Memorandum and executed resolution to Karen Stewart (email@example.com), Neighborhood Services Department. Cc: Nicolette Coetzee (firstname.lastname@example.org) and Debbie Bassett (email@example.com), CAO.
Cost and Funds Source Account Number and Name
1070015806 EDI $200,000; 1010015806 TIFI $3,196.20
Amount and Frequency of Recurring Costs
$203,196.20 over a five year period