Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 9, 2016
REVISED February 9, 2016 - Regular Meeting
Agenda Item #20

Project Regatta - Qualified Target Industry (QTI) Tax Refund and Transportation Impact Fee Incentive (TIFI)


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

Action Requested
Adoption of Resolution R-16-027 finding that Project REGATTA is approved as a qualified applicant, and providing matching funds as a local participant in the Qualified Target Industry Tax Refund Program; and Adoption of Resolution R-16-028 finding that Project REGATTA is approved for a Transportation Impact Fee Incentive.

Enabling/Regulating Authority
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

Background Discussion
The Qualified Target Industry (QTI) Tax Refund Program is a State economic development program that provides incentives for attracting target industries to Florida. Manatee County has participated in this program and also used the criteria from this program to create a local incentive for the creation of quality jobs.

Project REGATTA is locating a headquarters company in Manatee County that will create up to 150 new jobs.

Project REGATTA is an employer that pays above 150% of the average annual wage in Manatee County. Expansion of the tax base and growth of higher paying jobs is vital to maintaining economic diversity and improving the quality of life in Manatee County.

The State QTI Program will provide an incentive of $6,000 per job created by Project REGATTA for 150 jobs created. The State will pay 80% of the incentive ($720,000) and the County will provide local financial support for 20 % of the incentive ($180,000).

The State QTI Program Criteria will be utilized by Manatee County staff on an annual basis to confirm wage and number of positions meets the State incentive requirements according the FS 288.106. Manatee County staff will process invoices annually in accordance with policies and procedures set forth by the Department of Economic Opportunity (DEO).

The Transportation Impact Fee Incentive (TIFI) eligibility is 75% based on the company paying at least 150% of the 2014 Manatee County average annual wage.

The TIFI is estimated to be $100,933 in Resolution R-16-028. The actual amount to be paid for Project REGATTA will be determined when the building permits are approved and the current adopted Manatee County impact fee schedule. TIFI will be paid to the permit at the time the applicant receives certificate of occupancy.

Compliance with the incentives programs is obtained through the adoption of Resolutions R-16-027 and R-16-028, as well as agreements with Project REGATTA for disbursement of these incentives.

The County will require future budget appropriations beginning FY 2016-2017 through FY 2021-2022, 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 State QTI and local TIFI 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 ($280,933) for this application.

County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other

Reviewing Attorney

Instructions to Board Records
Original Resolutions for Board Records, copy of executed resolutions and approved agenda to Karen Stewart, Neighborhood Services Department (karen.stewart@mymanatee.org)

Cost and Funds Source Account Number and Name
QTI 001.0015806 - $180,000; TIFI 101.0015806 - $100,933

Amount and Frequency of Recurring Costs
over a 6 year period

Attachment:  Regatta-R-16-028 TIFI.pdf
Attachment:  Regatta-R-16-027 QTI.pdf