|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. January 8, 2013|
Agenda Item #8
Local Qualified Target Industry Program (QTI) Project Dyson R-13-012
Contact and/or Presenter Information
Adoption of Resolution R-13-012, rescinding Resolution R-09-004 to realign payout schedule for remaining matching funds, as requested by the Office of the Governor, for "Project Dyson"as a qualified applicant in the Qualified Target Industry Tax Refund program.
F.S. 288.106 Qualified Target Industry Tax Refund Program
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 uses the criteria from this program to create a local incentive for the creation of quality jobs in Manatee County, in lieu of the Company using the State QTI Program.
Project DYSON was awarded an incentive under R-09-004 to expand a manufacturing company to Manatee County.
Project DYSON is an employer that pays above 115% 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.
Resolution R-13-012 will rescind Resolution R-09-004 to realign the payout schedule. The new payout schedule has been confirmed by the Office of the Governor beginning in FY 2014-2015 and ending in FY 2019-2020.
The State QTI Program provided an incentive per job created by Project DYSON for 125 jobs created. The State will pay 80% of the incentive and the County will provide 20% of the QTI incentive. The amount of the payout has not changed, however a portion of the funds have been distributed to Project DYSON as follows:
FY 2009-2010 $110,000 paid
The remaining amount to be paid to Project DYSON will not exceed $75,000.
The State QTI Program criteria will be utilized by Manatee County staff on an annual basis to confirm the wage and number of positions meets the State QTI requirements, which in turn will be used to qualify businesses for the local incentive. Manatee County staff will be responsible for monitoring visits to the company and processing the local job creation incentive on an annual basis to the company upon confirmation of them meeting these requirements.
Compliance with the incentives program is obtained through the adoption of Resolution R-13-012.
The County’s commitment will require budget appropriations, if all the employment conditions are met. The County has appropriated monies annually for the last few years to be set aside for economic development incentives such as the State and local QTI program where applicable. County staff will continue to make sure that there are enough reserves set aside for this purpose to be carried forward to fund the County’s future obligations ($75,000).
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Original to Board Records, copy to Neighborhood Services
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Project Dyson QTI Resolution.pdf
Attachment: Project Dyson R-09-004.pdf