|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - July 30, 2013|
Agenda Item #29
Economic Development Incentive Grant - Project YUKON R-13-109
Contact and/or Presenter Information
Karen Stewart, Economic Development Division Manager
Adoption of Resolution R-13-109 finding that Project YUKON is approved for an Economic Development Incentive Grant up to $48,000 over a five year period.
F.S. 288.106 Tax refund program for qualified target industry businesses
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 County annual wage.
Project YUKON plans to expand their regional headquarters in Manatee County creating 48 additional jobs over a five year period paying a minimum of 115% of Manatee County's average annual wage plus benefits.
Manatee County staff will be responsible for monitoring all EDI grant requirements, as well as processing invoices for payment on an annual basis upon confirmation of compliance with wage and annual job creation and retention requirements.
Compliance with the program is managed through the adoption of Resolution R-13-109.
The County's commitment will require future budget appropriations beginning FY2013-2014 through FY2017-2018, if all the employment conditions are met. We have annually appropriated monies 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 ($48,000) for this application.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Original Resolution R-13-109 for Board Records. Copy of executed Resolution and stamped approved Agenda Memorandum to Karen Stewart (email@example.com), Neighborhood Services Department.
Cost and Funds Source Account Number and Name
$48,000 EDI 1070015806
Amount and Frequency of Recurring Costs
$48,000 over a 5 year period