Agenda 03/24/2015 Item #16F2 3/24/2015 16.F.2.
EXECUTIVE SUMMARY
Recommendation to adopt a resolution amending and restating Resolution No. 2015-36 in
support of Prospect #15-011, as a Qualified Applicant to Florida's Qualified Target
Industries (QTI) Tax Refund Program, providing up to $48,000 of local financial support
for an expansion of an existing business management firm in Collier County that will
create 40 new quality jobs, and approve any budget amendments necessary to process this
transaction.
OBJECTIVE: To obtain Board approval to revise Resolution No. 2015-36 by increasing
Collier's local match commitment from $32,000 to $48,000 for an approved Florida Qualified
Target Industries Tax Refund Program applicant.
CONSIDERATIONS: On February 24, 2015, the Board approved the Partnership for Collier's
Future Economy's Prospect #15-011 as a Qualified Applicant to Florida's Qualified Target
Industries Tax Refund Program and committed local financial support of up to $32,000 based on
the job creation and wage information provided to staff Subsequent to Board approval,
Enterprise Florida advised staff that this application has been revised to reflect the prospect's
eligibility for QTI's high impact sector bonus, which provides eligibility for an additional tax
refund bonus of$2,000 per job for projects with industry classifications falling within one of the
high impact sectors designated by Enterprise Florida pursuant to state law. The net result of
these changes will increase the per job refund from $4,000 per job to $6,000 per job ($4,000 base
QTI incentive + $2,000 bonus incentive), of which 20% is required as local match. The net
financial impact to Collier County for adopting this revision will increase the commitment by
$16,000 for a total of $48,000 as local participation in the qualified target industry tax refund
program for this applicant.
The project consists of an existing business management firm in Collier County proposing to
expand, creating 40 new high wage jobs with an expected capital investment of up to $2.2
million. This prospect has alternative sites available and has made receipt of tax refunds a
condition for further consideration of locating such expansion at a Collier County site.
In order to collect the annual tax refunds, the prospect must create the number of new jobs
contracted with the Florida Department of Economic Opportunity (DEO) and provide wages
averaging at least 150% of the MSA average wage for each year of the agreement. The state
program requires that the local community provide 20% of the total tax refunds. This local
match is paid to the state, not the applicant. If Prospect #15-011 fulfills the contractual
obligations for quality job creation, the County would pay 100% of the local match for this
application which would be up to $1.200 per job or$48,000 total spread over at least four years.
FISCAL IMPACT: The maximum cost to the County for this QTI applicant is $48,000 spread
over a minimum of four years, anticipated to begin in FY 2015. Funding for Economic
Development Incentives is available in Economic Development Fund 001.
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GROWTH MANAGEMENT IMPACT: None.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is
approved as to form and legality, and requires majority vote for approval. -JAK
RECOMMENDATION: To adopt a resolution amending and restating Resolution No. 2015-36
in support of a Partnership for Collier's Future Economy' Prospect #15-011, as a Qualified
Applicant to Florida's Qualified Target Industries (QTI) Tax Refund Program, providing up to
$48,000 of local financial support for an expansion of an existing business management firm in
Collier County that will create 40 new quality jobs, and approve any budget amendments
necessary to process this transaction.
Prepared by: Bruce Register,Director, Office of Business & Economic Development
Attachments: Revised QTI Resolution: Project#15-011, Resolution#2015-36
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3/24/2015 16.F.2.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.F.16.F.2.
Item Summary: Recommendation to adopt a resolution amending and restating
Resolution No. 2015-36 in support of Prospect#15-011, as a Qualified Applicant to Florida' s
Qualified Target Industries (QTI) Tax Refund Program, providing up to$40,000 of local financial
support for an expansion of an existing business management firm in Collier County that will
create 40 new quality jobs, and approve any budget amendments necessary to process this
transaction.
Meeting Date: 3/24/2015
Prepared By
Approved By
Name: RegisterBruce
Title: Division Director-Business &Econ Dev, Office of Business &Economic Development
Date: 3/16/2015 4:37:08 PM
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 3/17/2015 10:02:38 AM
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3/24/2015 16.F.2.
RESOLUTION NO. 2015 -
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA, AMENDING AND RESTATING
RESOLUTION NO. 2015-36 TO RECOMMEND THAT THE
PARTNERSHIP FOR COLLIER'S FUTURE ECONOMY'S ECONOMIC
DEVELOPMENT PROSPECT #15-011, BE APPROVED AS A
QUALIFIED APPLICANT PURSUANT TO SECTION 288.106, FLORIDA
STATUTES; AND IDENTIFYING SOURCES OF LOCAL FINANCIAL
SUPPORT OF $48,000 AS LOCAL PARTICIPATION IN THE
QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM FOR
FISCAL YEAR(S) 2015-2023.
WHEREAS, pursuant to Resolution No. 2015-36 adopted by the Board of County
Commissioners of Collier County, Florida (the "Board") on February 24, 2015, it was
recommended that the Partnership for Collier's Future Economy Prospect #15-011, be approved
as a qualified target industry business; and
WHEREAS, it is necessary to amend and restate Resolution No. 2015-36 in order to
revise the amount of the identified commitment of local financial support resulting from a
revision to the Prospect#15-011's Qualified Target Industry Business application; and
WHEREAS, the Legislature of the State of Florida has enacted Chapter 94-136, Laws of
Florida, creating Section 288.106, Florida Statutes, to encourage the growth of Florida's high-
value-added employment; and
WHEREAS, Section 288.106, Florida Statutes, authorizes the Florida Department of
Economic Opportunity to accept, review and approve applications for tax refunds to qualified
target industry businesses; and WHEREAS, Section 288.106, Florida Statutes, requires 20%
local financial participation as tax refunds become due; and
WHEREAS, the Company identified as the Partnership for Collier's Future Economy's
Prospect #15-011, wishes to expand a Collier County operation consisting of 40 new qualifying
value-added jobs in five phases; and
WHEREAS, the Company identified as the Partnership for Collier's Future Economy's
Prospect #15-011, will provide high-wage, value-added employment to Collier County citizens
with average wages of at least $63,738 or 150% of the Naples-Marco Island MSA's private
sector average wage; and
WHEREAS, the Board of County Commissioners finds that providing tax refunds and
other tax incentives to the Partnership for Collier's Future Economy's Prospect #15-011 is vital
to the public purpose of employing Collier County citizens and ensuring the County's economic
vitality.
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WHEREAS, Section 288.108, Florida Statutes, identifies Qualified Target Industries that
fall within one of the High Impact Sectors and are eligible for a High Impact Sector Bonus,
pursuant to Florida Statute 288.106; and
WHEREAS, Partnership for Collier's Future Economy's Prospect #15-011 has been
identified as a Florida Target Industry Business, falls within one of the high impact sectors
designated under Section 288.108, Florida Statutes, and therefore is eligible for a $2,000 per job
High Impact Bonus under the Qualified Target Industry Program.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA that the Board hereby recommends
that the Partnership for Collier's Future Economy's Prospect #15-011, be approved as a
Qualified Target Industry Business pursuant to Section 288.106, Florida Statutes and eligible for
the High Impact Sector Bonus pursuant to Section 288.108. This recommendation is based upon
the creation of the specified jobs and is contingent upon Collier County's review of Partnership
for Collier's Future Economy's Prospect #15-011's final application to be a Qualified Target
Industries Business and confirmation of the information therein.
BE IT FURTHER RESOLVED that the necessary commitment of local financial support
for the Qualified Target Industry Business for the Qualified Target Industry Tax Refund Program
has been identified in the amount of $48,000; consisting of 100% of the local contribution
coming from Collier County subject to annual appropriations; and will be paid to the Florida
Economic Development Trust Fund as tax refunds become due with the stipulation that these
funds are intended to represent the local financial support required by Section 288.106, Florida
Statutes and are conditional upon the applicant meeting all requirements of the program and
Collier County. If the site of the Qualified Target Industry Business changes to or becomes part
of a Tax Increment District in a municipality within Collier County, the County will reduce its
contribution to 10% of the local match.
THIS RESOLUTION ADOPTED after motion, second, and majority vote favoring same
this day of , 2015.
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
By: By:
, Deputy Clerk TIM NANCE, CHAIRMAN
Approved as to form and legality:
Jeffrey A. Klatzkow
County Attorney
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