Agenda 11/10/2025 Item #11E (Execute an Economic Development Agreement with ‘Project Bones’)11/10/2025
Item # 11.E
ID# 2025-4411
Executive Summary
Recommendation to approve and authorize the Chair to execute an Economic Development Agreement with ‘Project
Bones’, in the amount of $6 million.
OBJECTIVE: To approve and authorize the chairman to execute an Economic Development Agreement (EDA) with
‘Project Bones’, in the amount of $6 million.
CONSIDERATIONS: The Bay College of Osteopathic Medicine, LLC, based in Tampa, is looking at sites for a sister
school to complement its recently completed Orlando College of Osteopathic Medicine. Their projected cost to construct
the school is estimated at a $170 million investment (See concept plan attached). The Naples College of Osteopathic
Medicine is a proposed 108,000-square-foot facility that can accommodate a maximum of 400 students on campus,
employing 325 construction workers and generating over 100 target industry jobs. It is expected to graduate 180 medical
students annually by 2029. The Bay College will offer at least 20 scholarships to Collier County residents on a needs
basis. Initial projections of the overall economic impact over 20 years are close to $2 billion. They are focusing on an
already zoned site within the Hacienda Lakes PUD and are finalizing their Purchase and Sale Agreement.
The applicant has requested confidentiality under FS 288.075 (codename ‘Project Bones’). The proposed Naples
College of Osteopathic Medicine has applied for $6 million in economic development assistance from Collier County.
The request represents 3.5% of the project cost, and projected ROIs are positive.
It is proposed that the EDA provide a $1 million payment to the Naples School of Osteopathic Medicine upon issuance
of the Certificate of Occupancy (CO), followed by $500,000 per year of operation in Collier County for up to ten (10)
years, totaling $6 million. These payments will be made upon verification of the certificate of occupancy, business tax
receipts, and property taxes being current in Collier County. Bay College shall not convert, reorganize, or otherwise
become a nonprofit or tax-exempt entity until it has paid at least $6,000,000 in ad valorem property taxes for the
property where the Facility is located. If Bay College seeks to convert to a nonprofit or tax-exempt entity before
reaching the $6,000,000 property tax threshold, it must first repay the County all funds previously disbursed under this
Agreement.
This item is consistent with the Collier County strategic plan objective to encourage diverse economic opportunities by
fostering a business-friendly environment.
FISCAL IMPACT: The proposed incentive is for up to the sum of $6 million, which will be budgeted over an 11-year
period. Reimbursement would only be distributed upon the receipt of sufficiency, as identified in the Economic
Development Agreement.
GROWTH MANAGEMENT IMPACT: This request is consistent with Objective 3 of the Economic Element of the
Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to form and
legality and requires a majority vote for Board approval. -JAK
RECOMMENDATION(S): To approve and authorize the Chair to execute an Economic Development Agreement with
‘Project Bones’, in the amount of $6 million.
PREPARED BY: Cormac Giblin, Director, Housing Policy & Economic Development
ATTACHMENTS:
1. Economic Development Agreement Bay College -Vendor Signed
2. Bay College bones IZ application
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11/10/2025
Item # 11.E
ID# 2025-4411
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Housing Policy & Economic Development • 2800 N. Horseshoe Dr. Naples, Florida 34104
APPLICATION FORMAT
INNOVATION ZONE TRUST FUND
The Collier County Board of County Commissioners created Innovation Zones in 2010 to promote
economic development and diversify the local economy. Under the Innovation Zone program,
county commissioners create a zone, set a base tax year, and any tax increases collected in that
zone are deposited into that zone's Innovation Trust Fund. Revenues are deposited into each zone's
Trust Fund annually. Revenue from increased property values in each zone's geographic
boundaries helps pay for projects in that zone that result in high wage jobs and helps diversify the
economy of Collier County. Thisis an application form to assist applicants to any of the Innovation
Zones. Kindly provide an answer to all the questions. Questions can be emailed to
Lincoln.price@colliercountyfl.gov.
Application Format:
BUSINESS NAME:
PROJECT NAME:
CONTACT NAME:
ADDRESS:
PHONE:
FAX:
EMAIL:
WEBSITE:
SELECT INNOVATION ZONE: AVE MARIA IAC 9 GOLDEN GATE EDZ
APPLICATION DATE:
Provide relevant information on
the applicant's background and
development experience and
financial ability to successfully
complete the project. Include
resumes of key individuals
assigned to the project.
Identify the applicant's
consultants involved or proposed
Bay College of Osteopathic Medicine
Naples College of Osteopathic Medicine
Chad Toujague
5600 Mariner St, Ste 227, Tampa, FL 33609
8133171617
ctoujague@medicalimpactgroup.com
September 15th, 2025
Current Director at the Dr. Kiran C.Patel Family Office in
Tampa, FL. Our team has delivered several medical schools
to the state of Florida and our goal is to complete our final
Medical School in the Naples corridor to meet our goal of
graduating 1,000 new medical students annually.
Our next goal would be to create 1,000 new residency
positions for physician residents.
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Housing Policy & Economic Development • 2800 N. Horseshoe Dr. Naples, Florida 34104
to be involved in the project
noting relevant experience on
similar projects (i.e., civil
engineer, land use planner,
applicant's legal counsel,
applicant's financial advisor).
Describe the proposed project,
including the size and scope and
phasing of the proposed project.
Specifically outline residential
development, if any, to be
included in the project.
Define the boundaries of the
proposed project by address
and/or locator/parcel number(s).
Include a plat and map of the
proposed area and legal
description.
Identify the property which is
currently in the control of the
applicant via ownership or
option. If under option note the
option expiration date.
Is the Redevelopment Plan
consistent with the Collier
County Growth Management
Plan? If not, please provide
details.
Is the property currently zoned
for the proposed use?
Will the proposed project result
in the relocation of residential,
commercial, or industrial
facilities? If so, discuss the
nature of any anticipated
relocations.
State the need and justification
for the application to the Trust
We are currently working on a structured PSA to acquire
the property from its current landowner. Portions of the
closing cost are attributed to enabling infrastructure
on the property
The project is just around 170MM in capital commitments.
We are partnered with a local healthcare system. We would
construct the building to house the College of Medicine and it
would open for students by 2028. The first students would be in
clerkship at local healthcare facilities by 2030 and graduating
in 2032.
No - Currently the land is raw and needs to be brought
to acceptable level with infill and soilwork.
A specific ask to be considered would be $2,100,000 to
provide for soil/earth work, $1,100,000 upon certificate of occupancy
and $250,000 a year for four years to support the FFE for the students
Yes, Hacineda is a PUD which already has approved
uses for Educaitonal and Research Facilities in its ordinance.
Yes as it is in the target industry for the health care sector.
Additionally, it supports an underrepresented Osteopathic
community. The last 3 presidential physicians were DOs.
Community anchors, such as Arthrex, are having to import
physicians to train medical staff. This project is structured
to be ergonomically complementary of the current health
care eco system in the greater Naples area.
Civil Engineer - Grady Minor - established civil engineer in the
Collier County market.
Land Use Planner - Grady Minor
Legal Counsel - CYK Law Firm - Richard Yovanovich
Architectural Team - Baker Barrios Architects
Tract "A" - Cadenza at Hacienda Lakes of Naples - PB 74 - PG 16
Parcel ID - 25116000021
Tract "B" - Cadenza at Hacienda Lakes of Naples - PB 74 - PG 16
Parcel ID - 25116000128
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Housing Policy & Economic Development • 2800 N. Horseshoe Dr. Naples, Florida 34104
Fund. Substantiate that other
alternative methods of financing
have also been explored.
Discuss the condition(s) that
would qualify the proposed
project for Tax Increment
Financing (TIF).
Identify sources, amounts, and
status of all debt financing
and/or equity funding available
to complete the project. Does the
applicant anticipate the debt to
be privately financed by the
construction lender or developer
or publicly sold?
Provide an outline of the costs
associated with the development
of the proposed project(s) and
related parcel or parcels located
within the Innovation Zone area.
Identify in the outline those costs
applicant would propose to fund
with Innovation Zone financing.
Discuss and document
information used to describe the
market feasibility of each
element of the proposed project.
If a formal feasibility or
comparable studies have been
prepared, attach such reports as
an appendix to this application.
Estimate the incremental
property taxes and economic
activity taxes to be generated by
the project.
Identify any proposed tenants of
the project. Have leases been
Qualified target industry generating:140MM capex/opex100+ jobs
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Housing Policy & Economic Development • 2800 N. Horseshoe Dr. Naples, Florida 34104
negotiated or signed? What type
of lease is contemplated?
Who will own the developed
property? How much of the
property is intended to be sold
after development is complete?
Who will manage the property
during the life of the
Redevelopment Plan and
project?
Briefly describe the “economic
and quality of life" benefits of
the proposed project to the
County.
Attach a letter from a reputable
financial institution indicating
that the applicant has sufficient
financial resources to obtain the
private financing for the project.
Include a signed cover letter
from the applicant’s CEO
I understand that I may be
contacted by Collier County in
response to my application
.
The project will be self-developed and self perfomed from
a development and construction perspective. None
of the property will be sold after completion. It will be managed
by the medical school for its usable life.
Please see attached form for our partner who funded
the Orlando College of Osteopathic Medicine, Valley National
A letter from the G1 of the Patel Family Office, Dr. Kiran C. Patel is attached!
There is minimally projected to be a $1.7 billion impact on
the local economy, with other number tracking $2.1 billion.
We will have the final feasibility completed in March but it
will be at least the $1.7 billion over a 20 year period. In florida, Medical
Schools associated with GME (which this one will be) yielded 80%
of trainees retained in-state and will support the continuity of healthcare
in Naples. This is being done in partnership with the hospital systems to support the workforce
pipeline, care for the residents and maintain structural continuity of the health ecosystem.
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Bio on current engineers involved in the project:
Grady Minor
Founded in 1981, is a full-service civil engineering, land planning, surveying, and
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1
Final Economic Impact Analysis of the
Proposed Orlando College of Osteopathic
Medicine (OCOM) in Orlando, Florida
April 26, 2021
Disclosure
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2
The proposed institution is currently working on an application for provisional licensure for submission to
the Florida Commission for Independent Education (“CIE”) with an estimated submission date in July 2021.
The submission should in no way be represented that the proposed institution will be granted a provisional
license by the CIE, will release any advertising materials or will enroll any potential student applicants until
all required regulatory agencies, including the CIE, have granted licensure approval(s) and the ability to
legally advertise the institution.
This statement does not represent advertising of the institution or an attempt to recruit potential students
and should not be interpreted as such as the statement is a notification to any member of the public of the
proposed institution’s intended plans.
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3
Overview
Tripp Umbach’s national studies estimate that medical
schools and teaching hospitals generate more than $800
billion annually in the US economy. The establishment of a
new medical school campus in central Florida will likewise
bring significant “fresh dollars” to the region and is likely to
inspire additional economic development through the
potential expansion of other health science education
programs, clinical and research partnerships with nearby
community hospitals, and private business expansions that
may be developed over time.
The proposed medical school campus will bring economic
benefits both directly and indirectly to both the regional
and statewide economies. The direct benefits will come
from the direct spending of the proposed medical school campus on capital improvements and
goods and services to businesses in the region and through the hiring of new faculty and staff
and through student spending. The indirect impact is derived from these direct, first -round
expenditures, which are received as income by other businesses in the region and state and
circulated through the economy in successive rounds of spending.
In April 2021, Tripp Umbach conducted a study to quantify the projected annual economic,
employment, government revenue and social impacts associated with the proposed Orlando
College of Osteopathic Medicine (OCOM) in Orlando, Florida is at full maturity in 2027. This study
also demonstrates future economic impacts of the school in 2030 and 204 5 when the college has
additional programs and has graduated a significant number of physicians and other healthcare
professionals.
Tripp Umbach is the national leader in developing economic impact statements for medical
schools, having completed studies since 1995 for every allopathic medical school and for more
than half of all osteopathic medical schools. Over the past 20 years Tripp Umbach as completed
economic impact studies for more than 30 new or expanded medical schools, including studies
for 15 new medical schools that are now operational. The economic, employment and
government revenue numbers presented in this report are based on projected spending d ata
provided to Tripp Umbach by OCOM as well as historical achievement of existing medical schools.
Fresh Dollars
The establishment of a new
medical school campus in
central Florida will bring
significant “fresh dollars” to
the region and is likely to
inspire additional economic
development.
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4
Executive Summary
• The direct and indirect economic impact of the campus during the two-year construction
and start-up period (2021-23) is expected to total $62.4 million, provide 338 construction
and other jobs, and add $2.6 million in taxes to communities in the central Florida region.
• In 2027 when the proposed school is fully operational it will have an economic impact
(direct and indirect economic benefits) of $46.4 million, more than 345 jobs, and $3.0
million in taxes to communities in the region.
• In addition to operational impact outlined above, by 2030 the economic impact of the
proposed campus will grow to $80.4 million as central Florida communities will begin
realizing healthcare benefits and additional economic impact as graduates of the campus
locate in the region and state. Tripp Umbach estimates that by 2030 when the first class
of medical students complete their residencies, these new primary care physicians will
also yield real savings, as emergency room utilization declines, for example. These savings
are expected to total $10.8 million annually by 2030.
• By 2030 commercial spin-off activity from research completed at the proposed campus
will equal $100.0 million annually, sustaining approximately 800 additional jobs central
Florida.
• By 2045 the total economic impact of the proposed college to the Orlando region will
equal more than $1.7 billion, support over 9,000 jobs and contribute more than $86
million to state and local governments.
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5
Table 1 includes a summation of total economic, employment, and government revenue impacts.
All numbers are presented on an annual basis for the years listed. For example, h ealthcare cost
savings is calculated for the year in which a class of expected graduates enter the practice of
medicine.
Table 1: Summary of Projected Regional Impacts
Note: Investments and impacts from additional construction over the period 2023-2045 are
not included in the chart above.
Additional Impacts not included in the Study
Tripp Umbach’s analysis of the economic impact of the proposed OCOM in central Florida is
based on many conservative assumptions. Not included in this analysis are the economic impacts
associated with the growth of the regional healthcare industry related to additiona l patients
staying in the region for care, patients being attracted to the region for care due to increased
quality and expanded medical services, or the economic benefits related to the expansion of
graduate medical education at local hospitals.
2021-23
Construction
Phase
2023 2027
Fully operational
2030 2045
Construction $62.4m - -
Annual
Operational
impacts
- $26.4m $46.4m $66.4m $128m
Workforce
Impacts
- - - $80.4m $1.4b
Private Spin-Off
Impacts
- - $25.0m $102.0m $200m
Total Economic
Impact
$62.4m $26.4m $71.4m $248.8m $1.7b
Healthcare Cost
Savings
- - - $30.8m $608m
Total Direct
Jobs Supported
238 145 392 1,323 9,191
Regional
Government
Revenue
$3.1m $1.3m $3.6m $12.4m $86.4m
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6
Appendix: Economic Impact Methods and Notes
Tripp Umbach completed an economic impact assessment of the proposed OCOM campus in
central Florida. Tripp Umbach has performed more than 500 economic impact studies for both
academic institutions and large health care systems, including for every US medical school and
more than 400 teaching hospitals – both allopathic and osteopathic institutions. The economic
models used by Tripp Umbach in this analysis were first developed in 1970 by the American
Council on Higher Education. The data in the model were supplied by OCOM (faculty, students,
and operational expenses etc.) and from Tripp Umbach’s comprehensive database and models
from new medical school and existing medical school expansion studies in other localities
throughout the United States. The methodology employed in these studies was originally derived
from a set of research tools and techniques developed for the American Council on Educ ation
(ACE).1 The ACE-based methodology employs linear cash flow modeling to track the flow of
institution-originated funds through a delineated spatial area. Based on previous economic
impact studies performed for new and/or regional medical schools throughout the United States
and State of Florida.
The application of this "fresh dollar" model provides a first-line measure in the state economy
caused by the proposed OCOM. The final model concept evolved into a hybrid model including a
fresh-dollar approach feeding into a traditional model which tracks in -state and in-region
spending. The final model used for this research measures funds brought into the state together
with the ultimate flow of these funds through the Florida and central Florida region economies
and the effect on economic expansion, job growth, and government revenue and enterprise
development. The final methodology closely matches the impact study methodology
recommended for individual medical schools by the Association of American Me dical Colleges
(AAMC).
1 Caffery, John and Issacs, Herbert, “Estimating the Impact of a College or University on the Local Economy,”
American Council on Education, 1971.
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