Backup Documents 11/10/2025 Item #11EHousing Policy & Economic Development Division
Item 11.E.
Economic Development Agreement with ‘Project Bones’, in the amount of $6 million
Board of County Commissioners
November 10, 2025
•The Bay College of Osteopathic Medicine, LLC, based in Tampa, proposes to build a sister
school to complement its recently completed Orlando College of Osteopathic Medicine.
•Projected cost to construct the school is at a $170 million investment
•Proposed 108,000-square-foot facility
•400 students on campus; expected to graduate 180 medical students each year by
2029
•Employ 325 construction workers
•Create over 100 target industry jobs
•Bay College will offer at least 20 scholarships to Collier County residents
Overall economic impact estimated at over 20 years close to $2 billion
2
Economic Development Agreement with ‘Project Bones’,
in the amount of $6 million
•Proposed EDA to provide $6 million to the Bay College of Osteopathic Medicine, LLC:
•$1 million upon issuance of the Certificate of Occupancy (CO)
•$500,000 per year of operation for up to ten (10) years
•$6 million represents 3.5% of the total project cost and projected the Return on
Investment (ROI) to Collier County is positive
•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.
3
Economic Development Agreement with ‘Project Bones’,
in the amount of $6 million
4
Orlando College of Osteopathic
Medicine
144,000sqft
145 Students/ Graduating Class
Opened in Aug 2024
5
Hacienda Lakes MPUD
Rattlesnake Hammock Rd
& Cadenza Rd
5.08ac
6
Proposed Site Plan
7
Naples College of Osteopathic Medicine- Proposed Rendering
8
Naples College of Osteopathic Medicine- Proposed Rendering
Approve and authorize the Chair to execute an Economic Development Agreement
with Bay College of Osteopathic Medicine, LLC, in the amount of $6 million.
9
RECOMMENDATION
10
Backup Slides
“Return on Investment” (ROI) is synonymous with economic benefit.
It is most often used when a project is to be evaluated strictly on a monetary basis, and externalities and social costs and
benefits—to the extent they exist—are excluded from the evaluation.
The basic formula is: (Increase in Government Revenue – Government Investment) /Government Investment.
If ROI > 1, the return to the Government produces more revenues than the total cost of the investment and vice versa.
If positive ROI < 1, the program does not break even but generates enough revenues to recover a portion of the cost of the
investment.
If negative ROI the program does not recover any portion of the investment cost. Government revenues are less than they would
have been in the absence of the program. This typically occurs because taxable activity is shifted to non-taxable activity.
The Lightcast Impact scenario module provided estimates for the change in taxes as the estimate for increase in county revenue
for the ROI calculation, and the county investment is total value of the incentive award.
Over the first 13 years of the Baycollege project, ROI is expected to be +0.82 as the Government is projected to pay out $6 mn in
EDA payments, and receive $10.9 mn in cumulative Government revenue. ($10.9M-$6M)/$6M = +0.82 ROI
By year 33 the ROI is projected to increase to +2.6. ($21.4M-$6M)/$6M = +2.6 ROI
Growth in Cumulative Gov rev decelerates after CO because during construction on top of property taxes the County receives
permit/building fees which cease after CO- IRS receives employment taxes.
In the OPEX stage the government revenues are mainly from property taxes and employment taxes).
11
ROI Explained
12
ROI Explained Timeline EDA Payment ($)Cumulative Gov Rev
Construction 2026 0 2,523,598
Construction 2027 0 5,047,196
CO 1,000,000 5,576,093
Anniversary 1 500,000 6,104,990
Anniversary 2 500,000 6,633,887
Anniversary 3 500,000 7,162,784
Anniversary 4 500,000 7,691,681
Anniversary 5 500,000 8,220,578
Anniversary 6 500,000 8,749,475
Anniversary 7 500,000 9,278,372
Anniversary 8 500,000 9,807,269
Anniversary 9 500,000 10,336,166
Anniversary 10 500,000 10,865,063
Anniversary 11 0 11,393,960
Anniversary 12 0 11,922,857
Anniversary 13 0 12,451,754
Anniversary 14 0 12,980,651
Anniversary 15 0 13,509,548
Anniversary 16 0 14,038,445
Anniversary 17 0 14,567,342
Anniversary 18 0 15,096,239
Anniversary 19 0 15,625,136
Anniversary 20 0 16,154,033
Anniversary 21 0 16,682,930
Anniversary 22 0 17,211,827
Anniversary 23 0 17,740,724
Anniversary 24 0 18,269,621
Anniversary 25 0 18,798,518
Anniversary 26 0 19,327,415
Anniversary 27 0 19,856,312
Anniversary 28 0 20,385,209
Anniversary 29 0 20,914,106
Anniversary 30 0 21,443,003
6,000,000
Cumulative Gov Revenue-
Payment Cashflow
ROI = +0.82
ROI = +2.6
NCHCOM - County
Commissioners Meeting
11 .10.2025
Dr Robert Hasty DO, MACOI, FACP
Phil Zaveri
Matthew Holliday
Richard D. Yovanovich
Site Location
NCHCOM Overview
NCHCOM is a proposed four-year Doctor of Osteopathic Medicine (DO) program to be located in
Naples, Florida , in affiliation with the NCH Healthcare System. The school will scale to 180 students
per class, reaching ~720 students total across all four years. The college is being established to
expand the physician workforce in Southwest Florida , with a focus on primary care, community-
based specialties, and compassion-centered, whole-person care aligned with osteopathic
philosophy. Operations will be supported by a state-of-the-art , 110,000-square-foot academic
facility, purpose-built to foster innovation in medical education and community engagement .
Construction For
Medical School
Begins
May 2026
Achieve Candidate
Status
Fall 2026
Achieve Pre-Accreditation
Status / Start Student
Interviews
Fall 2027
Building Complete
December 2027
Inaugural Class
Begins Instruction
August 2028
Inaugural Cohort
Graduates. Full
Programmatic
Accreditation
May 2032
Timeline
Economic Impact
Projected Impact over the next 25 Years
Construction
$65.0 M
Annual Operation
Impacts
$128M
Work Force
Impacts
$1 .4B
Private Spin-off
Impacts
$200M $1 .7B
Total Impact
~9,000 Jobs Created
Over 25 Years & ~$87M
In Regional Government
Revenue
PROJECTIONS
From 2026-2028
~$2.6M in taxes and ~338 Jobs
from Construction Activities
By 2035
~$100M From
Research Activity
When Fully
Operational (2032)
~345 Jobs & ~$3M in
Taxes From Operations
Economic Impact
2026-2027 2028 2032 2035 2050
Renderings
Concept Drawings
Site Plan
ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIP 1 E
TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO
THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE
Print on pink paper. Attach to original document. The completed routing slip and original documents are to be forwarded to the County Attorney Office
at the time the item is placed on the agenda. All completed routing slips and original documents must be received in the County Attorney Office no later
than Monday preceding the Board meeting. **NEW** ROUTING SLIP
Complete routing lines#1 through#2 as appropriate for additional signatures,dates,and/or information needed. If the document is already complete with the
exception of the Chairman's signature,draw a line through routing lines#1 through#2,complete the checklist,and forward to the County Attorney Office.
Route to Addressee(s) (List in routing order)
Office Initials Date
1.
2. Priscilla Doria Housing Policy & Economic PD 11/10/25
Development
3 County Attorney Office County Attorney Office (061
In , 13i
-')/(C/
4. BCC Office Board of County
Commissioners iv qv
5. Minutes and Records Clerk of Court's Office
////f7015
PRIMARY CONTACT INFORMATION
Normally the primary contact is the person who created/prepared the Executive Summary. Primary contact information is needed in the event one of the addressees
above,may need to contact staff for additional or missing inormation. 239-252-2413
Name of Primary Staff Priscilla Doria I Phone Number
Contact/Department
Agenda Date Item was November 10,2025 Agenda Item Number 11.E.
Approved by the BCC
Type of Document Economic Development Agreement_Bay Number of Original 1
Attached College of Osteopathic Medicine, LLC Documents Attached
PO number or account Email Fully executed copy to:
number if document is Priscilla.DoriaAcolliercountvfl.gov
to be recorded
INSTRUCTIONS & CHECKLIST
Initial the Yes column or mark"N/A" in the Not Applicable column,whichever is Yes N/A(Not
appropriate. (Initial) Applicable)
1. Does the document require the chairman's original signature? N/A
2. Does the document need to be sent to another agency for additional signatures? If yes, N/A
provide the Contact Information(Name;Agency; Address; Phone)on an attached sheet.
3. Original document has been signed/initialed for legal sufficiency. (All documents to be PD
signed by the Chairman,with the exception of most letters,must be reviewed and signed
by the Office of the County Attorney.
4. All handwritten strike-through and revisions have been initialed by the County Attorney's PD
Office and all other parties except the BCC Chairman and the Clerk to the Board -
5. The Chairman's signature line date has been entered as the date of BCC approval of the PD
document or the final negotiated contract date whichever is applicable.
6. "Sign here"tabs are placed on the appropriate pages indicating where the Chairman's PD
signature and initials are required.
7. In most cases(some contracts are an exception),the original document and this routing slip N/A
should be provided to the County Attorney Office at the time the item is input into SIRE.
Some documents are time sensitive and require forwarding to Tallahassee within a certain
time frame or the BCC's actions are nullified. Be aware of your deadlines!
8. The document was approved by the BCC on 11/10/2025 and all changes made during pp N/A is not
the meeting have been incorporated in the attached document. The County an option for
Attorney's Office has reviewed the changes,if applicable. this line.
9. Initials of attorney verifying that the attached document is the version approved by the N/A is not
BCC,all changes directed by the BCC have been made, and the document is ready for th an option for
Chairman's signature. this line,
I:Forms/County Forms/BCC Forms/Original Documents Routing Slip WWS Original 9.03.04,Revised 1.26.05,Revised 2.24.05;Revised 11/30/12
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ECONOMIC DEVELOPMENT
AGREEMENT
This Economic Development Agreement (hereinafter referred to as "Agreement") is
entered into this 10 ' day of(,vend, 2025, by and between Collier County, a political
subdivision of the State of Florida, through its Board of County Commissioners (hereinafter
referred to as the"County"), and Bay College of Osteopathic Medicine,LLC,a Limited Liability
Corporation (hereinafter referred to as "Bay College"),whose address is 5600 Mariner Street,
Suite 227, Tampa Florida 33609.
RECITALS:
WHEREAS, Collier County enjoys broad Home Rule Powers, which include the
authority to enter into agreements to enhance economic development within the County; and
WHEREAS,Florida Statute Sec. 125.045 expressly provides that"The governing body
of a county may expend public funds to attract and retain business enterprises, and the use of
public funds toward the achievement of such economic development goals constitutes a public
purpose. The provisions of this chapter which confer powers and duties on the governing body
of a county, including any powers not specifically prohibited by law which can be exercised by
the governing body of a county,must be liberally construed in order to effectively carry out the
purposes of this section;"and further that"it constitutes a public purpose to expend public funds
for economic development activities,including,but not limited to,developing or improving local
infrastructure, issuing bonds to finance or refinance the cost of capital projects for industrial or
manufacturing plants, leasing or conveying real property, and making grants to private
enterprises for the expansion of businesses existing in the community or the attraction of new
businesses to the community;" and
WHEREAS,Bay Cdlege is in the process of acquiring property to build a medical school
j' within the Hacienda Lakes PUD (hereinafter the"Facility"); and.
WHEREAS, Bay College anticipates this Facility will generate over 100 jobs; and
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WHEREAS, Bay College will offer at least 20 scholarships to Collier County residents
on a needs basis; and
WHEREAS, the Board expressly finds that the development and opening of this Facility
will result in substantial economic benefits to the County,
NOW, THEREFORE, in consideration of the foregoing Recitals, and other good and
valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged,
the Parties agree as follows:
1. The foregoing Recitals are true and correct and are incorporated by reference
herein,
2. The Board finds that this Facility will strengthen the local economy of Collier
County by expanding job opportunities related to the health industry with the goal of diversifying
our employment and tax base to be more sustainable and resilient. Bay College has represented(1)
that the Facility will require$170 million in capital commitments; (2)that they are partnered with
a local healthcare system; (3) that they would construct the building to house the College of
Medicine which would open for students by 2028.They anticipate that the first student class would
be in clerkship at local healthcare facilities by 2030 and graduating in 2032.
3. The Board hereby agrees to assist Bay College with this Facility with a grant after
the construction phase of the Facility totaling$6 million as follows:
A. $1,000,000 paid to Bay College upon 1)completion of construction; 2)issuance of
a final certificate of occupancy of the Facility; and 3) verification that the Facility is
operational and licensed for its intended use as a medical school;and
B. $500,000 payable on the first anniversary of the issuance of the final certificate
of occupancy and annually thereafter for a total of ten years,
4. All payments are conditioned on the Facility remaining open, operational, being
utilized for its intended use as a medical school, and remaining current on all local taxes, if any.
Additionally, 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
123•MGR-003 8 3/1 8 1 143 3/1] Page 2
Page 2117 ofi 525
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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 to the County all funds
previously disbursed under this Agreement. Failure to meet these conditions shall result in the
suspension of future payments and may require repayment of any funds previously disbursed,
Legal Matters
5. Except as otherwise provided herein,this Agreement shall only be amended by mutual
written consent of the parties hereto or by their successors in interest. All notices and other
communications required or permitted hereunder shall be in writing and shall be sent by Certified
Mail, return receipt requested, or by a nationally recognized overnight delivery service, and
addressed as follows:
To County: To: Bay College of Osteopathic
Medicine,LLC
Collier County
Harmon Turner Building c/o Aureate Group LLC
5600 Mariner Street
3299 Tamiami Trail E., Suite 200 Suite 227
Tampa,FL 33609
Naples, Florida 34112
Attn: County Manager Attn: Chad Toujague
(
Notice shall be deemed to have been given on the next successive business day to the date
of the courier waybill if sent by nationally recognized overnight delivery service.
6. This Agreement constitutes the entire agreement between the parties with respect
to the activities noted herein and supersedes and takes the place of any and all previous agreements
entered into between the parties hereto relating to the transactions contemplated herein. All prior
representations, undertakings, and agreements by or between the parties hereto with respect to
the subject matter of this Agreement are merged into, and expressed in, this Agreement, and any
and all prior representations, undertakings, and agreements by and between such parties with
respect thereto hereby are canceled,
(23-MGR-00383/1811433/1j Ange 3 0
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7, Nothing contained herein shall be deemed or construed to create between or
among any of the parties any joint venture or partnership nor otherwise grant to one another the
right, authority or power to bind any other party hereto to any agreement whatsoever.
8. This Agreement shall be governed by the laws of Florida. In the event state or
federal laws are enacted after the execution of this Agreement, which are applicable to and
preclude in whole or in part the parties' compliance with the terms of this Agreement, then in such
event this Agreement shall be modified or revoked as is necessary to comply with such laws, in
a manner which best reflects the intent of this Agreement.
9. Bay College shall execute this Agreement prior to it being submitted for approval
by the Board of County Commissioners. This Agreement shall be recorded by the County in the
Official Records of Collier County, Florida, within fourteen (14) days after the County enters
into this Agreement. The County shall pay all costs of recording this Agreement. The County
shall provide a copy of the recorded document to Bay College upon request.
10. In the event of a dispute under this Agreement, either party may file an action for
relief in the Circuit Court of Collier County as the sole and exclusive venue for any dispute arising
under this Agreement to enforce the terms of this Agreement, said remedy being cumulative with
any and all other remedies available to the parties for the enforcement of this Agreement,with the
prevailing party entitled to all costs and expenses associated with such suit, including reasonable
attorney's fees.
Remainder of Page Intentionally Left Blank
Signature Page to Follow
II
[23-MGR-00383/I811433/1J Page 4
Page 211C4f'525
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IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and
year first above written.
9i).4 90
ATTE �\ P• .. 0�
S, '
Crystal'K °%inzel,ct rk of Courts BOARD OF COUNTY COMMISSIONERS
COLLIE OUNTY, FLORIDA
B � ,� By: , "Or419/10°""
- ; Deputy Clerk urt L. Saunders, Chairman
Attestas to airman's
signature only
Approved a OP•rm . legality:
Jeffrey A. 7 kow, County At...,0.
Niro
j \
As to
Bay College of steopathic Medicine, LLC,
By:
Signa e
P1,1! /.('
Printed Name
Title: •
STATE OF FLORIDA
COUNTY OF 4 VARoi- t A
The foregoing Agreement was acknowledged before me by.r9eans ofphysical presence
or o online notarization this y day of , 2025, by
'ZA-✓ (name),MA+ c te... (title) on behalf of Bay College of
Osteopathic Medicine, LLC, who isa personally known to me or ❑ has produced
as proof o identity.
[NOTARIAL SEAL]
Signature of Persong Acknowledgment
.• — —
1 ;toter/Public State of Florida
I A Chad 7quJague
1 tul6,9 MyNH 237068
Exp. 3/7/2026 '"
•
[23•MGR-00383/1811433/1J Page 5 0
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DESCRIPTION OF FACILITY AND PARCEL
FACILITY; A medical school of approximately 108,000 square feet initially located within the
Hacienda Lakes PUD
PARCEL:
An approximate 5-acre lot at the Cadenza at Hacienda Lakes Tract A and Tract B as shown below
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123-MGR-0038311811433/11 Page 6