Subcommittee Minutes 07/07/2010
July 7,2010
MINUTES OF THE COLLIER COUNTY
GOVERNMENT PRODUCTIVITY
FINANCE SUB-COMMITTEE
Naples, Florida, July 7, 2010
LET IT BE REMEMBERED, that the Collier County Productivity Finance
Sub-Committee Council in and for the County of Collier, having conducted
business herein, met on this date at 10:00 AM in REGULAR SESSION in
Building "F" of the Government Complex, in the County Manager's
Conference room, Naples, Florida with the following members present:
Chairman: Steve Harrison (Excused)
Janet Vasey
James Gibson
ALSO PRESENT:
Mike Sheffield, Assistant to the County Manager
Crystal Kinzel, Clerk of Courts Finance Director
Derek Johnson, Clerk of Courts Finance Office
Mark Isackson, Office of Management and Budget
July 7, 2010
1. Call to Order
Mr. Gibson called the meeting to order at 10:03 A.M.
2. Assessments/Analysis of Possible Financing Options
Mr. Gibson noted the purpose of the meeting was to continue updating the draft
document on the options for funding the $130M required by the County in the
Jackson Laboratory proposal. Discussion occurred on the following topics:
· Tenns and ramifications (affects on the County Bond Policy, etc.) of any
proposed bonding rcquired to fund the proposal.
· The possibility of negotiating with the Office of Trade, Tourism and
Economic Development (OTTED). The timing on the distribution of
their $130M of funds required for the proposal as funds may be expended
first as opposed to a real time match of funds by the County.
· An email from JeffKlatzkow, County Attorney, to Janet Vasey dated
June 24,2010 indicates utilizing the sales tax for economic development
is not permitted by the Legislature. The concept, if proposed, may be
subject to litigation.
It was noted that the report should identify the following funding options (positive or
negative):
I. Franchise Fee
2. Property Tax - "pay as you go" - State and County contributing
3. Property Tax - "pay as you go" - utilizing the States $130M up front (ls' 3 years)
4. Property Tax - as a pledge for a general revenue bond
5. Non Ad-valorem - as a pledge for a general revenue bond
6. Combination of Franchise Fee and Property Taxes
7. Sales Tax
Discussion occurred noting other areas in the State (Orlando, Palm Beach, etc.) that
have developed similar facilities, and are larger in population, have utilized less
County funding in their projects. Other funding sources such as private donations
were counted as local matches.
Ms. Vasey noted she asked Jackson Laboratory if private donations (i.e. the proposed
Barron Collier Companies $1 OM donation) could be utilized to offset the required
County funding')
Jackson Laboratory stated this was not an option for this proposal. The value of a land
donation may be counted up to $5M and the County is required to provide $125M in
"cash" funds.
It was noted it should be determined if infrastructure expenditures can be counted in
the local match.
Discussion occurred noting there are other beneficiaries to the proposal that should be
considered for donations (Lee County, area hospitals, etc.)
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July 7, 2010
Ms. Vasey will amend the draft to include the above funding options and other issues
identified today, including encouraging Jackson Laboratory to seek local grant
funding for developing the facility which may be available.
3. Public Comment
Speakers
Duane Billington thanked the Subcommittee for their hard work in exploring all
issues associated with the proposal.
There being no further business for the good of the County, the meeting was
adjourned at 11 :05 A.M.
COLLIER COUNTY PRODUCTIVITY
COMMITTEE SUBCOMMITTEE
James Gibson
These minutes approved by the Board/Committee on
as presented or as amended
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