Agenda 02/13/2018 Item #16F702/13/2018
EXECUTIVE SUMMARY
Recommendation to approve an agreement between Collier County and First Bank under the
Capital Investment for Diversification Incentive (“CID”) Program which provides financial
support toward development of target industry facilities namely, First Bank’s 7074 square foot
facility in Immokalee, Florida.
OBJECTIVE: Approval by the Board of County Commissioners (Board) of an agreement between the
County and First Bank, in support of advancing Collier County’s economy by encouraging development
of facilities, space and suitable land for targeted businesses in Immokalee, Florida.
CONSIDERATIONS: First Bank is planning construction of a 7074-square foot facility in Immokalee,
Florida. First Bank is currently the only bank in Collier County that is approved to offer USDA loans,
which is a huge benefit to the agricultural community as a whole. Agriculture is a key economic driver for
Collier County, and the addition of a source of USDA funding programs will foster growth in agriculture -
related businesses and allow for job creation and diversification of the economy. The purpose of the CID
is to provide financial support toward job creation through development of target industry facilities.
The CID agreement provides that First Bank will rece ive reimbursement for the value equivalent to the
payment made for EMS, Government Building, Jail, Law Enforcement, and Road impact fees on business
space for target industries in Collier County. The reimbursement is contingent upon the company’s
operation of the facility as a targeted industry as identified in the State of Florida Qualified Target
Industry List, payment of ad valorem and personal property taxes, and paying at least 50 percent of its
facility employee’s cost of health care coverage if elected by employee. Reimbursements under the CID
program will occur over four years with compliance verification required before payment.
FISCAL IMPACT: The total incentive available to this applicant under this agreement is $151,799.95
and, subject to contract performance requirements, will be made in four annual payments of $37,949.98.
The source of funding for incentive programs has historically been provided through the General Fund
(001). Funding for this incentive payment is subject to annual appropriation by the Board. The first
annual payment will not occur before FY 19. When developing future budgets, staff will request
appropriate funding levels.
GROWTH MANAGEMENT IMPACT: This request is consistent with Objective 3 of the Economic
Element of the Collier County Growth Management Plan which states: "Collier County will support
programs which are designed to promote and encourage the recruitment of new industry as well as the
expansion and retention of existing industries in order to diversify the County's economic base."
LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority
vote for Board action. - JAB
RECOMMENDATION: To approve an agreement between Collier County and First Bank under the
Capital Investment for Diversification Incentive (“CID”) Program which provides financial support
toward development of target industry facilities namely, First Bank’s 7074 square foot facility in
Immokalee, Florida, the only bank approved to offer USDA loans in Collier County.
Prepared by: Jace Kentner, Director, Office of Business & Economic Development
16.F.7
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02/13/2018
ATTACHMENT(S)
1. FIRST BANK CID AGREEMENT (PDF)
2. Exhibit A CID Description (PDF)
3. Exhibit Attachment B State Target Industry List (PDF)
16.F.7
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02/13/2018
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.7
Doc ID: 4751
Item Summary: Recommendation to approve an agreement between Collier County and First
Bank under the Capital Investment for Diversification Incentive (“CID”) Program which provides
financial support toward development of target industry facilities namely, First Bank’s 7074 square foot
facility in Immokalee, Florida.
Meeting Date: 02/13/2018
Prepared by:
Title: Administrative Assistant – Business and Economic Development
Name: Jennifer Leslie
02/07/2018 8:27 AM
Submitted by:
Title: Director – Business and Economic Development
Name: Jace Kentner
02/07/2018 8:27 AM
Approved By:
Review:
Business and Economic Development Jace Kentner Additional Reviewer Completed 02/07/2018 8:29 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 02/07/2018 4:14 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 02/07/2018 4:23 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 02/07/2018 4:25 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 02/07/2018 4:28 PM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 02/07/2018 4:36 PM
Board of County Commissioners MaryJo Brock Meeting Pending 02/13/2018 9:00 AM
16.F.7
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16.F.7.a
Packet Pg. 1523 Attachment: FIRST BANK CID AGREEMENT (4751 : Agreement with County and First Bank under CID)
16.F.7.a
Packet Pg. 1524 Attachment: FIRST BANK CID AGREEMENT (4751 : Agreement with County and First Bank under CID)
16.F.7.a
Packet Pg. 1525 Attachment: FIRST BANK CID AGREEMENT (4751 : Agreement with County and First Bank under CID)
16.F.7.a
Packet Pg. 1526 Attachment: FIRST BANK CID AGREEMENT (4751 : Agreement with County and First Bank under CID)
Attachment A
CAPITAL INVESTMENT FOR DIVERSIFICATION INCENTIVE (CIDS) PROGRAM
DESCRIPTION & OVERVIEW
The Capital Investment for Diversification Incentive (CID) Program is a proposal to advance Collier County’s
economy by encouraging development of facilities, space and suitable land for targeted businesses thereby
enhancing the competitiveness in our economic development efforts. The program will provide qualified
applicants an inducement equivalent to the payment made for EMS, Government Building, Jail, Law
Enforcement, and Road impact fees on business space for target industries in Collier County. Eligibility is
limited to new buildings or grey shell space within an existing building, that has yet to be issued a final end
user certificate of occupancy that is utilized for targeted businesses as identified in the State of Florida Qualified
Target Industry List (Attachment B) ). The objective of this program is to support a business climate in Collier
County by encouraging an adequate supply of suitable space and land that is competitively positioned to foster
target businesses and the quality jobs they create. In the long term, the County’s ability to attract desirable jobs
will be reliant on the extent landowners and developers include suitable sites and space for clean industry,
advanced manufacturing and large single tenant office users in their real estate portfolios. In sum, opportunities
for diversified economic development could be limited without an adequate inventory of real estate options for
targeted business. The CID program supports and encourages the capital investment to diversifying the
economic base.
Capital Investment for Diversification Incentive Program
Collier County will offer qualifying applicant’s eligibility to the CID Incentive as a inducement grant providing
a benefit equivalent of up to 100% of the value of the EMS, Government Building, Jail, Law Enforcement, and
Road impact fees actually assessed and remitted for business space directly housing the occupancy of a target
industry business. The CID Incentive will provide four equal annual installments of the Grant amount
commencing with the first anniversary of the issuance of the Certificate of Occupancy for the facility, and will
continue each year thereafter until the full grant amount is paid, conditioned and contingent upon the operation
of the facility as a Targeted Industry (defined as Attachment B) as evidenced by a certified County approved
method or in substitution, an equivalent Targeted Industry Business operation acceptable to the County and the
project remaining current on all local tax liabilities. Payments are contingent on employer offering and
demonstrating the provision at least 50 percent of the employee’s cost of health care coverage. Each CID
Incentive Grant applicant/agreement will be approved by the BCC and funding will be subject to annual
appropriations of the County. Further, the proposed program rules herein provides for a maximum amount of
annual grant funding such that the estimated aggregate annual amount of CID program funding will not exceed
$500,000 annually unless authorized by the BCC. Project eligibility for the CID Incentive Grant will be
discrete and mutually exclusive of any other locally based Collier economic development financial incentives.
The Grant will not be applicable within a geographic area utilizing Innovation Zone participation. CID
Incentive Grants projects will be eligible for Collier’s local match participation with the State’s Qualified Target
Industry Tax Refund Program (QTI). The CID Incentive Grant is only eligible for properties or facilities with
an application submittal prior to issuance of the Certificate of Occupancy.
General Program Requirements
A project must result in sustained occupancy by a Targeted Industry Business and must agree to the Collier
specific requirements as a condition for eligibility in Collier County’s Capital Investment for Diversification
Program Incentive. The BCC must approve all applicants; and administration of the Program will be conducted
16.F.7.b
Packet Pg. 1527 Attachment: Exhibit A CID Description (4751 : Agreement with County and First Bank under CID)
Attachment A
by the County Manager or designated staff. Only official forms and procedures are deemed sufficient for
application to this program. A summary of qualifications includes but is not limited to:
• “Target industry business” means a corporate headquarters business or any business that is engaged in one of the
target industries as identified in the State of Florida Qualified Target Industry List (Attachment B)
• Impact Fees are prepaid, and grant is reimbursed over four equal annual installments, initial payment occurs one
year from Certificate of Occupancy, and certification and payment cycles continuing annually until such time the
Grant is complete or the project loses eligibility due to failure to comply with program requirements. Payments
are contingent on employer offering and demonstrating the provision at least 50 percent of the employee’s cost of
health care coverage.
• Project eligibility will be subject and conditioned on the County’s annual appropriation limit of $500,000 for the
CID Incentive Project total annual payments.
• Project eligibility for simultaneous participation in the State QTI program is permitted, but prohibited in
conjunction with other County local economic development incentive programs.
• Applicant must notify Collier County of intent to apply to the County’s Capital Investment for Diversification
Incentive before Collier County approves the local match contribution to that project’s State QTI application and
in all cases the CIDS application must be approved by the BCC prior to issuance of the project’s final end user
certificate of occupancy.
Program Name Capital Investment for Diversification Incentive
Type Grant (Four Year Disbursement)
Award Made to Whom Developers, Landlords or Business Owners
Wage Requirement
Wage is Not a Specific Requirement, Eligibility is
Limited to Occupancy of a Targeted Industry as
Defined by State of Florida, and New Capital
Investment for Space to House that Targeted Industry.
Targeted Industries are restricted to Quality Jobs with
Commensurate Wages.
Number of Jobs Required Number of Jobs is Not a Specific Requirement,
Eligibility is Limited to Occupancy of a Targeted
Industry as Defined by State of Florida, and
Operations and Related Jobs are Required.
Capital Investment Requirement New Capital Investment Scaled to Amount of Space to
House a Targeted Industry.
Expandable for Later Year Jobs Not Linked to Jobs but New Capital Investment
Available to Existing Industry Yes, New Capital Investment for Targeted Industries is
Required
Available to New Industry Yes, New Capital Investment for Targeted Industries is
Required.
Available for Retention Yes, New Capital Investment for Targeted Industries is
Required.
16.F.7.b
Packet Pg. 1528 Attachment: Exhibit A CID Description (4751 : Agreement with County and First Bank under CID)
Attachment A
Amount of Award Benefit Equivalent of up to 100% of the Value of the
EMS, Government Building, Jail, Law Enforcement,
and Road Impact Fees Assessed & Remitted for
Business Space Directly Related to the Occupancy of
the Target Industry Business
Payout Schedule Paid in Installments over Four (4) years Subject to
Confirmation of Compliance, Beginning One Year After
Certificate of Occupancy is Issued.
Specified Use of Funds None
Local Support Required Yes - 100% paid by the County
"But For" Incentive Yes, New Construction or Never Occupied Space, Yet
to Receive an Final End User Certificate of Occupancy.
Eligible Industries/Business Activities Industries defined as Qualified Targeted Industries by
Enterprise Florida Inc.
Ineligible Activity Any retail activities, elect. utility company, or
phosphate or solid minerals severance, mining or
processing operation.
Distressed Area Exception N/A
Contact Jace Kentner, Collier County Business & Economic
Development Office (239) 252-4040.
16.F.7.b
Packet Pg. 1529 Attachment: Exhibit A CID Description (4751 : Agreement with County and First Bank under CID)
Attachment B
16.F.7.c
Packet Pg. 1530 Attachment: Exhibit Attachment B State Target Industry List (4751 : Agreement with County and First Bank under CID)