Agenda 04/23/2019 Item #16F4 (Project Peak)04/23/2019
EXECUTIVE SUMMARY
Recommendation to adopt a resolution approving the proposed Project Peak as a qualified
applicant to Florida's Qualified Target Industry (QTI) Tax Refund program, providing up to
$80,000 of local financial support for an expansion of the corporate headquarters and medical
device manufacturing project which will create 80 new jobs in Collier County, Florida.
OBJECTIVE: To obtain Board approval for the proposed Project Peak as a qualified applicant for the
Qualified Target Industry Tax Refund (QTI) program.
CONSIDERATIONS: The corporate headquarters and medical device manufacturing project will create
80 new jobs in Collier County, Florida, that will provide high-wage, value-added employment to Collier
County citizens with an average annual wage of $45,565 and average annual benefits of $10,000. The
estimated capital investment is $5,540,000 million dollars. Over the next ten (10) years, Project Peak is
projected to generate over $3.9 million in Net Benefits to the County’s economy. Over this time Collier
County is expected to benefit from economic injections of $3.3 million and Collier County Public
Schools $522,587. This prospect has alternative sites available and has made participation in the QTI
program a condition for further consideration of locating such an 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 leas t 100%
of the County average wage for each year of the agreement. The state program requires that the local
community provide 20% of the total tax refunds and cash funding. This local match is paid to the state,
not the applicant. If Project Peak 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 $1,000 per job or $80,000
total spread over five years.
FISCAL IMPACT: The maximum cost to the County for this QTI applicant is $80,000 spread over five
years, anticipated to begin in FY 2020. Funding for Economic Development Incentives is provided in the
General Fund Economic Development Incentives cost center 138760-001.
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 that 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 has been reviewed by the County Attorney, is approved as to
form and legality, and requires majority vote for approval. -JAK
RECOMMENDATION: Adopt a resolution approving the proposed Project Peak as a qualified
applicant to Florida's Qualified Target Industry (QTI) Tax Refund program, providing up to $80,000 of
local financial support for an expansion of the corporate headquarters and medical device manufacturing
project which will create 80 new jobs in Collier County, Florida.
Prepared By: Jace Kentner, Director, Office of Business & Economic Development
16.F.4
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04/23/2019
ATTACHMENT(S)
1. Peak Resolution - JAK signed (PDF)
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04/23/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.4
Doc ID: 8683
Item Summary: Recommendation to adopt a resolution approving the proposed Project Peak as a
qualified applicant to Florida's Qualified Target Industry (QTI) Tax Refund program, providing up to
$80,000 of local financial support for an expansion of the corporate headquarters and medical device
manufacturing project which will create 80 new jobs in Collier County, Florida.
Meeting Date: 04/23/2019
Prepared by:
Title: Administrative Assistant – Business and Economic Development
Name: Jennifer Leslie
04/16/2019 3:48 PM
Submitted by:
Title: Director – Business and Economic Development
Name: Jace Kentner
04/16/2019 3:48 PM
Approved By:
Review:
Business and Economic Development Jace Kentner Director - Bus & Econ Dev Completed 04/16/2019 4:03 PM
County Attorney's Office Jeffrey A. Klatzkow Level 2 Attorney Review Completed 04/16/2019 4:55 PM
County Manager's Office Sean Callahan Executive Director - Corp Bus Ops Completed 04/16/2019 5:04 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 04/17/2019 8:14 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/17/2019 8:55 AM
Budget and Management Office Ed Finn Additional Reviewer Completed 04/17/2019 9:10 AM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 04/17/2019 2:04 PM
Board of County Commissioners MaryJo Brock Meeting Pending 04/23/2019 9:00 AM
16.F.4
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16.F.4.a
Packet Pg. 2358 Attachment: Peak Resolution - JAK signed (8683 : QTI Project Peak local match resolution)
16.F.4.a
Packet Pg. 2359 Attachment: Peak Resolution - JAK signed (8683 : QTI Project Peak local match resolution)