Resolution 2008-019
RESOLUTION NO. 08J,.L
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA,
SUPPORTING INOVO INCORPORATED AS A
QUALIFIED APPLICANT IN THE QUALIFIED TARGET
INDUSTRY (QTI) TAX REFUND PROGRAM PURSUANT
TO SECTION 288.106, FLORIDA STATUTES; PROVIDING
FOR FOUR ANNUAL PAYMENTS FOR A TOTAL
APPROPRIA TION OF $25,600.00 AS THE LOCAL
PARTICIPATION MATCH FOR FISCAL YEAR(S) 2009
THROUGH 2012; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the business under consideration IS a medical device manufacturing
company, specifically, Inovo Incorporated ("Inovo"); and
WHEREAS, Inovo currently has its corporate headquarters and a manufacturing facility
in Collier County, Florida; and
WHEREAS, Inovo intends to acquire a complimentary California based company and is
considering relocating said company to Collier County, Florida; and
WHEREAS, it is policy of the State of Florida and Collier County to encourage the
growth of high value-added employment and the economic base by providing tax refunds to
qualified targeted industries that create high-wage job opportunities; and
WHEREAS, the State requires the applicant requesting certification as a qualified
targeted industry business to provide, among other things, a resolution adopted by the Board of
County Commissioners of the county in which the proposed project is to be located,
recommending that the target business be approved as a qualified target industry and confirming
that the necessary commitment of local financial support for the target industry exist; and
WHEREAS, this incentive will provide an inducement for Inovo to relocate this
acquired business to Collier County; and
WHEREAS, to qualify for the Qualified Targeted Industry (QTI) Tax Refund Program, a
participant must create 10 new jobs or not less than a 10% increase in employment for an
expansion of an existing business; and
WHEREAS, Inovo has committed to creating up to 32 net new jobs in Collier County by
September, 2008, with a required minimum average wage of $58,157.00, which is 150% of the
Collier County's 2006 average wage; and
WHEREAS, to qualify for this program, Enterprise Florida, Inc., will confirm with the
Governor's Office of Tourism Trade and Economic Development (OTTED) about the Qualified
Targeted Industry (QTI) Tax Refund Program that they agree the project is eligible for QTI tax
refunds up to $128,000.00 (including local match).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
The Board of County Commissioners hereby recommends that Inovo be approved as a
Qualified Target Industry Business pursuant to Section.288. 106, Florida Statutes, and
Page 1 of 2
BE IT FURTHER RESOLVED that the County has reviewed the public resources for
local financial support and determined that the County can provide the necessary commitment of
local financial support for Inovo as a Qualified Targeted Industry Business, in the amount of up
to $25,600.00; that this amount will therefore be so encumbered, and shall be made available for
payment from future revenues generated from the projected ad valorem taxes collected as a result
of this project. Payment is proposed to be made in the following increments: FY 2009-
$6,400.00, FY 2010-$6,400.00, FY 2011-$6,400.00, and FY 2012-$6,400.00 Monies are to be
paid to the Florida Economic Development Trust Fund with the stipulation that these funds are
intended to represent the "local participation" required by Section.288. 106, Florida Statutes. The
necessary commitment of local financial support shall be contingent on Inovo maintaining the
jobs during the life of the incentive and ensuring that its hiring practices are consistent with and
reflect the diversity of the Collier County community.
This Resolution adopted after motion, second and majority vote favoring same, this
~q*'
day of 3~(} UQ(j_ 2008.
ATTEST:
DWIGHT E, ~>CLERK
'" ','
By:
Attett n to .
Slgfl.tt.lrt onh
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
BYTom~b
Approv d as to form
and Ie I su ic' ncy:
Jeffrey . K tzkow
Chief A sis t County Attorney
Page 2 of2