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<br /> <br />11.A.1. RESOLUTION 2004-047 – REVISIONS TO THE COUNTY <br />ECONOMIC DEVELOPMENT INCENTIVE OF SHORT-TERM <br />FINANCING OF IMPACT FEES AND CONNECTION CHARGES <br />FOR TARGETED INDUSTRIAL DEVELOPMENT AND <br />AUTHORIZATION FOR THE COUNTY ADMINISTRATOR TO <br />SIGN FINANCING AGREEMENTS (INDIAN RIVER INDUSTRIAL <br />PARK) <br /> Planning Director Stan Boling stated that staff had found that shorter-term financing for <br />these items carries no risk to the County since the County must be paid back prior to building and <br />is a much more effective incentive to development of targeted industries. He then asked for the <br />expansion of the terms in Paragraph 6 of the Short-Term Financing Agreement to allow more <br />flexibility. <br /> Commissioner Lowther was uncomfortable with the 0% interest. <br /> Commissioner Macht noted that the organization in question plans to invest 80 million <br />dollars and will hire 200 or more people. This impacts everything the Board deals with. He stated <br />that retail establishments collect a profit that usually goes outside the state or the country, while <br />this project costs the County virtually nothing and will have a tremendous impact on the County’s <br />ad valorem taxes. <br /> County Attorney Collins asked that Paragraph 7 of the Agreement be deleted to avoid court <br />cases as there is nothing to indemnify and no need for a “hold harmless” clause. <br /> <br />ON MOTION by Commissioner Macht, SECONDED <br />by Commissioner Neuberger, the Board, by a 4-1 vote <br />(Commissioner Lowther opposed) authorized interfund <br />borrowing from the general fund to the Utilities Impact <br />MAY 4, 2004 25 <br /> <br />