01/20/2015 (4) - Laserfiche WebLink

Home Browse Search

Informational Item INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Joseph A. Baird, County Administrator DIVISION HEAD CONCURRENCE Stan Boling, AIC $ ommunity Development Director THROUGH: Sasan Rohani, AICP; Chief, Long -Range Planning 5 FROM: DATE: January 12, 2015 RE: Information Regarding Cancellation of Three Inactive Local Jobs Grant Agreements Bill Schutt, AICP; Senior Economic Development Planner, Long -Range Planning -c3 It is requested that the following information be reviewed by the Board of County Commissioners at its regular meeting of January 20, 2015. DESCRIPTION AND CONDITIONS As part of the County's initiatives to improve the local economic base, a package of economic development incentives designed to attract businesses to the county and to encourage existing businesses to expand their operations within the county was established in 1996. Included in that package of incentives was a local jobs grant program. That program, which was revised by the Board of County Commissioners in October 2000, December 2006, and March 2009, provides a financial incentive to target industries that create good paying, full-time jobs in Indian River County. Each job grant involves an agreement between the County and the new or expanding industry, obligating the company to provide up to a certain number of jobs at specified wage levels and provide regular performance information to the County. Since inception, the County has approved a total of 21 local jobs grants to industries in the targeted areas of manufacturing, software development, aquaculture, distribution, and educational services (see attachment #1). Collectively, the 21 companies agreed to provide up to 1,160 new jobs within the County and the County agreed to provide up to $3,393,100 in jobs grant payments. The County's obligation to pay those funds is tied to specific company performance requirements spelled out in 1 2