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03/30/2021
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03/30/2021
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Last modified
6/7/2021 12:34:35 PM
Creation date
6/7/2021 12:03:59 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
03/30/2121
Meeting Body
Board of County Commissioners
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Scoring the Diamond Drinks of Florida, Inc. Tax Abatement Application <br />According to the tax abatement application submitted by Diamond Drinks of Florida, Inc., the proposed <br />facility will: <br />Generate 50 permanent, full-time jobs, to be hired gradually over a three year period ending <br />in the middle of 2023 <br />Estimated annual payroll of new full-time jobs: $1,712,000. <br />— Estimated average annual wage of $34,240 (excluding benefits such as health <br />insurance and 401k contributions). <br />Include capital investment in the site consisting of an estimated $1,615,000* in tangible <br />personal property (e.g. industrial equipment). <br />— Estimated total capital investment: $1,615,000*. <br />*Estimates provided by Diamond Drinks of Florida, Inc. Actual assessment values when <br />completed may be more or less depending upon market conditions. <br />Meet adopted economic development policy: <br />Asa "Manufacturing" use, the facility qualifies as a Target Industry under Policy <br />2.5 (see attachment #3). <br />The positive economic development impacts and benefits of the Diamond Drinks of Florida, Inc. facility <br />are described in a report provided by the Chamber of Commerce (see attachment #5). Those <br />characteristics provide the basis to evaluate and score the tax abatement application in accordance with <br />the scoring: guidelines adopted by the BCC (see attachment #4). <br />Under the scoring guidelines, a project scores more points for a higher number of jobs, higher average <br />wages, higher local capital investment, and for having special economic development attributes. For <br />projects that score higher point totals, the guidelines establish higher tax abatement levels and longer tax <br />abatement timeframes (tax years). In this case, staff has scored the Diamond Drinks of Florida, Inc. <br />application as follows: <br />1. Number of new full-time jobs created (50 manufacturing jobs) .............................30 points. <br />2. Level of average annual wages ($34,240/year or 74.9% of county average)...............10 points <br />3. Level of local capital investment ($1,615,000)................................................20 points <br />4. Special economic development attributes (meeting Policy 2.5) ...........................:20 points <br />Total Application Score 80 points <br />Based upon a total score of 80 points, the Diamond Drinks of Florida, Inc. application qualifies for the <br />second tax abatement scoring category (out of 3 categories). The qualification points for that category <br />are between 61 and 80 points. That category provides for a 8 year tax abatement with the following <br />schedule: <br />3 <br />C:\Users\legistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@880E2271\@BCL@880E2271.doc 3 <br />
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