Coversheet


Agenda Item Summary Ordinance # / Resolution #: Ordinance 2024-1915 - HOLD FOR PUBLIC HEARING NOTICE TO BE RUN Contact Person / Sponsor: Amy Carnes / Economic Development Department: Economic Development Date Requested to be on Agenda: 8/26/2024


Council Action Requested: Approve the First Reading of Ordinance 2024-1915 on July 15, 2024, followed by Second reading on August 12, 2024 and Public Hearing and Third Reading on August 26, 20254, at which time the company's name would be revealed. There is also a Companion Inducement Resolution 1263-R2024 to this Ordinance. Strategic Plan Focus Area Alignment:


*Quality Development* Diversity the local economy through targeted attraction of job producers and support businesses that are well-matched to the local workforce and economic needs.


Points to Consider: The Project is expected to result in the aggregate investment in real and personal property of at least $8,000,000 and to result in the creation of at least 10 new full-time jobs in the Project in the County. Funding and Liability Factors: The Project will be located in a multi-county park. To defray or reimburse the Costs of Special Source Improvements with respect to the Project, the County will agree to provide, and the Company shall, subject to the provisions of Section 3.02 hereof, receive, Special Source Revenue Credits in two tiers: SSRC 1) The first tier of Special Source Revenue Credits (“SSRC I”) shall be equal to the difference between the gross FILOT Payments that would be due under this Agreement and the FILOT Payments that would be due if calculated using a fixed millage rate of .34550 plus any millage which may hereafter be imposed for the specific purpose of providing fire, EMS or stormwater services. SSRC I shall be provided for a period of twenty (20) consecutive tax years, to be applied to any investment in the Project by the Company and any Project Affiliate during the Investment Period SSRC 2) shall be equal to twenty-five percent (25%) of FILOT Payments (as reduced by SSRC I) due under this Agreement for a period of five (5) consecutive tax years Recommendation: The Department of Economic Development recommends approval of this Ordinance.