§ 1-7-65. Eligibility criteria, types of incentives, review and calculation of funding.

(a)

Eligibility.

(1)

An applicant that complies with the requirements set forth in this article shall be eligible to participate in the EDI program. The county shall determine the eligibility of each applicant in its sole discretion, with the advice of the county attorney and budget director.

(2)

Each applicant shall be required to submit a complete and properly executed application to the director of the economic development office. In addition to the application, each applicant shall provide the county with such supporting information as the county shall reasonably require and shall allow the county to review its books and records relating to payroll and other matters which pertain to the applicant's eligibility for the EDI program.

(3)

All applications shall be reviewed to determine applicant eligibility, incentive availability, risk assessment, return on investment, and economic impact before any incentive package is offered. This process shall be established by resolution of the board.

(4)

An applicant must propose the creation of at least ten (10) quality jobs to be eligible for the EDI program, unless the applicant is proposing to expand or establish a specialized capital intensive industry as described herein.

(5)

The quality jobs must be created no more than ninety (90) days prior to the date that the county receives the application and within five (5) years, or up to ten (10) years for regionally significant projects, from the date of the program agreement. Upon the creation of a quality job, the participant shall keep the quality job filled for a minimum of two (2) years. In the event that the participant fails to keep a quality job filled for at least two (2) years, the participant shall immediately reimburse the county in full for all employment incentives advanced in connection with that position. The terms of this subsection shall survive the expiration or termination of the program agreement.

(6)

To be eligible for participation in the EDI program, the applicant must meet a fifty-one (51) percent export sales requirement as defined in this article.

(7)

Applicants must be identified as a targeted industry as defined by this article.

(8)

Applicants must show a one hundred (100) percent, ten-year cumulative direct return on investment, as defined within this article, to be eligible for participation within the EDI program. Where more than one (1) type of incentive is desired, the applicant must show that each proposed incentive satisfies the one hundred (100) percent, ten-year cumulative direct return on investment requirement.

(b)

Types of incentives.

(1)

Performance-based incentives. An applicant may receive a performance-based incentive, typically for creating and maintaining certain employment levels, paid to the applicant after it has fully performed its duties and obligations pursuant to the program agreement between the applicant and county.

(2)

Early-stage incentives. Prior to creating jobs, an applicant may receive an early-stage incentive in the form of funds or in-kind contributions for the construction of utility lines, roads, or other horizontal infrastructure supporting the new or expanding company facility when the average annual salaries of the proposed quality jobs meets or exceeds one hundred fifteen (115) percent of the CCAAW and the county receives adequate assurances through the terms and conditions of a program agreement that the project will maintain a one hundred (100) percent ten-year cumulative direct return on investment.

(3)

Up-front incentives. An applicant may receive an up-front incentive, when the average annual salary of the proposed quality jobs exceeds one hundred fifty (150) percent of the CCAAW, and the county receives adequate assurances through the terms and conditions of a program agreement that the project will maintain a one hundred fifty (150) percent ten-year cumulative direct return on investment.

(4)

Expedited permitting. The county may offer an expedited permit review process for all county permit applications directly related to a project where the average annual salary of the proposed quality jobs exceeds one hundred fifteen (115) percent of the CCAAW. This shall not entitle any applicant to receive approval of any specific permit.

(c)

Calculation of the rates for employment incentives shall be based on the CCAAW.

(1)

For quality jobs with salaries equal to or greater than the CCAAW, the amount of the employment incentive shall be one thousand dollars ($1,000.00).

(2)

For quality jobs with salaries equal to or greater than the CCAAW plus fifty (50) percent, the amount of the employment incentive shall be one thousand five hundred dollars ($1,500.00).

(3)

For quality jobs with salaries equal to or greater than the CCAAW plus one hundred (100) percent, the amount of the employment incentive shall be two thousand dollars ($2,000.00).

(4)

For regionally significant applicants, or where a project exceeds a one hundred (100) percent ten-year cumulative direct return on investment, the employment incentives may be increased up to six (6) times the amounts per quality job provided in subsections (c)(1), (2), or (3).

(5)

Except as set forth in section 1-7-67 hereof or in the program agreement, there shall be no limits upon the number of quality jobs for which a participant may receive incentives.

(6)

Participants shall be eligible for capital incentives in addition to employment incentives.

(d)

Calculation of the rates for capital incentives.

(1)

Capital incentives may be awarded in the amount of one thousand dollars ($1,000.00) per one hundred thousand dollars ($100,000.00) of real property value and personal property value that the subject land improvements and personal property, respectively, add to the first county tax roll pursuant to F.S. tit. XIV. Unless otherwise provided as an early-stage incentive in the program agreement, land improvements must be constructed pursuant to building permits issued no more than ninety (90) days prior to the date that the county receives the application and within two (2) years from the date of the program agreement. Similarly, unless otherwise provided in the program agreement, personal property must be acquired and placed in service no more than ninety (90) days prior to the date that the county receives the application and within two (2) years from the date of the program agreement. Regionally significant applicants, or where a project exceeds a one hundred (100) percent ten-year cumulative direct return on investment, shall be eligible for up to six (6) times the standard capital incentive rate.

(2)

Capital improvements may be owned by the participant or a third party who, as landlord, has entered into a lease agreement with the participant. Capital improvements owned by a landlord must be made pursuant to a valid lease agreement between the landlord and the participant, as tenant. The lease agreement must obligate the participant to reimburse the landlord in full for the cost of the capital improvements. Said lease agreement must be otherwise acceptable to the county.

(3)

An applicant proposing a specialized capital intensive industry may be eligible for an increase in the maximum allowable rate for capital incentives where the capital investment exceeds twenty-five million dollars ($25,000,000.00). The maximum annual allowable capital incentive rate for a specialized capital intensive industry investing twenty-five million dollars ($25,000,000.00) or more may not exceed thirty (30) percent of the annual real and tangible personal property tax portion actually received by the county for land improvements or tangible personal property investments. This incentive shall be available for a period of no more than ten (10) years from the date the specialized capital intensive industry commences operation.

(e)

Timing of the payment of incentives to applicants shall be determined by the county on a case-by-case basis and shall be set forth in the program agreement. The county shall consider various factors in this determination including size, age, stage of development, potential for longterm success and other factors pertinent to nature of the participant's business operations and the welfare of the EDI program.

(Ord. No. 2016-009, § 1, 2-9-16)

Editor's note

Ord. No. 2016-009, § 1, adopted Feb. 9, 2016, amended § 1-7-65 in its entirety to read as herein set out. Former § 1-7-65 pertained to eligibility criteria and calculation of funding and derived from Ord. No. 2010-051, § 1, adopted Aug. 10, 2010; Ord. No. 2010-074, § 1, adopted Dec. 14, 2010; and Ord. No. 2015-001, § 1, adopted Jan. 27, 2015.