HomeMy WebLinkAbout10-124RESOLUTION NO. 10-124
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY
RECOMMENDING THAT PROJECT LAKE BE APPROVED AS
A QUALIFIED TARGET INDUSTRY BUSINESS PURSUANT
TO SECTION 288.106, FLORIDA STATUTES; PROVIDING
LOCAL COMMUNITY PARTICIPATION MATCH TO THE
QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM
OF AT LEAST ONE HUNDRED AND SIXTY THOUSAND
AND 00/100 DOLLARS ($160,000.00) THROUGH LOCAL
ECONOMIC DEVELOPMENT INCENTIVES; AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, the Board of County Commissioners for St. Lucie County, Florida, has made
the following determinations:
1. Project Lake is a medical diagnostics research and manufacturing business.
2. Project Lake will be located within St. Lucie County and will make a capital
investment of approximately f fifty-five million dollars ($55,000,000).
3. Project Lake will employ two hundred (200) people at an average annual wage
of fifty thousand dollars ($50,000).
4. Project Lake would not locate its facility to St. Lucie County without the
incentive available through the Qualified Target Industry Tax Refund Program.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St.
Lucie County, Florida as follows:
A. The Board hereby recommends Project Lake be approved as a Qualified Target
Industry Business pursuant to Section 288.106, Florida Statutes.
B. The necessary commitment of local financial support for the Qualified Target
Industry Business for the Qualified Target Industry Tax Refund Program exists in the
amount of one hundred and sixty and 00/100 dollars ($160,000.00) under the County's Impact
Fee Mitigation Program. Additional local participation also exists in an ad valorem tax
abatement estimated to be valued at two million two hundred and sixty eight thousand seven
hundred and fifty and 00/100 dollars ($2,268,750.00) subject to Board approval at a future
public hearing. These amounts will be available consistent with the guidelines set forth by
f-
the Office of Tourism, Trade and Economic Development and will be paid to the Florida
Economic Development Trust Fund with the stipulation that .these funds are intended to
represent the "local participation" required under Section 288.106, Florida Statutes.
C. This resolution shall take effect upon adoption.
After motion and second, the vote was as follows:
Chairman Charles Grande AYE
Vice-Chairman Doug Coward AYE
Commissioner Chris Craft AYE
Commissioner Paula Lewis AYE
Commissioner Chris Dzadovsky AYE
PASSED AND DULY ADOPTED this 13th day of April, 2010.
ATTEST:
BOARD OF COUNTY COMMISS
ST. LUCIE COUNTY, :'FLORIDA
DEPUTY CLERK CH
APPROVED AS TO LEGAL FORM AND
CORRECTNESS: