HomeMy WebLinkAbout24-130 MICHELLE R.MILLER,CLERK OF THE CIRCUIT COURT
SAINT LUCIE COUNTY
FILE# 5363598 07/18/2024 10:42.24 AM
OR BOOK 51 PAGE 2425-2426 Doc Type:RESO
RECORDING: $18.50
RESOLUTION 2024-130
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY APPROVING CERTAIN INCENTIVES ON
BEHALF OF PROJECT LOOP.
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the
following determinations:
1. Project Loop, a targeted industry, specializes in design and manufacturing complete
electrical proprietary systems for marine applications, including advanced battery management,
digital switching, and new technology features and controls for 23' to 75' marine pleasure craft
manufacturers.
2. Project Loop is seeking to enhance its operating capacity and is considering investing in the
economic wellbeing of St. Lucie County by relocating its planned expansion facility in St. Lucie
County. Project Loop is a proven economic driver and is a respected company in the marine
industry.
3. Project Loop plans to relocate and build-out an expanded manufacturing facility of
approximately thirty-eight thousand square feet (38,000 sq. ft.) and will provide average earnings
per worker that are above St. Lucie County's average wage and a generous benefits package to its
employees.
4. The project would include a capital investment of approximately $1,066,740 in build-out of
existing real property and approximately$820,000.00 in tangible personal property, and the creation
sixty-one (61) new full-time and/or full-time equivalent jobs paying an average wage of twenty-five
dollars and ninety cents ($25.90) per hour, 112% of St. Lucie County's average wage by December
31, 2028. The employment schedule consists of 49 new jobs in Year 1, 6 new jobs in Year 2, and
6 new jobs in Year 3.
5. St. Lucie County is offering an incentive package to Project Loop for the benefit of the
residents of St. Lucie County, for continued capital investment and the creation of new full-time
and/or full-time equivalent jobs.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St. Lucie
County, Florida. that in consideration of the benefits gained by the residents of St. Lucie County
through the development of the Project Loop's new facility, the following incentives are offered:
A. St. Lucie County Job Growth Incentive Grant (JGIG) - The Board authorizes County
staff to prepare a JGIG agreement with Project Loop for the creation of 61 new jobs
over a three-year period pursuant to the Job Growth Investment Grant guidelines.
B. St. Lucie County Ad-Valorem Tax Exemption on Tangible Personal Property: The
Board authorizes County staff to assist in the application for a 5-year ad valorem tax
exemption as described in the County's Economic Development Ad Valorem Tax
1
Exemptions program. The exemption is valued at 100% each year for consideration
by the Board in accordance with Section 42-46, St. Lucie County Code of Ordinances
and Compiled Laws.
C. St. Lucie County Road Impact Fee Mitigation (IFM): The Board authorizes County staff
to prepare an Impact Fee Mitigation Agreement with and/or its subsidiaries or
successors for the creation of 61 new jobs pursuant to St. Lucie County's Impact Fee
Mitigation Program guidelines.
D. After motion and second, the vote on this Resolution was as follows:
After motion and second, the vote on this resolution was as follows:
Commissioner Cathy Townsend, Chair
AYE
Commissioner Chris Dzadovsky, Vice Chair
AYE
Commissioner Linda Bartz
AYE
Commissionner Jamie Fowler
AYE
Commissioner Larry Leet
AYE
PASSED AND DULY ADOPTED this 2ND day of July, 2024.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA
BY:
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