HomeMy WebLinkAbout24-157 RESOLUTION 2024-157
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF ST. LUCIE COUNTY APPROVING CERTAIN INCENTIVES ON
BEHALF OF PROJECT KING
WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the
following determinations:
1. Project KING is a company headquarters and distribution facility for a distributor of a wide
variety of multinational consumer products and is considered a target industry business in St.
Lucie County per the Economic Development Council of St. Lucie County ("EDC").
2. In addition to a generous employee benefits package, Project KING's wages per worker of
twenty-six and 69/100 dollars ($26.69) per hour is above the average wage for St. Lucie County
per the EDC.
3. Project KING has identified vacant land formerly owned by the Port St. Lucie Governmental
Finance Corporation for the potential construction of a headquarters, logistics and distribution facility in
the City of Port St. Lucie.
4. The project will include approximately 160,000 square feet of new distribution and logistics
facilities with an estimated capital investment of approximately $30,900,000.00 in real property and
approximately $1,800,000.00 in total tangible personal property by December 31, 2030.
5. Over the next five (5) years, Project King will create one hundred twenty-one (121) new full-time
equivalents ("FTEs") whose aggregate wages will be in compliance with section 2. The projected
employment growth schedule consists of ninety-one (91) new FTEs in Year 1; nine (9) new FTEs in Year
2; eight (8) FTEs in Year 3; eight (8) FTEs in Year 4; and five (5) FTEs in Year 5.
6. St. Lucie County is offering a collaborative incentive package to Project KING in partnership
with the City of Port St. Lucie for the benefit of the residents of St. Lucie County.
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 Project KING'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 KING for the creation of one hundred twenty-one
(121) new FTEs pursuant to the current Job Growth Investment Grant guidelines.
B. St. Lucie County Ad-Valorem Tax Exemption on New Real Property and Tangible Personal
Property: The Board authorizes County staff to assist Project KING in the application for a
10-year ad valorem tax exemption as described in the County's Economic Development
Ad Valorem Tax Exemptions program. The exemption is valued at 100% each year for the
first five years and on a declining percentage schedule for the remaining five-year period
(i.e. 90% in Year 6, 80% in Year 7, 60% in Year 8, 40% in Year 9, 20% in Year 10) for
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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 Project KING and/or its subsidiaries or
successors for the creation of one hundred twenty-one (121) new FTEs 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
Commissioner Jamie Fowler AYE
Commissioner Larry Leet AYE
PASSED AND DULY ADOPTED this 27th day of August, 2024.
ATTEST: BOARD OF COUNTY COMMISSIONERS
ST. LUCIE COUNTY, FLORIDA
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APPROVED AS TO LEGAL FORM AND
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