2-10-20 BOC Special Meeting - Laserfiche WebLink

Home Browse Search

Under the contract, the County will make seven annual cash incentive grants to Project Jupiter in an amount up to two million, seven hundred and fifty-seven, three hundred and seventy-six dollars ($2,757,376). The cash grant will be based on performance criteria the Company must meet in order to receive such incentive and will be factored by the amount of reported net new taxable investment made by the project. The County will fund the payments with available revenues in the County's General Fund. The Board of Commissioners believes this project will stimulate the local economy, promote additional business activity, create jobs and increase payroll in Lee County. The Board held a public hearing on the initial terms for Project Jupiter on Monday, December 16, 2019. An advertisement for this public hearing was published in the Sanford Herald on January 30, 2020. Chair Dalrymple opened the public hearing for comment. No one spoke in favor or against Project Jupiter. Chair Dalrymple Closed the Public Hearing. Sanford Herald Project Jupiter Public Hearing Advertisement Published 1-30-20.pdf II. . OLD BUSINESS A. Consider incentive agreement for Project Jupiter. The initial estimates for Project Jupiter projected building and/or up-fitting an industrial building and/or purchasing machinery and equipment of at least $126,000,000 over the seven year span of the agreement and creating an estimated 196 new jobs with an average annual wage of$88,903. Based on this information, the County projected to make seven annual cash incentive grants to Project Jupiter in an amount up to $3,125,854. Upon receiving further information, the County is conducting a public hearing to reflect updated projections. The current projections consist of building and/or up-fitting an industrial building and/or purchasing machinery and equipment in the amount of$109,400,000 over the seven year span of the project and is anticipated to include the creation of 209 new jobs at an average wage of$83,900. Based on the current information, the County is not projected to offer cash incentive grant payments of up to $2,757,376 contingent on actual reported performance. A copy of the agreement is attached and incorporated into these minutes. 2.5.20 Exhibit B.docx Copy of Revised County Incentive 1-29- 20.xlsx 2.5.20 Project Jupiter Agreement.docx Motion: Motion to waive the Board's policy to delay a vote on the presented subject to the Board's next meeting after a public hearing. Mover: Robert Reives For: 4 - Amy Dalrymple, Kevin Dodson, Robert Reives, Cameron Sharpe Against: 2 - Arianna Del Palazzo, Kirk Smith Absent: 1 - Dr. Andre Knecht Motion Result: Passed Motion: Motion to approve the resolution memorializing the amended terms of Project Jupiter and the incentive agreement, subject to the Company