After seeing the city of Palm Beach Gardens, last night, go along with the concept of United Technologies moving to Alton, we now turn to the County. The Board of County Commissioners will meet on March 10, 2015 starting at 9:30AM in downtown West Palm Beach. Their staff have recommended that the Board agree to the United Technologies move to Alton.
I prefer short posts but here is a quote from the agenda that discusses Project Diamond.
A) adopt a Resolution by the Board of County Commissioners of Palm Beach County, Florida, recommending approval of Project Diamond, a company authorized to do business in the State of Florida, as a Qualified Target Industry business pursuant to s. 288.106, Florida Statutes; providing for local financial support for the Qualified Target Industry Tax Refund with High-Impact Sector bonus in an amount not to exceed $532,000; and providing for an effective date; and
B) conceptually approve local financial support for the Quick Action Closing Fund in an amount not to exceed $2,468,000; and
C) conceptually approve an Economic Development Incentive for Project Diamond in the form of an Ad Valorem Tax Exemption over ten years, in an amount not to exceed $3 Million.
SUMMARY: Project Diamond is a subsidiary and regional managing office project locating in Palm Beach County with a $115 Million capital investment, which the Regional Economic Model estimates will have a five year local economic impact of $662.4 Million. The company plans to create 450 new jobs at an average annual wage of $85,000, and will be required to maintain the new jobs in Palm Beach County for a five year period. It is anticipated that the State of Florida will provide $2.66 Million in the form of a Qualified Target Industry Tax Refund with High-Impact Sector Bonus, and $4.9 Million from the Quick Action Closing Fund. The local match from Palm Beach County will be provided in the form of an Ad Valorem Tax Exemption in an amount not to exceed $3 Million over a period of ten years provided the project meets the requirements under Florida Statute 196.012. The company will be required to enter into a formal agreement memorializing their commitments and establishing terms under which the local match will be provided. At such time the company name will be disclosed. Other states under consideration by the company include North Carolina and Georgia. Countywide (JB)