03-45
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RESOLUTION NO. 03-45
A RESOLUTION OF THE CITY OF CLEARWATER,
FLORIDA, FINDING THAT PROJECT 031120 BE
APPROVED AS A QUALIFIED APPLICANT PURSUANT TO
SECTION 288.106, FLORIDA STATUTES; AND
IDENTIFYING SOURCES OF CITY OF CLEARWATER
FINANCIAL SUPPORT OF PROJECT 031120 AND EQUAL
PINELLAS COUNTY SUPPORT AS LOCAL
PARTICIPATION IN THE QUALIFIED TARGET INDUSTRY
TAX REFUND PROGRAM FOR FISCAL YEARS 2004-2005,
2005-2006 and 2006-2007; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the Legislature of the State of Florida has enacted Chapter 94-136,
Laws of Florida, creating Section 288.106, Florida Statutes, to encourage the growth of
Florida's high-wage, value-added employment; and
WHEREAS, Section 288.106, Florida Statutes, authorizes the Florida Department
of Commerce to accept, review and approve applications for tax refunds to qualified
target industry businesses; and
WHEREAS, Section 288.106, Florida Statutes, requires 20% local financial
participation as tax refunds become due; and
WHEREAS, PROJECT 031120 wishes to expand its corporate headquarters to
hire thirty (30) additional employees over the next three years, qualifying as high-value-
added jobs; and
WHEREAS, PROJECT 031120 will be located in the City of Clearwater and will
provide high-value-added employment to citizens of the City of Clearwater; and
WHEREAS, the City of Clearwater finds that providing tax refunds and other tax
incentives to PROJECT 031120 is vital to the public purpose of employing City of
Clearwater citizens and ensuring the City's economic vitality; now, therefore,
BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA:
Section 1. The City of Clearwater hereby recommends PROJECT 031120 be
approved as a Qualified Target Industry Business pursuant to Section 288.106, Florida
Statutes. This recommendation is based upon the creation of the specified jobs and is
contingent upon the City's review of Project 031120 final application to be a Qualified
Target Industry Business and confirmation of the information therein.
Resolution No. 03-45
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Section 2. The necessary commitment of local financial support for the
Qualified Target Industry Business for the Qualified Target Industry Tax Refund Program
has been identified in the amount of $30,000, consisting of 50% of the local contribution
coming from Pinellas County and 50% coming from the City of Clearwater subject to
annual appropriations, which will be paid to the Florida Economic Development Trust
Fund as tax refunds become due with the stipulation that these funds are intended to
represent the local financial support required by Section 288.106, Florida Statutes and
are conditional upon the applicant meeting all statutory requirements of the program.
Nothing herein will prevent other jurisdictions or the private sector from increasing their
contributions. However, in no event will the total contribution of the City of Clearwater for
PROJECT 031120 exceed $15,000.
Section 3. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 18th day of December ,2003.
Approved as to form: Attest:
!d~j
Pamela K. Akin, City Attorney
Resolution No. 03-45