17-11QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM
WITH CASH LOCAL FINANCIAL SUPPORT
PROVIDED BY TWO OR MORE LOCAL ENTITIES
RESOLUTION NUMBER 17 -11
A RESOLUTION BY THE GOVERNING BOARD OF THE CITY
OF CLEARWATER, FLORIDA, THE CLEARWATER CITY
COUNCIL, RECOMMENDING PROJECT ATLAS, BE
APPROVED AS A QUALIFIED TARGET INDUSTRY BUSINESS
PURSUANT TO S.288.106, FLORIDA STATUTES; PROVIDING
FOR LOCAL FINANCIAL SUPPORT IN THE FORM OF CASH;
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE GOVERNING BOARD OF THE CITY OF
CLEARWATER, FLORIDA, THE CLEARWATER CITY COUNCIL, as follows:
WHEREAS, the Clearwater City Council adopted Resolution 16 -03 on March 3,
2016, endorsing the application of Project Atlas for a Qualified Target Industry Tax Refund and
committing local financial support of ten (10 %) of the eligible tax refund in accordance therewith
upon certification by the State of Florida Department of Economic Opportunity (DEO); and
WHEREAS, this Resolution amends Resolution 16 -03 reducing the eligible tax
refund and corresponding local financial support by five percent (5 %), and extending the job
creation schedule, the tax refund schedule, the job maintenance period and expiration date by
twelve (12) months to allow more time in order to meet 10% job creation as required by
s.288.106, Florida Statutes; and
WHEREAS, Project Atlas has submitted a request to DEO to exercise its option
to extend the job creation, tax refund schedule, and job maintenance periods and reduce the
Qualified Target Industry Tax Refund; and
WHEREAS the exercise of this option is supported by Pinellas County and DEO;
and
WHEREAS, the business under consideration is an electronics manufacturing
business, specifically, Project Atlas; and
WHEREAS, Project Atlas is located in the City of Clearwater, Florida; and
WHEREAS, Project Atlas has been identified as a Target Industry Business;
and
WHEREAS, Project Atlas plans to expand operations and to create additional
jobs in the City of Clearwater. The Company projects to add 12 jobs over one year beginning in
2017; and
Page 1 of 2
WHEREAS, CITY OF CLEARWATER hereby acknowledges that local financial
support of 20% of the total tax refund of $57,000 is required under the provisions of s.288.106,
Florida Statutes, governing the State's Qualified Target Industry Tax Refund Program; and
WHEREAS, PINELLAS COUNTY has agreed to participate in the provision of
local financial support by committing $5,700, which is 10 percent of the total required QTI local
financial support;
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF
THE CITY OF CLEARWATER, FLORIDA, THE CLEARWATER CITY COUNCIL, hereby
recommends Project Atlas be approved as a Qualified Target Industry Business pursuant to
s.288.106, Florida Statutes.
BE IT FURTHER RESOLVED, that the GOVERNING BOARD OF THE CITY OF
CLEARWATER, FLORIDA, THE CLEARWATER CITY COUNCIL, has determined the basis of
this project's average private sector wage commitment calculation shall be 115% of the
statewide average annual wage effective January 1, 2015.
BE IT FURTHER RESOLVED, that the necessary cash commitment of local
financial support for the Qualified Target Industry Tax Refund Program exists for Project Atlas
in the amount of $5,700, in order to realize not less than 10% job creation, and that this amount
will be made available in accordance with the guidelines set forth by the Department of
Economic Opportunity with the stipulation that these funds are intended to represent the "local
financial support" required by s.288.106, Florida Statutes.
This resolution shall take effect immediately upon its adoption.
DULY ADOPTED BY THE GOVERNING BOARD OF THE CITY OF
CLEARWATER, FLORIDA, THE CLEARWATER CITY COUNCIL, this /6P day of
1-:e- b r l(.ettc) , 2017.
ATTEST:
Countersigned:
qtOr1x ^CrC\-
'`t<.�OS
George N. Cretekos
Mayor
Approved as to form:
Laura Lipowski Mahony
Assistant City Attorney
CITY OF CLEARWATER, FLORIDA
By: (,,t/AA B. ,
William B. Horne II
City Manager
Rosemarie CaII
City Clerk
STAMP AND SIGNATURE OF NOTARY
Page 2 of 2
Phase
Total
Number of net new full -time equivalent Date by which jobs will be
Florida jobs created in the business unit created
12
The amended payout schedule is as follows:
PHASE # ELIGIBLE MAX OF
JOBS AWARD 25% / YR FY17 -18 FY18 -19 FY19 -20 FY20 -21
TOTAL
12
$57,000
$1,425 $1,425 $1,425 $1,425