Item Coversheet



BOCC AGENDA ITEM

Item Title:Payment of Economic Development Grant Incentive to VyStar
Date:8/28/2017
Department:OMB
Background:

On August 26, 2013, The Board approved an Economic Development Grant Incentive Agreement with VyStar Credit Union.  Conditions of the contract include the following:

1. VyStar would need to dedicate at least $1 million for the construction, equipment and furnishing of the branch banking facility by December 31, 2014.

2. The Nassau County Property Appraiser would assess the value of the property for the year in which the eligible investment is made.  The difference between that value and the base year assessed value (the "increment") would be the amount subject to the economic development grant.  The dollar amount subject to the economic development grant shall be determined by multiplying the increment times the county-wide millage set annually by the Board of County Commissioners.

3. In the first year of eligibility, VyStar applied for and received a grant equal to one hundred percent (100%) of the dollar amount of taxes subject to the economic development grant.  In a letter dated April 19, 2016, the Economic Development Board verified the above conditions had been met and the County awarded VyStar with a payment of $6,757.40 for Year One.

4. In the second year of eligibility, VyStar may apply for and receive a grant equal to eighty percent (80%) of the dollar amount of taxes subject to the economic development grant. 

The Office of Management & Budget is in receipt of a letter from the Economic Development Board, dated August 2, 2017, recommending the County award VyStar with $5,009.25 in Economic Development Grant funds.

 

Request:
Authorize payment of $5,009.25 to VyStar Credit Union, pursuant to the Economic Development Grant Incentive Agreement, Contract No. CM2012.  Funding Source: 01552552-582000 EG001.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:
Action Requested and Recommendation:
Authorize payment of $5,009.25 to VyStar Credit Union, pursuant to the Economic Development Agreement, Contract No. CM2012.
Is this action consistent with the Nassau County Comprehensive Land Use Plan?
NA
Funding Source:
01552552-582000 EG001
Additional Information Needed for Contracts/Agreements (If Applicable)
Contract Number assigned by Contracts Management:
N/A
For non-governmental agencies, has the document been sent to the vendor for signature?
N/A
Does the document need to be recorded? If so, who will pay the recordation fee?
N/A
Are there any special mailing instructions? (Include contact name, address, deadline for submittal, how to mail such as express mail, FedEx, etc):
N/A
How many originals are needed?
N/A
ATTACHMENTS:
DescriptionUpload DateType
Cover Letter Dated 8-2-17 with Tax Info8/7/2017Cover Memo
Grant Application Form8/7/2017Cover Memo
Contract CM20128/7/2017Cover Memo