BOCC AGENDA ITEM
|Item Title:||Economic Incentive Payment for Dayspring Health, LLC|
|Department:||County Manager's Office|
On September 14, 2015, the Board entered into an agreement with Dayspring Health, LLC, for an Economic Incentive Grant Agreement to allow Dayspring to participate in the County's Economic Development Grant Incentive Program for construction of a multi-building facility featuring a 180 bed assisted living facility for low income seniors consisting of semi-independent residents and 90 residents requiring a greater level of service, as well as a 40 person adult day care facility. The proposed project would create 85 jobs with an annual average wage (excluding benefits) of approximately $20,320.99 of new Florida jobs created. The annualized average value of benefits associated with each new job created would be $2,000.
Section b(4) of the agreement states that "the five-year period of eligibility will begin with the tax year in which the assessed value reflects the total value of the eligible investment". In February 2018, Dayspring submitted a request to the Economic Development Board for incentive award payment despite the project not being completed. They indicated that receiving an incentive during the first five years of construction would help them achieve their overall goal and would benefit the County since the amount the taxable value of the property will likely continue to increase over the next five years. At their March 27th meeting, the Economic Development Board made a recommendation for the County to deny the incentive award, however Dayspring Health, LLC, is appealing to the BOCC since it is ultimately their decision.
Note: Page 5 of the General Project Overview reflects a completion date of 2019, therefore incentive funds for this project have not yet been budgeted. Should the Board decide to approve the incentive award now, a funding source will need to be determined. The year one payment for 2017 would be $6,246.25.
|Consider request from Dayspring Health, LLC, for incentive grant payment totaling $6,246.25 for year one investment related to the Economic Development Grant Incentive Agreement, Contract No. CM2228. The Economic Development Board recommends denial.|
|Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:|
|Action Requested and Recommendation:|
|Consider request from Dayspring Health, LLC, for incentive grant payment totaling $6,246.25 for year one investment related to the Economic Development Grant Incentive Agreement, Contract No. CM2228.|
|Is this action consistent with the Nassau County Comprehensive Land Use Plan?|
To be Determined
|Additional Information Needed for Contracts/Agreements (If Applicable)|
|Contract Number assigned by Contracts Management:|
|For non-governmental agencies, has the document been sent to the vendor for signature?|
|Does the document need to be recorded? If so, who will pay the recordation fee?|
|Are there any special mailing instructions? (Include contact name, address, deadline for submittal, how to mail such as express mail, FedEx, etc):|
|How many originals are needed?|