Item Coversheet



BOCC AGENDA ITEM

Item Title:Payment of Economic Incentive Grant to VyStar
Date:7/23/2018
Department:County Manager's Office
Background:

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

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

2) The 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 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 could apply for an receive equal to one hundred percent (100%) of the dollar amount of taxes subject to the economic development grant. In April 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 tot he economic development grant. In November 2017, the Economic Development Board verified the above conditions had been met and the County awarded VyStar a payment of $5,009.25 for Year Two.

5) In the third year of eligibility, VyStar may apply for and receive a grant equal to sixty percent (60%) of the dollar amount of taxes subject to the economic development grant.

The Economic Development Board has submitted a letter dated May 29, 2018 indicating the conditions for Year Three have been met and recommending the County award VyStar with $4,165.14 in Economic Development Grant funds.

Request:
Authorize payment of $4,165.14 to VyStar Credit Union, pursuant to the Economic Development Grant Agreement, Contract No. CM2012. Funding Source: 015522552-582000 EG001.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:
Action Requested and Recommendation:
Authorize payment of $4,165.14 to VyStar Credit Union, pursuant to the Economic Development Grant Agreement, Contract No. CM2012.
Is this action consistent with the Nassau County Comprehensive Land Use Plan?
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
Third Year Payment Request5/30/2018Backup Material
EDG Agmt CM20125/30/2018Backup Material