Hernando County
Florida

Agenda Item
13799

Timeline Extension for State Qualified Target Industry Tax Refund Program With Premier Pharmacy Labs f/k/a Project Ernest at Brooksville-Tampa Bay Regional Airport and Technology Center

Information

Department:Business DevelopmentSponsors:
Category:Economic DevelopmentFunctions:0011-01771-Business Development

Financial Impact

The total financial impact is estimated at $26,400 which will be funded from the Industrial/Economic Development Fund #1551.

Body

Premier Pharmacy Labs (PPL), previously known as "Project Ernest" received approval for the Qualified Targeted Industry Incentive (QTI) from the State of Florida and a Support Resolution from the Hernando County Board of County Commissioners on June 28, 2016.  Since that time, PPL has purchased and begun renovations of an existing facility at the Brooksville - Tampa Bay Regional Airport & Technology Center.  The project timeline was much longer than the company anticipated, and they have requested to exercise an option within the State contract to extend the job creation schedule, tax refund schedule, and project completion date by twelve (12) months to December 31, 2017, and is asking for the same consideration from the County.

 

All job creation numbers will remain the same, creating 10 additional jobs by the end of 2017 and 12 more by the end of 2018.

 

State incentives proposed for this project:

 

The Qualified Target Industry Tax Refund and High Impact Bonus is a state incentive available for companies that create high wage jobs in targeted, value-added industries as designated under Florida Statute 288.106.  This incentive includes refunds on corporate income, sales, ad valorem, intangible personal property, insurance premium, and certain other taxes.  Pre-approved applicants who create jobs in Florida receive tax refunds of $6,000 per net new Florida full-time equivalent job created.  The local community where the company locates contributes 20 percent of the total tax refund. Hernando County recognized this program in the Hernando County Industrial and Business Promotion Ordinance #2003-12.  These tax credits will be issued by the State after the Company has demonstrated the creation of the jobs, which will average 150% of the Hernando County average wage.

 

The local match of 20% for the 22 new jobs is $26,400 and will be paid over a four-year period. (FY2018-FY2021)

 

QTI incentives are performance based, requiring annual documentation of job creation, job retention and wages.

Meeting History

Dec 12, 2017 9:00 AM Video Board of County Commissioners Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Steve Champion, Vice Chairman
SECONDER:John Allocco, Second Vice Chairman
AYES:Wayne Dukes, Steve Champion, John Allocco, Jeff Holcomb, Nicholas W. Nicholson