Miami-Dade Legislative Item
File Number: 110865
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File Number: 110865 File Type: Resolution Status: Adopted
Version: 0 Reference: R-458-11 Control: Board of County Commissioners
File Name: QTI TAX REFUND FOR CONFIDENTIAL PROJECT 11-00375 Introduced: 4/19/2011
Requester: Ofc of Economic Development & International Trade Cost: Final Action: 6/7/2011
Agenda Date: 6/7/2011 Agenda Item Number: 9A2
Notes: IB 014.19.11 Title: RESOLUTION APPROVING CONFIDENTIAL PROJECT NO 11-00375 AS A QUALIFIED TARGET INDUSTRY BUSINESS PURSUANT TO FLORIDA STATUTE 288.106; CONFIRMING THAT THE COMMITMENTS OF LOCAL FINANCIAL SUPPORT NECESSARY FOR CONFIDENTIAL PROJECT NO. 11-00375 EXIST; AND PROVIDING AN APPROPRIATION OF UP TO $ 19,200 FROM GENERAL REVENUE FUNDS AS LOCAL PARTICIPATION IN THE STATE OF FLORIDA QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM FOR FISCAL YEARS 2012 THROUGH 2017, INCLUSIVE, OR OVER A TIME PERIOD AS DETERMINED BY THE STATE OF FLORIDA IN ITS APPROVAL OF CONFIDENTIAL PROJECT NO. 11-00375 APPLICATION WITH THE PROVISION THAT ANY TAX ABATEMENT GRANTED TO CONFIDENTIAL PROJECT NO. 11-00375 UNDER FLORIDA STATUTE 196.1995 REDUCES ANY QUALIFIED TARGET INDUSTRY TAX REFUND TO CONFIDENTIAL PROJECT NO.11-00375 BY THE AMOUNT OF ANY SUCH TAX ABATEMENT GRANTED, IN COMPLIANCE WITH FLORIDA STATUTE 288.106(6)(D); AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO MAKE NON-SUBSTANTIVE MODIFICATIONS AND EXECUTE ALL CONTRACTS, AGREEMENTS, AND AMENDMENTS; AND PROVIDING FOR AN EFFECTIVE DATE
Indexes: QUALIFIED INDUSTRY TAX REFUND PROGRAM
Sponsors: Jose "Pepe" Diaz, Prime Sponsor
  Rebeca Sosa, Co-Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 6/7/2011 9A2 Adopted P

Commission Auditor 5/24/2011 Legislative notes attached 6/7/2011

Economic Development & Social Services Committee 5/11/2011 3C Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Cynthia Johnson-Stacks read the foregoing proposed resolution into the record. Hearing no questions or comments, the Committee proceeded to vote on this proposed resolution as presented.

County Attorney 4/28/2011 Assigned Brenda Kuhns Neuman

County Attorney 4/20/2011 Assigned County Manager's Office 4/20/2011
REPORT: returned - requires sponsor

County Manager 4/19/2011 Assigned County Attorney 6/7/2011
REPORT: OEDIT - Pending Committee Assignment; BCC - June 7, 2011; Attachment - Florida Qualified Target Industry Tax Refund; Assistant County Attorney - Rachel Wilhelm

County Manager 4/19/2011 Assigned Tony Ojeda 5/11/2011 4/19/2011

Legislative Text


TITLE
RESOLUTION APPROVING CONFIDENTIAL PROJECT NO 11-00375 AS A QUALIFIED TARGET INDUSTRY BUSINESS PURSUANT TO FLORIDA STATUTE 288.106; CONFIRMING THAT THE COMMITMENTS OF LOCAL FINANCIAL SUPPORT NECESSARY FOR CONFIDENTIAL PROJECT NO. 11-00375 EXIST; AND PROVIDING AN APPROPRIATION OF UP TO $ 19,200 FROM GENERAL REVENUE FUNDS AS LOCAL PARTICIPATION IN THE STATE OF FLORIDA QUALIFIED TARGET INDUSTRY TAX REFUND PROGRAM FOR FISCAL YEARS 2012 THROUGH 2017, INCLUSIVE, OR OVER A TIME PERIOD AS DETERMINED BY THE STATE OF FLORIDA IN ITS APPROVAL OF CONFIDENTIAL PROJECT NO. 11-00375 APPLICATION WITH THE PROVISION THAT ANY TAX ABATEMENT GRANTED TO CONFIDENTIAL PROJECT NO. 11-00375 UNDER FLORIDA STATUTE 196.1995 REDUCES ANY QUALIFIED TARGET INDUSTRY TAX REFUND TO CONFIDENTIAL PROJECT NO.11-00375 BY THE AMOUNT OF ANY SUCH TAX ABATEMENT GRANTED, IN COMPLIANCE WITH FLORIDA STATUTE 288.106(6)(d); AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO MAKE NON-SUBSTANTIVE MODIFICATIONS AND EXECUTE ALL CONTRACTS, AGREEMENTS, AND AMENDMENTS; AND PROVIDING FOR AN EFFECTIVE DATE

BODY
WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, Economic Impact Overview, and application, copies of which are incorporated herein by reference;

WHEREAS, this Project commits to bringing an additional 16 jobs to Miami-Dade County by December 31, 2013 with an average salary of $70,000, which is equivalent to 161 percent of the average wage in Miami Dade County.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board hereby finds that attracting, retaining and providing favorable conditions for the growth of target industries provides quality employment opportunities for residents of the County and enhances the County’s economic foundations and recommends that Confidential Project No. 11-00375 be approved as a qualified target industry business pursuant to Florida Statute 288.106, which created the Qualified Target Industry Tax Refund Program.

The necessary commitment of local financial support for Confidential Project No. 11-00375, as required under Florida Statute 288.106, exists in an amount not to exceed $19,200 from General Revenue Funds; and that this local financial support will be available in the following increments:

Fiscal Year 2011 - 2012 $3,200
Fiscal Year 2012 - 2013 $3,200
Fiscal Year 2013 - 2014 $3,200
Fiscal Year 2014 - 2015 $3,200
Fiscal Year 2015 - 2016 $3,200
Fiscal Year 2016 - 2017 $3,200
TOTAL $19,200

Or payable over a time period and at annual amounts as determined by the State of Florida in its approval of Confidential Project No. 11-00375 application, as long as the $19,200 is not exceeded with the provision that any tax abatement granted to Confidential Project No. 11-00375, under Florida Statute 196.1995, reduces any QTI tax refund by the amount of any such abatement granted, in compliance with Florida Statute 288.106(6)(d); the County’s funds will be paid to the Florida Economic Development Trust Fund with the stipulation that these funds are intended to represent the “local financial support” required by Florida Statute 288.106 for Confidential Project No. 11-00375 in compliance with the QTI Program, including the requirement that at least ten (10) jobs be created.
The necessary commitment of local financial support shall be contingent on Confidential Project No. 11-00375 maintaining the jobs during the life of the incentive and ensuring that its hiring practices are consistent with and reflect the diversity of the Miami-Dade County community.

HEADER
Date:

To: Honorable Chairman Joe A. Martinez
and Members, Board of County Commissioners

From: Alina T. Hudak
County Manager

Subject: Resolution Approving Qualified Target Industry Tax Refund for Confidential Project 11-00375

STAFF RECOMMENDATION
The Beacon Council, on behalf of a firm that requests confidentiality, has submitted an application for economic development incentives from the State of Florida (State) and Miami-Dade County that require approval from the Board of County Commissioners (BCC). It is recommended that the BCC approve the attached resolution authorizing Confidential Project 11-00375 to be recognized by the State as a Qualified Target Industry (QTI) business and entitled to the financial benefits afforded under the QTI tax refund program.

The attached documents relating to the application of a tax refund under the Florida QTI business incentive program pursuant to Florida Statutes Section 288.106 have been prepared by The Beacon Council and reviewed by the County’s Office of Economic Development and International Trade (OEDIT).

The anticipated dates for job creation and disbursement of incentive awards are set forth in the Resolution but are subject to change at the direction of the County Mayor or the County Mayor’s designee.

MANAGER'S BACKGROUND
Scope
The business operations of this project will create 16 new jobs that will primarily impact Commission District 12, but also will have a positive countywide impact through indirect employment and multiplier effect.

This business is considering the acquisition and remodeling/renovation of a 12,500 square foot existing building in Miami-Dade County to establish its North American research and development center and regional headquarters. The business is also considering San Diego, CA and Los Angeles, CA as potential locations for this expansion.

Fiscal Impact / Funding Source
Confidential Project 11-00375 has applied for a total of $96,000 in QTI funds, of which 80 percent ($76,800) would be provided by the State. If the accompanying resolution is approved by the BCC, the County is committed to provide an award of no greater than $19,200 (or $1,200 per new job) in matching funds from countywide general fund revenues over a six-year period beginning in FY 2011-2012.

Track Record/Monitor
QTI funds awarded for job creation are provided on a matching basis upon the State invoicing the County for jobs created and verified by the State. The State effectively monitors the creation of the QTI jobs and provides such information to the County. The County’s matching funds are distributed only if the applicant complies with the commitment to create the number of new jobs indicated in the accompanying QTI application (Attachment to the General Project Overview) and all other conditions of this incentive program. QTI incentive payments are contingent upon the company meeting its target of additional jobs. In the event the company is unable to attain the employment targets specified in the application, it may be entitled to receive a prorated amount of incentive payments for the additional employment positions it was able to achieve.

Economic Impact Overview
The business was founded in the early 1990’s in China and is a leading developer, manufacturer and marketer of medical devices worldwide. The business currently has over 6,000 employees worldwide with offices in Asia, South America, North America, and Europe. The business’ North American headquarters is located in the northern United States and has over 500 employees. The business plans to establish a research center closer to the end-user focused on applied research and product development in the field of advanced in-vitro diagnostics, scientific instrumentation, and medical devices.

Confidential Project 11-00375 would be a new biomedical technology research and development company (NAICS Code # 541710) in Miami-Dade County that is seeking to establish and expand its regional headquarters and research and development operations. The business would employ 16 new workers at its Miami-Dade County facility paying an average annual salary of $70,000, which is equivalent to 161 percent of the average wage in Miami-Dade County. Employee benefits associated with each new job created will be $25,000, according to documents submitted by The Beacon Council.

If approved, the business plans to include an investment of $1.4 million, of which $300,000 is allocated to construction/renovation, $200,000 to manufacturing equipment, $500,000 to research and development equipment, and $400,000 to other equipment.

The Beacon Council projects that the $1.4 million in direct investment by the company and the local economic impact from operations will generate nearly $24,443 in countywide general fund revenues to Miami-Dade County over the six years the company is eligible for QTI cash incentives.

Attachments


_______________________________
J.A. Ojeda, Jr., Executive Director
Office of Economic Development and International Trade



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