Miami-Dade Legislative Item
File Number: 121484
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File Number: 121484 File Type: Resolution Status: Adopted
Version: 0 Reference: R-652-12 Control: Board of County Commissioners
File Name: TARGETED JOBS INCENTIVE FUND PROGRAM-PROJECT VISION Introduced: 7/16/2012
Requester: Regulatory and Economic Resources Cost: Final Action: 7/17/2012
Agenda Date: 7/17/2012 Agenda Item Number: 14A6
Notes: Title: RESOLUTION APPROVING CONFIDENTIAL PROJECT VISION AS A TARGETED JOBS INCENTIVE FUND PROGRAM BUSINESS PURSUANT TO THE CODE OF MIAMI-DADE COUNTY, FLORIDA, CHAPTER 2, ARTICLE LXXXVI, AS MODIFIED BY ORDINANCE NO. 11-08; CONFIRMING THAT THE COMMITMENT OF INCENTIVE AWARDS FOR CONFIDENTIAL PROJECT VISION EXISTS; PROVIDING AN APPROPRIATION OF UP TO $3,500,000 FROM GENERAL REVENUE FUNDS FOR FISCAL YEARS 2012-2013 THROUGH 2017-2018 WITH THE PROVISION THAT ANY TAX INCENTIVE GRANTED TO CONFIDENTIAL PROJECT VISION UNDER FLORIDA STATUTE 196.1995 REDUCES ANY TARGETED JOBS INCENTIVE FUNDS AWARD TO CONFIDENTIAL PROJECT VISION BY THE AMOUNT OF ANY SUCH TAX ABATEMENT GRANTED; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO MAKE NON-SUBSTANTIVE MODIFICATIONS OR TO MODIFY THE JOB CREATION AND DISBURSEMENT DATES TIMELINE, AND TO EXECUTE ALL CONTRACTS, AGREEMENTS AND AMENDMENTS, AND PROVIDING FOR AN EFFECTIVE DATE
Indexes: TARGETED JOBS INCENTIVE FUND PROGRAM
Sponsors: Jose "Pepe" Diaz, Prime 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 7/17/2012 14A6 Adopted P

Office of the Chairperson 7/16/2012 Additions

County Attorney 7/16/2012 Assigned Brenda Kuhns Neuman

County Mayor 7/16/2012 Assigned County Attorney 7/17/2012
REPORT: RER-CAO-Brenda Neuman (No committee review needed)

County Mayor 7/16/2012 Assigned Jack Osterholt

Legislative Text


TITLE
RESOLUTION APPROVING CONFIDENTIAL PROJECT VISION AS A TARGETED JOBS INCENTIVE FUND PROGRAM BUSINESS PURSUANT TO THE CODE OF MIAMI-DADE COUNTY, FLORIDA, CHAPTER 2, ARTICLE LXXXVI, AS MODIFIED BY ORDINANCE NO. 11-08; CONFIRMING THAT THE COMMITMENT OF INCENTIVE AWARDS FOR CONFIDENTIAL PROJECT VISION EXISTS; PROVIDING AN APPROPRIATION OF UP TO $3,500,000 FROM GENERAL REVENUE FUNDS FOR FISCAL YEARS 2012-2013 THROUGH 2017-2018 WITH THE PROVISION THAT ANY TAX INCENTIVE GRANTED TO CONFIDENTIAL PROJECT VISION UNDER FLORIDA STATUTE 196.1995 REDUCES ANY TARGETED JOBS INCENTIVE FUNDS AWARD TO CONFIDENTIAL PROJECT VISION BY THE AMOUNT OF ANY SUCH TAX ABATEMENT GRANTED; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR’S DESIGNEE TO MAKE NON-SUBSTANTIVE MODIFICATIONS OR TO MODIFY THE JOB CREATION AND DISBURSEMENT DATES TIMELINE, AND TO 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, Targeted Job Incentive Fund (TJIF) Confidential Project Vision report, and Application and Agreement for Targeted Jobs Incentive Fund (TJIF), copies of which are incorporated herein by reference; and

WHEREAS, Confidential Project Vision qualifies as a target industry business under the revised TJIF Ordinance (Article LXXXVI, as amended by Ordinance No. 11-08),

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 authorizes the County Mayor or County Mayor’s designee to execute the Application and Agreement for Targeted Jobs Incentive Fund (TJIF) between Miami-Dade County and Confidential Project Vision, as a targeted jobs incentive fund program business pursuant to the Code of Miami-Dade County, Florida, Chapter 2, Article LXXXVI, as modified by Ordinance No. 11-08, and further authorizes the County Mayor or County Mayor’s designee to make non-substantive modifications, including modifications to the job creation and disbursement dates timeliness, and to execute all contracts, agreements, and amendments necessary to further the purposes set forth in this resolution. The Board further adopts and ratifies the matters set forth the foregoing recitals.

The commitment of incentive awards for Confidential Project Vision exists in an amount not to exceed $3,500,000 from General Revenue Funds, and is conditioned on and subject to specific annual appropriations by the Board in the following increments:

Fiscal Year 2014-2015 $500,000
Fiscal Year 2015-2016 $500,000
Fiscal Year 2016-2017 $500,000
Fiscal Year 2017-2018 $500,000
Fiscal Year 2018-2019 $500,000
Fiscal Year 2019-2020 $500,000
Fiscal Year 2020-2021 $500,000
TOTAL $3,500,000

with the provision that any tax abatement granted to Confidential Project Vision under Florida Statute 196.1995 reduces any TJIF incentive award granted by the amount of any such tax abatement granted, and will be paid to Confidential Project Vision with the stipulation that Confidential Project Vision is in compliance with the TJIF program as set forth in the TJIF Ordinance, including but not limited to the requirement that at least ten (10) jobs be created. In no event shall this resolution operate to obligate the County to make disbursements to Confidential Project Vision in an amount that contradicts or violates the program requirements as set forth in the TJIF Ordinance.

The commitment of incentive awards shall be contingent on Confidential Project Vision 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. Confidential Project Vision also agrees to a “good faith” effort to hire, to the maximum extent, residents from Miami-Dade County.

HEADER

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

From: Carlos A. Gimenez
Mayor

Subject: Resolution Approving Targeted Jobs Incentive Fund Tax Refund for Confidential Project Vision
..Recommendation
Confidential Project Vision has submitted an application to the Beacon Council under the Targeted Jobs Incentive Fund (TJIF) Ordinance, Article LXXXVI of the Miami-Dade County Code of Ordinances. Confidential Project Vision is the location of a new digital media headquarters operation that will co-locate with and expand an existing Miami-Dade County-based digital media company. It is recommended that the Board of County Commissioners (Board) approve the request to participate in the TJIF Program.

Scope
The business operations of the project will create 346 new jobs that will primarily affect Commission District 12; however, the overall economic impacts will benefit the entire County through economic multiplier effects.

Fiscal Impact / Funding Source
The County uses general revenues to fund this incentive. Based on the conditions set forth in the TJIF Ordinance, Confidential Project Vision is eligible for $3,500,000 in TJIF assistance to be paid over a seven-year period based on the capital investment stated in its application. However, County staff is also projecting approximately $5,644,000 in additional general fund revenues to the County from the capital investment commitment as stated in the company’s TJIF application. Based on these projections, this incentive would yield a net positive fiscal impact of $2,144,000 to the Countywide General Fund over seven years.

The actual disbursement of the TJIF award is contingent upon verifying creation of the new jobs and the capital investment of the project appearing on the tax roll. The TJIF award for Confidential Project Vision may equal up to 1.70 percent of the total real property capital investment and 1.15 percent of the tangible personal property capital investment and remain in accordance with the TJIF program. The disbursement of the TJIF award is capped at the incremental general fund County taxes actually generated by Confidential Project Vision. This resolution commits funds to Confidential Project Vision at a lesser percentage of real property capital investment and tangible personal property capital investment than those allowed by the program.

Track Record/Monitor
The TJIF program specifies that a Board-approved TJIF project generally must create at least 10 new jobs, retain those jobs for at least three (3) years, and make at least a $3 million capital investment to receive the incentive. This project is promising to make a capital investment of $274,520,000 and create 346 new jobs.

Staff from the Economic Development and International Trade Unit (EDIT) of the Business Affairs division of the Department of Regulatory and Economic Resources, upon the company’s request for incentive payment, will verify that it has met the required number of new jobs created, at the required wage rate and in accordance with the TJIF agreement. Staff will also confirm that the ad valorem and/or the tangible personal property taxes are sufficient to cover the TJIF payment.

BODY
Confidential Project Vision is a television broadcasting/digital media company (NAICS Code #51512) currently located in Commission District 12 of Miami-Dade County. The company currently employs 137 workers at its Miami-Dade facility and is committing to create an additional 346 jobs over a four-year period as a condition to the disbursement of the TJIF award, in addition to retaining 137 existing jobs based in Miami-Dade County.

The company agrees as a condition of the TJIF award that the 346 new workers hired will have an average annual salary of $81,110 (excluding benefits). Project Vision will add an additional 150,000 SF commercial space and will also generate a number of indirect jobs resulting from the company’s local purchases of goods and services, as well as consumer spending from labor income directly or indirectly earned from its business activities.

The Beacon Council, on behalf of Confidential Project Vision, has submitted an application for economic development incentives from Miami-Dade County that requires approval from the Board. It is recommended that the Board approve the attached resolution authorizing Confidential Project Vision to receive economic incentives from the TJIF program as set forth in the Miami-Dade County Code of Ordinances, Chapter 2, Article LXXXVI, Sections 2-1251 through 2-1260 (the “TJIF Ordinance”) in an amount not to exceed $3,500,000 over a seven-year payout period.

Revisions to the TJIF Ordinance were approved by the Board on February 1, 2011 (Ordinance #11-08). The analysis of Project Vision and calculation of eligible incentive award are based on the formula approved by the Board.

The anticipated dates for job creation and incentive award disbursements are set forth in the resolution but are subject to change upon the approval of the County Mayor or the County Mayor’s designee so long as they remain consistent with the TJIF Ordinance.

The attached documents relating to the application of the incentive have been prepared by The Beacon Council and reviewed by the Business Affairs Division of the Department of Regulatory and Economic Resources.

The business is also considering Houston, TX; Los Angeles, CA; and New York, NY as alternative locations.




_______________________________
Jack Osterholt, Deputy Mayor



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