SUBJECT:
Title
Request Approval of Request by Wells Pharmaceutical Outsourcing, LLC to Exercise a One-Time Option to Extend the Job Creation Schedule, the Tax Refund Schedule, the Job Maintenance Period, and the Expiration Date Related to the Qualified Target Industry (QTI) Tax Refund Agreement Between the Division of Strategic Business Development (DSBD) of the Florida Department of Economic Opportunity and Wells Pharmaceutical Outsourcing, LLC by Twelve (12) Months (Budget Impact - None)
Body
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INITIATOR: |
DEPARTMENT: |
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Jeannie Rickman, CPM Public Services Assistant County Administrator |
Administration |
DESCRIPTION/BACKGROUND:
On September 14, 2018, Marion County entered into an Economic Development Financial Incentive Grant (EDFIG) agreement with Wells Pharmaceutical Outsourcing, LLC (Wells). The County grant includes a QTI Match Grant program through the Department of Economic Opportunity (DEO).
On October 30, 2020, to DEO, (letter attached), Wells requested to exercise a one-time option to extend the job creation schedule, tax refund schedule, job maintenance period and expiration date by twelve (12) months.
Section 6 of the QTI agreement provides that upon written notice of the Company’s intention to exercise the Option, the exercise of the Option shall not be effective unless and until DSBD receives a letter from the body or bodies, providing any local financial support consenting to the exercise of the Option, in a format as “Local Financial Support
Consent”.
Upon DSBD’s receipt of an Exercise Notice and any Local Financial Support Consent, the exercise of the Option shall be irrevocable and, once exercised, the Option shall terminate. In the event that the Company exercises the Option, all scheduled tax refunds to be paid after the effective date of the exercise of the Option in accordance with the Tax Refund Schedule by DEO shall be reduced by five percent (5%) of the applicable scheduled tax refund.
Staff is recommending approval to allow Wells to exercise the one-time option, as requested.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to Approve and authorize Chair to execute Notice of Local Financial Support Consent for Wells Pharmaceutical Outsourcing, LLC to exercise the one-time option under the QTI Agreement to extend the Job Creation Schedule, the Tax Refund Schedule, the Job Maintenance Period, and the Expiration Date by twelve (12) months.
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