SUBJECT:
Title
Request Approval of Extension of Performance Period and Amendment to Qualified Target Industry (QTI) Tax Refund Agreement with Wells Pharmaceutical Outsourcing, LLC (Budget Impact - None)
Body
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INITIATOR: |
DEPARTMENT: |
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Jeannie Rickman, Assistant County Administrator Public Services |
Administration |
DESCRIPTION/BACKGROUND:
On December 15, 2020 the Board consented to Wells Pharmaceutical Outsourcing, LLC (Wells) exercising its Push Option to extend the Job Creation Schedule, Tax Refund Schedule, and Job Maintenance Period, and the Expiration Date by twelve (12) months.
Wells is now seeking an additional extension of its performance period and amendment to the QTI due to the economic impacts suffered related to COVID-19, including a delay in starting operations. They are scheduled to begin operations in the second quarter of 2021.
Staff is recommending approval to allow Wells to extend its performance period, to be determined by the Florida Department of Economic Opportunity (DEO).
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve extension and amendment to the QTI agreement and authorize Chair to execute Notice of Local Financial Support Consent for Wells Pharmaceutical Outsourcing, LLC.
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