1 / 6

Solar Products Manufacturing Project: Economic Development Incentive Agreement

This project involves the development and manufacture of thermal/electric solar products, with 180 primary jobs and $49 million investment over 3 years. It is a high-tech startup with state and local incentives playing a crucial role. The agreement includes tax abatements and a local job incentive based on a 10-year schedule, along with waivers and expedited permits. Skilled job relocation cost reimbursement is offered to employees relocating from outside Flagler County, promoting economic growth and job creation.

naumann
Download Presentation

Solar Products Manufacturing Project: Economic Development Incentive Agreement

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Project Iceman Economic Development Incentive Agreement

  2. Background • Company to Develop and Manufacture/Assemble Thermal/Electric Solar Products • Essentially Start Up Company with Multiple Equity Investors • Looking at Palm Coast and other Locations • Plans to Create 180 Primary Jobs and Invest over $49 Million in Next 3 Years • High Technology, Research/Development, and Manufacturing/Assembly • Above Flagler County Average Annual Wage • State and Local Incentives Crucial to Location Decision

  3. State Incentives • Enterprise Flagler Pursing State Incentive Package • Qualified Target Industry Tax Credit • City Council Approved Resolution on November 16, 2010 • Waiver of Local Match (Rural County) • State Incentives are Performance Based

  4. Local Incentives • Tax Abatement for Local Jobs • 10 Year Schedule • Formula Based on Number of Local Employees Fiscal YearPercentage for Each JobMaximum 2010/2011 1.667% 100% 2011/2012 0.715% 100% 2012/2013 0.556% 100% 2013/2014 0.556% 100% 2014/2015 0.473% 85% 2015/2016 0.389% 70% 2016/2017 0.306% 55% 2017/2018 0.223% 40% 2018/2019 0.112% 20% 2019/2020 0.056% 10%

  5. Local Incentives • 90% Discount on Building Permit Fees • Skilled Job Relocation Cost Reimbursement • 50% of Actual Costs, Not-to-Exceed $1,500 per Employee • Must Relocate from Outside Flagler County • Annual Wage must exceed 200% of Flagler County Annual Wage • Limited to Twenty (20) Employees • Expedite Permitting • Possible Future Agreements to Promote Products

  6. Project Iceman Economic Development Incentive Agreement

More Related