Agenda

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County Administrator's Report 11. 7.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/18/2018
Issue: 2017 FDEP Voluntary Cleanup Tax Credit Application and Affidavit for County-owned Property Located at 603 West Romana Street
From:	Chips Kirschenfeld
Department:	Natural Resources
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the 2017 Department of Environmental Protection Voluntary Cleanup Tax Credit Application and Affidavit for County-Owned Property at 603 West Romana Street - J. Taylor "Chips" Kirschenfeld, Director, Department of Natural Resources Management

That the Board approve and authorize the Chairman to sign the 2017 Department of Environmental Protection Voluntary Cleanup Tax Credit Application and Affidavit for County-owned property at 603 West Romana Street.

[Funding Source: In the event of monetary gain, funds will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields]

BACKGROUND:

Environmental Site Cleanup and Remediation at the former Escambia County Mosquito Control facility located at 603 West Romana Street are ongoing expenditures totaling $106,728.52 for the year 2017. The County is eligible to apply for tax credits through the FDEP VCTC Program. This program allows entities and/or individuals to recover certain expenses incurred in the voluntary execution of site assessment/remediation for hazardous materials in the form of tax credits issued by the Florida Department of Revenue through the FDEP. Escambia County is eligible to receive $53,364.26 in tax credits for 2017.

The VCTC is a State Economic Development Tax Incentive designed to be used against the Florida Corporate Tax liabilities. The State allows the tax credits to be transferred to another entity one time during the life of the instrument, i.e., through the sale of the individual instrument or by assigning the credits to another entity within five (5) years of the credit issuance.

BUDGETARY IMPACT:

In the event of monetary gain, funds from the sale of the tax credits will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields.

LEGAL CONSIDERATIONS/SIGN-OFF:

Legal consideration is not required for this recommendation.

PERSONNEL:

Neighborhood & Human Services Department/Community Redevelopment Agency (NHS/CRA) staff will coordinate all tasks.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board approval is required for submittal of applications.

IMPLEMENTATION/COORDINATION:

NHS/CRA Staff, in coordination with the FDEP, shall execute and deliver all documents and perform further actions necessary to complete the application.

Attachments
2017 VCTC Application-n-Affidavit