Agenda

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County Administrator's Report 10. 38.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	09/22/2016
Issue: City of Pensacola Second Draw for VT Mobile Aerospace Interlocal Agreement
From:	Amy Lovoy
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning City of Pensacola's Request for Second Draw of Interlocal Agreement Concerning VT Mobile Aerospace Engineering - Amy Lovoy, Assistant County Administrator

That the Board approve the second draw request from the City of Pensacola, in the amount of $2,000,000, per the Interlocal Agreement with Escambia County for the VT Mobile Aerospace Engineering project. The Board approved the Interlocal Agreement on March 6, 2014, with a commitment of $8,000,000 from Escambia County towards the project.

[Funding Source: Fund 352, Local Option Sales Tax III, Cost Center 110267 - $2,000,000]

BACKGROUND:

The Board approved an Interlocal Agreement with the City of Pensacola on March 6, 2014 for the project at the Pensacola International Airport, formerly known as "Project Stallion". The City of Pensacola received the first $2,000,000 draw in September 2014, with the execution of the real property lease with VT Mobile Aerospace Engineering, as per the terms of the Interlocal Agreement. The second draw request is based on documented project costs, also as per the terms of the agreement. A copy of the executed agreement and the City's invoice with project transaction analysis spreadsheet are attached to the recommendation.

BUDGETARY IMPACT:

Funding is available in Local Option Sales Tax III Fund 352, Cost Center 110267.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Interlocal Agreement with City of Pensacola for VT Aerospace
City of Pensacola Invoice with Project Costs Spreadsheet