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County Administrator's Report 10. 19.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	09/21/2017
Issue: City of Pensacola Third Draw for VT Mobile Aerospace Interlocal Agreement
From:	Amy Lovoy
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

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

That the Board approve the third draw request from the City of Pensacola, in the amount of $2,000,000, per the Interlocal Agreement between Escambia County and the City of Pensacola 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 was approved by the Board on December 8, 2016. The third 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 for VT Aerospace
Invoice with Project Costs