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County Administrator's Report 14. 11.

BCC Regular Meeting

Technical/Public Service Consent

Meeting Date:	06/10/2013
Issue: Resolution Establishing Intent of Support for NFCU Phase I
From:	Larry Newsom
Department:	County Administrator's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning a Resolution of Support of Navy Federal Credit Union Phase I Expansion - George Touart, Interim County Administrator

That the Board take the following action concerning Economic Development Incentives for Navy Federal Credit Union (NFCU) Phase I Expansion, an economic development prospect:

A. Adopt a Resolution establishing the Board's intent to adopt an Ordinance for an Economic Development Ad Valorem Tax Exemption (EDATE) for Navy Federal Credit Union (NFCU) Phase I Expansion for up to 10 years; and

B. Authorize the Chairman to execute the Resolution.

BACKGROUND:

Navy Federal Credit Union (NFCU) is an expanding business that is considering Escambia County as the location for a major capital investment. NFCU’s proposed expansion will provide up to 1,500 additional full-time jobs with an average annual salary of $44,082.00, plus benefits valued at $16,325.00.

NFCU proposed expansion will invest an additional $200,000,000 to design, develop, construct and equip two multi-story office buildings and a central energy plant totaling approximately 342,000 square feet. NFCU’s proposed expansion will bring the total office space to nearly 950,000 square feet and, when fully staffed, have a workforce of over 4,600 and an annual payroll of more than $200 million.

BUDGETARY IMPACT:

The Property Appraiser's Office will estimate the loss of revenue.

LEGAL CONSIDERATIONS/SIGN-OFF:

The Resolution was reviewed by the County Attorney's Office for form and legal sufficiency.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
NFCU Phase 1 Resolution