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County Administrator's Report 16. 3.

BCC Regular Meeting

Technical/Public Service Consent

Meeting Date:	12/11/2014
Issue: Resolution Establishing Intent of Support for Daily Convo, LLC
From:	Jack Brown
Department:	County Administrator's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning a Resolution of Support of Daily Convo, LLC - Jack Brown, County Administrator

That the Board take the following action concerning Economic Development Incentives for Daily Convo, LLC, 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 Daily Convo, LLC for up to 10 years; and

B. Authorize the Chairman to execute the Resolution.

BACKGROUND:

The prospective new business will be located in a designated Enterprise Zone. The proposed $50 million dollar project would transform an entire city block, the former location of the Pensacola News Journal, into a mixed-use project with up to 300 apartments and space for rental offices and retail outlets.

The new business will include significant capital investment, as well as partial public use of a multi-story car parking deck with up to 500 spaces. The project will encompass the removal of a large blighted industrial building and will include construction of much needed urban high density workforce housing as well as creation of new jobs from retail and commercial businesses.

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. The County Attorney’s Office has been in contact with counsel for the applicant and the Department of Revenue and will discuss specific concerns related to the proposed EDATE during the board meeting.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Resolution