Agenda

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County Administrator's Report 10. 26.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	10/08/2015
Issue: Purchase Agreement to Sell the County's Brownfield's Voluntary Cleanup Tax Credits
From:	Tonya Gant
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Purchase Agreement to Sell the County's Brownfields Voluntary Cleanup Tax Credits to USAmeriBank - Tonya Gant, Neighborhood & Human Services Department Director

That the Board take the following action concerning the County's Brownfields Voluntary Cleanup Tax Credits:

A. Approve the Purchase Agreement for State Tax Credits to sell the County's Brownfields Voluntary Cleanup Tax Credits to USAmeriBank, a Florida Corporation; and

B. Authorize the Chairman to execute all related documents.

[Funding Source: All funds will be deposited in Fund 129, CDBG Entitlement]

BACKGROUND:

Environmental Site Cleanup and Remediation at the Former Escambia County Mosquito Control Facility, located at 603 West Romana Street, is an ongoing project since 2005. Environmental assessment and remediation activity expenses have totaled $839,510.62 since the last sale of credits (8/9/2012), all of which have been funded through the CDBG HUD Funding mechanism of the County. The County is eligible to apply annually for reimbursement of fifty percent of expenses in the form of tax credits through the Florida Department of Environmental Protection (FDEP) Voluntary Cleanup Tax Credit Program(VCTC). The Tax Credit can be transferable one time via either and assignment or sale of the credits. The proceeds of the sale must be returned to the HUD CDBG eligible activities in keeping with the original purpose of the expenditures (24 CFR Part 570.504). On October 6th, 2011, Board meeting the Board authorized the Community Redevelopment Agency (CRA) to retain the Tax Brokerage Firm to facilitate the sale of future credits.

BUDGETARY IMPACT:

All funds will be deposited in Fund 129, CDBG Entitlement

LEGAL CONSIDERATIONS/SIGN-OFF:

The County Attorney office has approved and signed the Original Purchase Agreements as to form and legal sufficiency.

PERSONNEL:

Neighborhood & Human Service Department/CRA (NHS/CRA) staff will coordinate all tasks

POLICY/REQUIREMENT FOR BOARD ACTION:

Board approval is required for all contractual signatures. This recommendation is consistent with County policies and procedures.

IMPLEMENTATION/COORDINATION:

NHS/CRA staff shall execute and deliver all documents and perform further necessary sctions to complete the contract and sale.

Attachments
VCTC Sales Contract Oct2015