Agenda

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County Administrator's Report 16. 31.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	12/10/2015
Issue: Economic Development Incentive Fund Program Agreement - Navy Federal Credit Union
From:	Jack Brown
Department:	County Administrator's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning an Economic Development Incentive Fund Program Agreement with Navy Federal Credit Union - Jack R. Brown, County Administrator

That the Board approve the Economic Development Incentive Fund Program Agreement between Escambia County and Navy Federal Credit Union (COMPANY), to award COMPANY an economic development incentive Grant, subject to compliance with the Award Conditions and corresponding duties set forth in the Agreement, in order to provide project funding for job creation and capital improvements for the expansion of COMPANY'S Heritage Oaks Campus located at 5550 Heritage Oaks Drive in Escambia County, effective when executed by all parties to the Agreement and filed in the Office of the Clerk of the Circuit Court of Escambia County, Florida, and continuing without interruption through three years after the Project Completion Date of December 31, 2026, unless the COMPANY elects to extend the Agreement for an additional one year period.

[Funding Source: To be determined]

BACKGROUND:

The County by adoption of Ordinance Number 2009-13 has the power to provide economic incentives to induce private business enterprises to locate and/or expand in Escambia County. The County has indicated a willingness and desire to maintain a stable economy by retaining, attracting, and providing favorable conditions for the growth of qualified business enterprises with above average salaries. It has been determined that Navy Federal Credit Union currently meets the qualification criteria established in Ordinance Number 2009-13 and qualifies for economic development incentives.

BUDGETARY IMPACT:

Funding Source: To be determined.

LEGAL CONSIDERATIONS/SIGN-OFF:

Kristin Hual, Assistant County Attorney, has reviewed and approved the Agreement.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Agreement