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County Administrator's Report 13. 3.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/21/2016
Issue: Voluntary Cleanup Tax Credit Application for Mahogany Mill Boat Ramp Facility
From:	Tonya Gant
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Voluntary Cleanup Tax Credit Application for Mahogany Mill Boat Ramp Facility - Tonya Gant, Neighborhood & Human Services Department Director

That the Board that the following action concerning the Escambia County 2015 Voluntary Cleanup Tax Credit Application and Affidavit for the Mahogany Mill Boat Ramp Facility:

A. Approve the Application to the Florida Department of Environmental Protection (FDEP) for the Escambia County 2015 Voluntary Cleanup Tax Credit (VCTC) Application and Affidavit; and

B. Authorize the Chairman to sign the Application and all related documents.

[Funding Source: In the event of monetary gain, funds will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields]

BACKGROUND:

Environmental site cleanup and remediation at the Escambia County Mahogany Mill Boat Ramp Facility is now complete. The total amount for the cleanup was $203,900.00. The County is eligible to apply for tax credits through the FDEP VCTC Program. This program allows entities and/or individuals to recover certain expenses incurred in the voluntary execution of assessment/remediation for hazardous materials in the form of tax credits issued by the Florida Department of Revenue through the FDEP. Escambia County is eligible to receive $50,975.00 in tax credits.

The VCTC is a State Economic Development Tax Incentive designed to be used against the Florida Corporate Tax liabilities. The State allows the tax credits to be transferred to another entity one time during the life of the instrument., i.e. through the sale of the individuial instrument or by assigning the credits to another entity.

BUDGETARY IMPACT:

In the event of monetary gain, funds from the sale of the tax credits will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields.

LEGAL CONSIDERATIONS/SIGN-OFF:

No Legal consideration is required for this recommendation.

PERSONNEL:

Neighborhood & Human Services Department/Community Redevelopment Agency (NHS/CRA) staff will coordinate all tasks.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board approval is required for submittal of all applications.

IMPLEMENTATION/COORDINATION:

NHS/CRA staff, in coordination with the FDEP, shall execute and deliver all documents and perform further actions necessary to complete the application.

Attachments
2015 VCTC App_SRCO
SRCO