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County Administrator's Report 12. 35.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	05/07/2020
Issue: Economic Development Incentive Fund Payment to Navy Federal Credit Union Greater Pensacola Operations
From:	Janice Gilley
Department:	County Administrator's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Economic Development Incentive Fund Payment to Navy Federal Credit Union Greater Pensacola Operations - Janice P. Gilley, County Administrator

That the Board approve payment to Navy Federal Credit Union Greater Pensacola Operations, in the amount of $1,000,000, for Economic Development Incentives as set out in the Economic Development Incentive Fund Program Agreement between Escambia County and Navy Federal Credit Union.

BACKGROUND:

The Economic Development Incentive Fund Program Agreement was entered into by Navy Federal Credit Union on December 10, 2015, providing for the payment of funds from the Economic Development Incentive Fund, for achieving gains in the local economy by their business activity in 2019 - 2020.

BUDGETARY IMPACT:

Funding: Fund 102, Economic Development

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

This Recommendation is consistent with County Ordinance, Chapter 46, Article II, Purchase and Contracts.

IMPLEMENTATION/COORDINATION:

Upon Board approval, the Purchase Order will be issued by the Office of Purchasing to provide for payment of the funds per the Agreement.

Attachments
Board Minutes 2015 Navy Federal EDATE
2015 Navy Federal EDATE Agreement
Navy Federal Invoice 2019_2020