Agenda Item Name:
Title
Resolution in support of Brightmark LLC for participation in the Qualified Target Industry (QTI) Program
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Presenter:
Edgar Campa-Palafox, 352-264-6908
Description:
Brightmark LLC is proposing an expansion inside a municipality in Alachua County, and is requesting the BoCC to consider its application to participate in the QTI Program.
Recommended Action:
Recommended Action
Consider the resolutions supporting Brightmark LLC participation in the QTI Program, and if approve, authorize the Chair's Signature
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Prior Board Motions:
N/A
Fiscal Consideration:
Fiscal Consideration
No fiscal impact to FY2020. The total amount of QTI tax refunds that Brightmark LLC can receive is $176,000 payable over of 6 years, anticipated to begin in FY 2023. The fiscal impact to FY2023 is $11,125
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Background:
Brightmark LLC is a manufacturing company that converts commingle recycled plastic into fuel, and is proposing an expansion in its operation to a new site in Alachua County. The company is considering two potential locations as alternatives to locate operations in the region. One of the potential sites is located inside the municipal boundaries of City of Alachua. The other site being considered is inside the municipal boundaries of City of Hawthorne.
Brightmark LLC is expecting to hire 352 employees anticipated to begin hiring in FY2024 with an average annual compensation of $41,870 per year, and $3,065 in benefits. The company is projecting to make a capital investment of $600 million over the next 3 years, starting in calendar year 2021.
The company is requesting the BoCC to consider its application to participate the Qualified Target Industry (QTI) Tax Refund Program. The QTI Tax Refund program is a performance-based tool available to Florida communities to encourage quality job growth in targeted high value-added businesses. If approved, the applicant may receive refunds on the taxes it pays. This includes corporate i...
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