Agenda Item Name:
Title
Resolution in support of Pressure Technology for participation in the Qualified Target Industry (QTI) Program
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Presenter:
Edgar Campa-Palafox, 352-264-6908
Description:
Pressure Technology Inc. is proposing an expansion in Alachua County, and is requesting the BoCC to consider its application to participate in the QTI Program.
Recommended Action:
Recommended Action
Approve the Resolution supporting Pressure Technology participation in the QTI Program and 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 Pressure Technology could receive is $7,500 payable over of 6 years, anticipated to begin FY 2022. The fiscal impact to FY2022 is $1,375.
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Background:
Pressure Technology Inc. is proposing an expansion in its operation to a new site within City of Alachua/Alachua County. The company is expecting to hire 15 employees anticipated to begin hiring in FY2022 with an average annual compensation of $60,000 per year, $11,000 in benefits, and to make a capital investment of $8,520,000 over the next three years. The company is requesting the BoCC to consider its application to participate the QTI Program. As the company is proposing to expand within the municipal boundaries of the City of Alachua, the County will pay 50 percent of the local match, representing 10 percent of the total incentive package. The company total QTI support is expected to be $75,000. The State of Florida share is $60,000. Alachua County and the City of Alachua local match are expected to be $7,500 each (10 percent each), payable over 6 years. The QTI program is a performance-based tax refund program by the state of Florida that seeks to incentivize and encourage the creation of high wage jobs in targeted high valued-added industries.