Subject:
Title
Florida Department of Environmental Protection applications for Brownfield Voluntary Cleanup Tax Credit incentives for three Brownfield sites owned by the County: former Dansville Central Landfill, former 126th Avenue North Landfill, and former Zero Corporation located at 14591 49th Street North.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the three Applicant Certification Affidavits with Florida Department of Environmental Protection (FDEP) for a Voluntary Cleanup Tax Credit (VCTC) incentive for the former Dansville Central Landfill, former 126th Avenue North Landfill, and former Zero Corporation located at 14591 49th Street North.
• FDEP provides a Brownfield tax credit incentive for voluntary cleanup of contaminated sites.
• County executed Brownfield Site Rehabilitation Agreements with FDEP exist for the cleanup of each of the three (3) sites.
• The three (3) VCTC applications support $81,943.63 in tax credits based on a total site rehabilitation cost of $163,887.25.
• Tax credits will be sold on the open market. After broker fees, anticipated net revenue from the sales is $73,749.27.
• Revenue from the sale of the tax credits will reimburse the County fund from the which the cleanup expenditures were charged and already paid.
• Applications are due by January 30, 2024.
2023 Voluntary Cleanup Tax Credit Applications for three (3) Brownfield sites; in the amount of $81,943.63; County Administrator to sign Affidavits for each Application.
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Strategic Plan:
Practice Superior Environmental Stewardship
3.3 Protect and improve the quality of our water, air, and other natural resources
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need it the most
4.3 Catalyze redevelopment through planning and regulatory programs
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
Summary:
Execution and submittal of the VCTC applications allows the County to take advantage of the VCTC incentive resulting from site rehabilitation activities. The County is eligible for a fifty percent (50%) tax credit of eligible site rehabilitation expenses spent in calendar year 2023, upon approval by the FDEP. The three (3) Applications support a net $81,943.63 tax credit for total site rehabilitation costs of $163,887.25. Sale of these tax credits are anticipated to generate $73,749.27, after broker fees have been deducted.
Background/Explanation:
The County executed Brownfield Site Rehabilitation Agreement with FDEP on June 24, 2010, for the former Dansville Central Landfill, December 28, 2015, for the former 126th Ave North Landfill, and on December 13, 2016, for the former Zero Corporation site which allows the County to apply for tax credits for site rehabilitation activities. The County is now applying for site rehabilitation tax credit for total site rehabilitation costs incurred for the three (3) Brownfield sites during the 2023 calendar year.
Fiscal Impact:
Eligible site rehabilitation expenditures for FY23: $163,887.25. The County is eligible for tax credits equal to 50% of these expenditures if approved by FDEP. Corporate tax credits are auctioned on the open market. Corporations who have a Florida Corporate tax liability typically purchase the certificates and the County proceeds are reduced by broker fees, estimated at 10%. This will result in net revenue of $73,749.27 for the County.
Revenue will be recorded in the same Fund in which cleanup expenditures were recorded. Revenue for sale of the VCTC certificates was not included in the FY24 Adopted Budget.
Delegated Authority:
Authority for the County Administrator to sign this VCTC application is granted under Code Section 2-62(a)(1).
Staff Member Responsible:
Kelli Hammer Levy, Director, Public Works
Partners:
FDEP
Attachments:
Applicant Certification Affidavit Page Dansville Central
2023 Voluntary Cleanup Tax Credit Application Dansville Central
Applicant Certification Affidavit Page 126th Ave N
2023 Voluntary Cleanup Tax Credit Application 126th Ave N
Applicant Certification Affidavit Page Zero Corporation
2023 Voluntary Cleanup Tax Credit Application Zero Corporation