Subject:
Grant award from the U.S. Economic Development Administration for an additional grant of $3,800,000.00 to fund a portion of the construction costs of the Tampa Bay Innovation Center incubator.
Recommended Action:
Approval and execution by the County Administrator of grant award documents for an additional $3,800,000.00 grant from the U.S. Economic Development Administration (EDA) to fund a portion of the construction costs of an approximate 45,000-square-foot purpose built, state-of-the-art facility to house the Tampa Bay Innovation Center incubator.
• The total EDA Grant project has risen to $15,874,343.00 from $12,000,000.00 due to rising costs.
• The County submitted a request to the EDA for additional funding assistance in the amount of $3,800,000.00.
• The EDA approved the County’s request for an additional $3,800,000.00 grant and notified the County on 10/22/2021, providing a 30-day window to execute and return the award documents.
• The deadline for agenda documents to be placed on a Board of County Commissioners (Board) agenda within the timeframe needed has passed.
• The grant amount is above the County Administrator’s delegated authority and this item will be brought before the Board through a ratification agenda item.
Strategic Plan:
Foster Continual Economic Growth and Vitality:
4.1 Proactively attract and retain businesses with targeted jobs to the county and region
4.2 Invest in communities that need the most
4.4 Invest in infrastructure to meet current and future needs
Summary:
Pinellas County submitted a request to the EDA for additional funding assistance in the amount of $3,800,000.00 on September 24, 2021. Pinellas County received notice of the grant award on October 22, 2021. The EDA has provided the award documents along with a 30-day deadline to execute and return the award documents.
Background Information:
Due to the steeply rising costs, the Tampa Bay Innovation Center’s EDA project cost is $3,874,343.00 over the $12,000,000.00 original EDA project cost. Staff contacted the EDA following the construction bid inquiring about potential for additional grant funds. The EDA provided application materials for the County to submit to request an additional $3,800,000.00 in grant funding through the EDA to cover the majority of the project overrun. The EDA has notified the County of the approval of the grant award and provided grant award documents for execution and submission within 30 days.
Fiscal Impact:
The total project cost is $15,874,343.00. With the additional $3,800,000.00 grant, the County’s share of cost of the project would be reduced to 29%. In addition, a private sponsorship in the amount of $2,000,000.00 has been secured to support the project which would reduce the County’s share to 18%.
Original Summary of Funding:
EDA Share $ 7,463,295.00 (62%)
County Share $ 4,536,705.00 (38%)
Total Estimated Project Cost $12,000,000.00
Proposed Summary of Funding:
EDA Share $11,263,295.00 (70%)
Private Sponsorship $ 2,000,000.00 (12%)County Share $ 2,611,048.00 (18%)
Total Estimated Project Cost $15,874,343.00
Funding to support the recommended project is budgeted in the County's Capital Improvement Program, funded by the Local Infrastructure Sales Surtax (Penny for Pinellas) and a US EDA grant, under project 004251A Tampa Bay Innovation Center Incubator. The Penny funding is pending approval from the Penny for Pinellas countywide investment for Economic Development Capital Projects and Housing.
Staff Member Responsible:
Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
Grant Award Documents