Subject:
Title
Employment Sites Program Funding Agreement for a sum of not-to-exceed $4,925,408.00 to Gateway Jabil Phase II Property Owner, LLC (Greystar) for the development of three Class-A rear-load industrial buildings featuring 32' clear heights.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Employment Sites Program (ESP) Funding Agreement for a sum of not-to-exceed $4,925,408.00 to Gateway Jabil Phase II Property Owner, LLC for development of three Class-A rear-load industrial buildings featuring 32' clear heights located in St. Petersburg.
• Funding for the development of three Class-A rear-load industrial buildings featuring 32' clear heights in the amount of $4,925,408.00 was approved by the Board at its June 11, 2024 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation. (Legistar File 24-0875A)
• The development of the industrial buildings will provide Pinellas County with 331,792 square feet of new space that should provide employment opportunities to the county residents and to bring in new revenue opportunities.
• Total project budget is estimated to be $57,189,016.00 million. The total requested County portion of this project is a not-to-exceed amount of $4,925,408.00.
• The developer anticipates the project will accommodate in excess of 600 direct new jobs with the completion of the project.
• The grant will fund the geotechnical issues of the site, the surcharging of the building pads due to poor soil conditions and help the financial gap with concrete for the project.
• Funding for this project is included in the FY24-FY29 Capital Improvement Program plan under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract, expand, and retain businesses with targeted jobs to the county and the region
4.4 Invest in infrastructure to meet current and future needs
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Gateway Jabil Phase II Property Owner, LLC is under the management of Greystar Development. They have developed numerous projects similar to this one throughout Florida and the United States.
Background/Explanation:
The sixth application cycle for the County’s Employment Sites Program opened on December 11, 2023, and closed on February 16, 2024. Gateway Jabil Phase II Property Owner, LLC, applied for funding to assist in the development of three Class-A rear-loading industrial buildings featuring 32’ clear heights. The total square footage for the project is 331,792.
The Agreement has a termination date of twenty (20) years from the Effective Date and has three payments based on benchmarks on obtaining two mid-point permit approvals and the final payment with the developer’s receipt of a Certificate of Completion of the Shell for all three industrial buildings. For a period of the first ten (10) years of the Agreement, the developer will provide an annual report to Pinellas County identifying the total commercial square footage used and the total number of jobs with their average wages for the structure.
The developer will be responsible for maintaining and operating the industrial buildings for the term of the Agreement. If the developer defaults on the Agreement, there is a process identified for the repayment of grant funds based on the time of the default.
Fiscal Impact:
Total Maximum Expenditure - $4,925,408.00
Funding for this project is included in the FY24-FY29 Capital Improvement Program plan under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
Delegated Authority:
Funding for the for the development of three Class-A rear-load industrial buildings featuring 32' clear heights was approved by the Board at its June 11, 2024 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
Staff Member Responsible:
Cynthia Johnson, Director, Economic Development
Teresa Brydon, Business Development Manager, Economic Development
Partners:
City of St. Petersburg
Attachments:
Employment Sites Program Funding Agreement
Applicant Overview Page