Subject:
Title
Application with the Florida Department of Environmental Protection for the Brownfield Voluntary Cleanup Tax Credit incentive for the Former Zero Corporation Brownfield Site.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Florida Department of Environmental Protection (FDEP) application for the Brownfield Voluntary Cleanup Tax Credit (VCTC) incentive for the Former Zero Corporation Brownfield Site (Zero) located at 14501 49th Street North in Clearwater.
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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
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:
Execution and submittal of the VCTC application will allow the County to take advantage of the VCTC incentive resulting from site rehabilitation activities. The County is currently eligible for a tax credit for 50% of the funding spent on site rehabilitation at the Zero site during 2017.
Background/Explanation:
The County executed a Brownfield Site Rehabilitation Agreement (BSRA) with FDEP for the Zero site on December 13, 2016, which allows the County to apply for Brownfield tax credits to recoup a portion of costs spent on site rehabilitation activities during 2017. This year the County is applying for $64,106.89 in tax credits for the Zero site.
Fiscal Impact:
Revenue of approximately 85% ($54,490.86) of the face value of the corporate tax credits. The corporate tax credits are auctioned on the open market. Corporations who have a Florida tax liability typically purchase the certificates for approximately 85% of the face value.
Delegated Authority:
Authority for the County Administrator to sign this VCTC application is granted under Code Section 2-62(a)(1).
Staff Member Responsible:
Andrew W. Pupke, Director, Real Estate Management
Partners:
Florida Department of Environmental Protection
Attachments:
Zero Site VCTC Application
Zero Site BSRA
Location Map