Subject:
Title
First Amendment to Employment Sites Program Funding Agreement with McCormick Stevenson Corporation for the redevelopment of a commercial building into an industrial manufacturing space and headquarters.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the First Amendment to Employment Sites Program (ESP) Funding Agreement with McCormick Stevenson Corporation for the redevelopment of a commercial building into an industrial manufacturing space and headquarters.
• The Pinellas County Board of County Commissioners approved ESP funding for McCormick Stevenson at its June 11, 2024 meeting.
• An Employment Sites Program Funding Agreement was executed on September 23, 2024.
• A scrivener’s error was found in Exhibit A with the ESP funding amount being incorrectly input.
• The amendment will correct the error by replacing Exhibit A.
• This action has no fiscal impact on Pinellas County.
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Strategic Priorities:
Prosperity and Opportunity
3.5 Foster business growth.
Summary:
An ESP Funding Agreement with McCormick Stevenson Corporation in the amount of $223,000.000 was executed on September 23, 2024. Exhibit A of the agreement had an incorrect amount entered into Exhibit A, which details the yearly repayment amounts in the event of a default. This Amendment will correct the amount.
Background/Explanation:
The sixth application cycle for the County’s Employment Sites Program opened on December 11, 2023, and closed on February 16, 2024. McCormick Stevenson, was approved for funding to assist in the redevelopment of an existing 16,000-square-foot retail furniture space into their headquarter and manufacturing operations. Improvements to convert a portion of the existing retail space into manufacturing and laboratory areas require, among other things, raising the ceiling height in the premises to allow for on-site prototyping and precision measurement equipment, as well as the addition of a ground floor roll-up door to permit military vehicle access. The company completed the redevelopment of the building in early 2026 and all ESP payments have been made.
Fiscal Impact:
This action has no fiscal impact on Pinellas County.
Delegated Authority:
Delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation by the Board at its June 11, 2024 meeting.
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
First Amendment to Employment Sites Program Funding Agreement
Employment Sites Program Funding Agreement