Subject:
Title
Applicant Certification Affidavit with Florida Department of Environmental Protection for a Voluntary Cleanup Tax Credit for the former Zero Corporation Brownfield site.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Applicant Certification Affidavit with Florida Department of Environmental Protection (FDEP) for a Voluntary Cleanup Tax Credit (VCTC) for the former Zero Corporation Brownfield Site.
• FDEP provides a Brownfield tax credit incentive for voluntary cleanup of contaminated sites.
• The County executed a Brownfield Site Rehabilitation Agreement with FDEP in 2016 for cleanup of the former Zero Corporation Brownfield Site.
• This VCTC application supports a $29,273.04 tax credit for total site rehabilitation costs paid, which totaled $58,546.08.
• The tax credit will be sold on the open market. After broker fees, anticipated net revenue from the sale is $26,345.00.
• Funding from the sale of the tax credit will be returned to the General Fund as the source of funds that paid for the cleanup.
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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
Summary:
Submittal of the VCTC certification will allow the County to take advantage of the VCTC incentives for site rehabilitation. The County is currently eligible for a fifty percent (50%) tax credit of eligible site rehabilitation expenses spent in calendar year 2020, upon approval by the FDEP. The Application supports a $29,273.04 tax credit for total site rehabilitation costs incurred of $58,546.08.
Background/Explanation:
The County executed a Brownfield Site Rehabilitation Agreement with FDEP on December 13, 2016, 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 former Zero site. The VCTC transmittal letter attachments will be uploaded to this item once received.
Fiscal Impact:
Anticipated net revenue of $26,345.00 will be refunded to the General Fund as the funding source for the cleanup project. The 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 10% due to broker fees.
This General Fund Revenue was not included in FY21 Adopted Budget.
Delegated Authority:
Authority for the County Administrator to sign this affidavit is granted under Code Section 2-62 (a)(1).
Staff Member Responsible:
Kelli Hammer-Levy, Director, Public Works
Partners:
FDEP
Attachments:
Applicant Certification Affidavit
Transmittal Letter with Attachments A - E
Project Location Map