Subject:
Title
Two applications for funding under the Penny for Pinellas Employment Sites Program.
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Recommended Action:
Recommended Action
Conditional approval and funding of the two projects presented here following the successful completion of due diligence to comply with program guidelines as determined by the County Administrator.
It is further recommended that the Board delegate authority to the County Administrator to negotiate and execute all agreements and documentation associated with the Employment Sites Program project funding.
A total of two applications were received and evaluated. Based on scoring evaluations and the determination of these projects’ readiness to proceed, both applications are recommended for conditional funding at this time.
• Mastry’s Brewing Co Pinellas Park, in the amount of $1,624,000.00 to fund the significant building cost increases in order to construct the project. Since 2019, prices have increased by 40-50%.
• Amaratek, in the amount of $673,500.00 to help the financial gap related to the building not having a fire suppression system, improvements to wastewater protection related to chemicals and proper security fencing.
Funding is budgeted under Penny IV Economic Development Capital Projects Countywide Investment program funding (project 004149A) in Fiscal Year (FY) 2024 and FY25.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and the region
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:
Summary
The fifth application cycle for the Employment Sites Program opened on June 26, 2023 and closed on August 25, 2023. Two applications were submitted requesting project funding assistance in a total amount of $2,297,500.00. Pinellas County Economic Development staff scored each application based on objective evaluation criteria based on the public policy goals. Then County staff from multiple departments reviewed and provided input on all proposed projects. Both projects are recommended for funding. The recommended projects meet the eligibility criteria and comply with the public policy goals as set forth in the program guidelines.
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Background Information:
Penny IV Funds are provided through an extension of the Infrastructure Sales Surtax, a voter-approved 1.0% sales tax that is dedicated to infrastructure improvement projects in Pinellas County. Program guidelines prescribe that the Penny IV Funds be used for strategic investment in economic development capital project to address identified challenges which prevent or limit desired economic development. Guidelines were approved by the Board on December 10, 2019 that establish minimum criteria and project eligibility requirements. Based on the guidelines, staff developed an application along with evaluation criteria that align with the public policy goals.
The New Construction, Expansion, and/or Rehabilitation of Office and Industrial Buildings category focus on the private sector’s ability to complete new and/or substantially improved office and/or industrial spaces to accommodate target industry jobs. All proposals are required to submit an online application that includes a financial plan that demonstrates and documents a financial gap.
Following conditional Board approval, due diligence will be completed to ensure compliance with program guidelines. A summary sheet for each project application is included as an attachment.
Staff recommends the Board approve the following maximum funding amounts for both project applications and authorize the County Administrator to negotiate and approve the terms and final funding:
$ 1,624,000.00 - Mastry’s Brewing Co
$ 673,500.00 - Amaratek
$ 2,297,500.00 Total funding amount
Fiscal Impact:
Total Maximum Expenditure - $2,297,500.00
Funding to support the recommended applications is budgeted in the County’s Capital Improvement Program, funded by the Local Infrastructure Sales Surtax (Penny for Pinellas) in Penny IV Economic Development Capital Projects (004149A). This funding is from the Penny for Pinellas countywide investment for Economic Development Capital Projects and Housing.
Staff Member Responsible:
Dr. Cynthia Johnson, Economic Development Director
Teresa Brydon, Business Development Manager, Economic Development
Partners:
City of Dunedin
City of Pinellas Park
Attachments:
Project Summary Sheets