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Award of bid to Cherrytree Group, LLC for brokerage services and revenue contract pertaining to the sale of voluntary cleanup tax credits.
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Recommended Action:
Recommended Action
Approval of the agreement with Cherrytree Group, LLC for brokerage services and revenue contract pertaining to the sale of voluntary cleanup tax credits.
• This contract provides brokerage services to sell tax credits for the Public Works Department; the tax credit is for the site rehabilitation activities located at various Brownfield sites.
• Tax credits are issued by the state following application and successful cleanup of Brownfield sites. Sales of tax credits can be utilized to facilitate cleanup in other County Brownfield sites.
• Two responsive bids were received with Cherrytree Group, LLC recommended for award, as the firm provided the highest net revenue to the County in the amount of $332,058.95.
• Revenue from the sale of the tax credits is not included in the Fiscal Year (FY) 2026 budget but may be recognized at a later date through budget amendment. Revenue will be recorded in the fund/s in which the Brownfield sites cleanup and redevelopment expenditures were recorded.
Contract No. 26-0037-ITB-R in the revenue total of $332,058.95; Authorize the Chairman to sign and the Clerk of the Circuit Court to attest.
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Strategic Priorities:
Resilient Infrastructure and Environment
1.4 Improve environmental quality.
Summary:
Summary
The purpose of this competitive process was to retain brokerage services to market County tax credit certificate for the purpose of maximizing the County’s return on investment. The tax credit certificate was received under the Voluntary Cleanup Tax Credit (VCTC) Program for site rehabilitation activities.
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Background Information:
On October 15, 2025, the Purchasing Division released an Invitation to Bid on behalf of Public Works with the intent to establish a contract for the sale of VCTC. Two responsive bids were received with Cherrytree Group, LLC recommended for award as the highest bidder for the revenue contract.
The State of Florida VCTC program serves as the primary state financial incentive to encourage the voluntary cleanup and redevelopment of Brownfield sites and plays a key role in driving investment in Brownfield areas. Tax credits are issued by the state following application and successful completion of cleanup activities. The VCTC certificates are used to offset Florida corporate income tax. Local governments can transfer their tax credit certificates to an entity that has a Florida corporate income tax liability. Sale of the tax certificates generate revenue now, which can be used to perpetuate cleanup activities at other County Brownfield sites.
Fiscal Impact:
Under the terms of the Agency Agreement with Cherrytree Group, LLC, the County will pay Cherrytree Group a fee equal to all proceeds in excess of $0.92 per dollar of tax credit sold to any purchaser.
Revenue from the sale of the tax credits is not included in the FY26 budget but may be recognized at a later date through budget amendment. Revenue will be recorded in the fund/s in which the Brownfield sites cleanup and redevelopment expenditures were recorded.
Staff Member Responsible:
Kelli Hammer Levy, Director, Public Works
Merry Celeste, Purchasing Division Director, Office of Management and Budget
Chris Rose, Director, Office of Management and Budget
Partners:
Florida Department of Environmental Protection
Attachments:
Agency Agreement
Bid Tabulation