Subject:
Title
Employment Sites Program Funding Agreement for a sum of not-to-exceed $3,544,079.00 to Monin, Inc. (company) to construct a new 35,842-square-foot headquarter office space and research and development space.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Employment Sites Program (ESP) Funding Agreement for a sum of not-to-exceed $3,544,079.00 to construct a new 35,842-square-foot headquarter office space and research and development space.
• Funding for the development of the facility in the amount of $3,544,079.00 was approved by the Board of County Commissioners (Board) at its July 22, 2025, meeting (Legistar File 25-0952A).
• The development of the new headquarter and R&D spaces will provide Pinellas County with 35,842 square feet of new space that should provide employment opportunities to the county residents.
• The total project budget is estimated to be $35,305,672.00.
• The company currently has 260 employees in Pinellas and expects to increase their employment with 30 new positions.
• Funding for this project is included in the FY25-FY30 Capital Improvement Program under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
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Strategic Priorities:
Prosperity and Opportunity
3.3 Increase workforce opportunities
3.5 Foster business growth
Summary:
The company will be demolishing an existing building adjacent to their main plant operations in order to expand the facility to meet their future growth needs for the company. They intend to add to their main facility 35,842 square feet of LEED Certified office space on three floors that will replace their current office space in the facility and provide new R&D space.
Background/Explanation:
The company applied for funding during the seventh round of the Employment Sites Program. The funding will assist with the demolition of a structure, removal of an existing stormwater vault system and the addition of a new stormwater vault system along with necessary fill dirt for the new addition.
The Agreement has a termination date of twenty (20) years from the Effective Date and has three payments based on benchmarks on obtaining two mid-point permit approvals and the final payment with the developer’s receipt of a Certificate of Occupancy/Completion. For a period of the first ten (10) years of the Agreement, the company will provide an annual report to Pinellas County identifying the total commercial square footage used and the total number of jobs with their average wages.
The company will be responsible for maintaining and operating the for the term of the Agreement. If the company defaults on the Agreement, there is a process identified for the repayment of grant funds based on the time of the default.
Fiscal Impact:
The total requested County contribution for this project is $3,544,079.00. Including this item, the total amount of Penny IV affordable housing funds committed is $44,596,765.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY25-FY30 Capital Improvement Program under the Economic Development Capital Projects (project 004149A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for Economic Capital Projects specifically.
The Economic Development Capital Projects (project 004149A) has a FY25 Budget of $25,183,000.00. FY25 Expenditures are estimated at $9,381,306.00.
Delegated Authority:
The funding was approved by the Board at its July 22, 2025, meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
Staff Member Responsible:
Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
ESP Funding Agreement - Monin
Applicant Overview Page