Subject:
Title
Ratification of the County Administrator’s approval of an amended grant application to the U.S. Economic Development Administration for an additional grant of $3.8 million to fund a portion of the design, construction, and equipping of the Tampa Bay Innovation Center incubator.
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Recommended Action:
Recommended Action
Ratify, confirm, and enter into the minutes the approval by the County Administrator of the grant application for an additional $3.8 million grant from the U.S. Economic Development Administration to fund a portion of the design, construction, and equipping of an approximate 45,000-square-foot purpose built, state-of-the-art facility to house the Tampa Bay Innovation Center incubator.
• The total U.S. Economic Development Administrator Grant project has risen to $15,874,343.00 from $12,000,000.00 due to rising construction costs.
• The County requested an additional $3,800,000.00 grant to help offset the majority of this overrun.
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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 region
4.2 Invest in communities that need the most
4.4 Invest in infrastructure to meet current and future needs
Summary:
Summary
Attached is a copy of an updated grant request of $3,800,000.00 to the U.S. Economic Development administration to cover the majority of the project’s cost overrun.
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Background Information:
Due to the steeply rising costs of construction, the Tampa Bay Innovation Center’s EDA project cost is $3,874,343.00 over the $12,000,000.00 original EDA project cost. Attached is a copy of an updated grant submission of $3,800,000.00 to the U.S. Economic Development administration to cover the majority of this overrun.
Fiscal Impact:
The total U.S. Economic Development Administrator Grant Project cost is $15,874,343.00. If the EDA approves the County’s request, the County’s share of cost of the project would be reduced to 29%.
Original Summary of Funding:
EDA Share $ 7,463,295.00 (62%)
County Share $ 4,536,705.00 (38%)
Total Estimated Project Cost $12,000,000.00
Updated Summary of Funding:
EDA Share $11,263,295.00 (71%)
County Share $ 4,611,048.00 (29%)
Total Estimated Project Cost $15,874,343.00
Staff Member Responsible:
Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
Grant Request Submission