Subject:
Title
Employment Sites Program Grant Funding Agreement for a sum of not-to-exceed $385,969.00 to B & R Enterprise Management, LLC for the rehabilitation of an 22,551 square foot industrial building.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Grant Funding Agreement for a sum of not-to-exceed $385,969.00 to B & R Enterprise Management, LLC for the rehabilitation of an 22,551 square foot industrial building to be located within Pinellas County.
• Funding for the 22,551 square foot industrial building in the amount of $385,969.00 was approved by the Board at its September 22, 2022 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
• The rehabilitated industrial building will expand opportunities for the manufacturer to expand their facilities in order to provide employment opportunities to the county residents and to bring in new revenue opportunities.
• Total project budget is estimated to be $3,266,150 million.
• The business intends to add 15 new manufacturing jobs within the first year of completion of the project and after three years should have an additional 40 new jobs.
• The grant will fund the unexpected infrastructure cost that include the installation of a new fire sprinkler system that has numerous costs including new steel reinforcements for the ceiling to support the system and the extension of the main waterline from the St. Petersburg line that is located on the west side of 34th Street.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract, expand, and retain businesses with targeted jobs to the county and the region
4.4 Invest in infrastructure to meet current and future needs
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:
B & R Enterprise Management, LLC represents Fiberglass Coating Industries, the largest independently owned composites distributor in Florida, serving thousands of customers in diverse industries ranging from marine to amusement to construction. Their product line includes polyester and epoxy resins, gelcoats, fiberglass fabrics and coring materials. With the completion of the renovations, the company will add 15 new jobs in the first year and 40 over the next three years.
Background/Explanation:
The third application cycle for the County’s Employment Sites Program opened on February 1, 2022 and closed on April 4, 2022. B & R Enterprise Management, LLC requested assistance to fund the unexpected infrastructure costs associated with the renovation and small expansion of the existing building. Additional requirements include a fire sprinkler system installation that has numerous costs including new steel reinforcement for support to the ceiling as well as relocation of the main waterline from the St. Petersburg water line that is located on the west side of 34th Street.
The Agreement has a termination date of twenty (20) years from the Effective Date and has one payment based on the owner’s receipt of a Certificate of Occupancy for the building. For a period of the first ten (10) years of the Agreement, the owner will provide an annual report to Pinellas County identifying the total commercial square footage rented and the total number of jobs with their average wages for the structure.
The owner will be responsible for maintaining and operating the structure as an industrial building for the term of the Agreement. If the owner defaults on the Agreement, there is a process identified for the repayment of grant funds based on the time of the default.
Fiscal Impact:
Total Maximum Expenditure - $385,969.00
Funding is available from the Penny IV allocation for Economic Development Capital projects (project 004149A)
Delegated Authority:
Funding for the rehabilitated 22,551 square foot industrial structure in the amount of $385,969.00 was approved by the Board at its September 22,2022 meeting, and delegated authority was given to the County Administrator to negotiate and execute all agreements and documentation.
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development
Teresa Brydon, Business Development Manager, Economic Development
Partners:
Lealman CRA
Attachments:
Interlocal Funding Agreement
Applicant Overview Page