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Incentives Agreement With Belleview Bioscience, LLC, for Economic Development Investment Incentive Grant for Improvements Located at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Belleview Bioscience LLC (Belleview), a pharmaceutical manufacturing company and targeted industry for Hernando County’s economic development program, is a tenant in good standing at Brooksville-Tampa Bay Regional Airport (BKV). Located at 15431 Flight Path Dr., their facility consists of two production buildings, one approximately 10,800 square feet and the second approximately 9,600 square feet. The Company has been engaged in expansion planning with the Office of Economic Development since November 2024.
Belleview intends to expand their operations and build a 28,000sf production facility that will include office and warehouse, investing approximately $4.3M. Belleview currently employs 22 full-time personnel and intends to add 22 new positions over the next 3 years with an Average Annual Wage (AAW) of $34,200.
Economic Development Investment Incentive Grant
Utilizing the scoring system with the Incentive Program approved by the BOCC on June 8, 2021, Belleview is eligible for a grant equal to 50% of General Fund Ad Valorem taxes and Tangible Personal Property taxes paid for a period of five (5) years. Grant payments will begin after the company receives and remits payment for their first Ad Valorem Tax Assessment and Tangible Personal Property Taxes.
All incentives are performance based and require annual documentation. The Economic Development Investment Incentive is paid upon documentation and validation of payment of ad valorem and tangible personal property taxes.
STRATEGIC PLAN INITIATIVES
This item directly aligns with the Hernando County Board of County Commissioners Strategic Plan; Strategic Theme A - Economic & Workforce Opportunity; Goal A5 - Attract and grow targeted industries.
FINANCIAL IMPACT
The Economic Development Investment Incentive Grant is an amount to be determined based upon ad valorem and tangible property taxes paid and will be budgeted in:
Fund: BCC-General Fund - B001, Department: Economic Development - 130, Account: Grant&Aid-Private Org - 588200.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Incentives Agreement with Belleview Bioscience LLC.