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Amendment to Barrette Outdoor Living Economic Development Investment Incentive Agreement
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BRIEF OVERVIEW
On April 12, 2022, the Board of County Commissioners approved an Economic Development Investment Incentive (EDIIP) agreement with Barrette Outdoor Living, Inc. The agreement required the company to construct a 175,000sf facility with a capital investment greater than $10M and an equipment investment of more than $19M as well as the creation of 150 new jobs at 100% of the County’s average annual wage with at least 10 of those positions attaining 115% of the County average annual wage.
Barrette Outdoor Living, Inc., is requesting an amendment to the existing incentive agreement to reduce the job creation number from 150 to 53 with the same wage requirements. This change will result in a reduction of the ad valorem grant incentive percentage to 50% for a ten-year period from 75% and 50%, each for five years. Barrette Outdoor Living Inc., intends to meet the original job creation estimate, just over a longer time period than initially projected.
FINANCIAL IMPACT
The Economic Development Investment Incentive Grant is an amount to be determined and will be based upon ad valorem and tangible property taxes paid. It creates an incentive for investment and job creation via relief from future taxation. The payment will commence after the company receives their first tax assessment for the facility and equipment.
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 amendment to the Incentive Agreement with Barrette Outdoor Living.