§ 22-25. Incentives for targeted businesses within the county.

(1)

Incentives relating to job creation.

(a)

Target businesses, which through new construction, relocation of a business into Pasco County or expansion of existing Pasco County based business create at least ten new full-time jobs in the first year of operation within the county after the execution of an economic incentive agreement, and which pay an average annual wage for all Pasco-based employees of the company that are included in the company's application for the economic incentive agreement equal to or greater than 115 percent of the Pasco County average annual wage, will be eligible to apply for a job creation inventive of $2,000.00 per new full-time job created. For companies paying average wages above the 115 percent level, the following schedule will apply:

125 percent of the annual average wage: $3,000.00 per job created.

150 percent of the annual average wage: $4,000.00 per job created.

200 percent of the annual average wage: $5,000.00 per job created.

The target business will be eligible to receive up to the total qualifying incentive award as determined in subsection (1)(a) for new jobs created. The job creation incentive will be prorated in equal amounts for the number of jobs created during each year of the agreement. At no time shall the incentive exceed the amount specified in the agreement. The requirements and payout schedule will be specified in an economic incentive agreement between the target business and the county. Target businesses are encouraged to employ Pasco County residents.

(b)

Upon the county administrator or his designee determining the amount of the incentive the target business is eligible for, the county and the target business shall negotiate an economic incentive agreement detailing the obligations of the target business for the receipt of the incentive award.

(c)

If at anytime during the agreement period the number of jobs or wages the target business has projected falls below ten jobs, at 115 percent of the Pasco County average annual wage, the business shall be deemed in default of its obligations and any entitlement to the incentive award shall cease. Should the target business not meet the number of jobs or wages it has projected, but maintains the minimum number of employees required for the incentive, its incentive award will be adjusted for subsequent years to reflect what the business has actually created up to the incentive award amount originally specified in the economic incentive agreement.

(d)

In the event the target business closes its business, moves out of the county, or loses its status as a target business at any time during the agreement period, the target business will be required to reimburse to the county all award installments paid plus interest at the rate of prime plus one at the time of default from the date of the disbursement.

(2)

Eligibility for expedited plan amendments, zoning, plan review and permitting. Target businesses that qualify under this article shall receive expedited plan amendments, zonings, plan review and permitting by the applicable county departments. The county shall designate a liaison to the PEDC and the target business to ensure compliance with this article.

(3)

Incentives nonexclusive. The incentives in this section are not exclusive and eligible target businesses may apply for as many incentives as they qualify for in this section or other provisions of the Code, or as otherwise approved by the Pasco County Board of County Commissioners. Further, the incentives in this section do not preclude an industry or business from applying or qualifying for or participating in other federal, state or local programs.

(4)

Coordination of benefits. In the event an eligible target business is approved for a job creation incentive from the State of Florida, with which the county has a financial participation, any award under this article will be reduced by the county's participating amount in that program.

(Ord. No. 10-08, § 5, 5-25-10)