Broward County Commission Regular Meeting
Director's Name: Sandy-Michael McDonald
Department: Economic and Small Business Development
Information
Requested Action
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MOTION TO APPROVE Incentive Agreement between Broward County and Project Magic for participation in the State of Florida Qualified Target Industry Tax Refund Program and the Broward County Direct Cash/Job Creation Incentive Program for fiscal years 2022 through 2030, with a total maximum County commitment of $360,000; authorize the Mayor and Clerk to execute same; and authorize the County Administrator to take all necessary administrative and budgetary actions to implement the Agreement.
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Why Action is Necessary
In accordance with Section 21.53(a), Broward County Administrative Code, Board approval is required for contracts with a term exceeding five years.
What Action Accomplishes
This action approves the Agreement to effectuate Project Magic's participation and funding under the State of Florida Qualified Target Industry Tax Refund Program and the Broward Direct Cash/Job Creation Incentive Program and authorizes the Mayor to execute same.
Is this Action Goal Related
Yes
Previous Action Taken
On September 24, 2019, the Board passed Resolution No. 2019-426, recommending Project Magic be approved as a Qualified Target Industry Business under the State of Florida Qualified Target Industry Tax Refund Program pursuant to Section 288.106, Florida Statutes, and as a Qualified High-Impact Business pursuant to Section 288.108, Florida Statutes, with a Brownfield Redevelopment Bonus Refund pursuant to Section 288.107, Florida Statutes. The Board requested a waiver from the State of Florida Department of Economic Opportunity of the required local financial support for Project Magic's Brownfield Redevelopment Bonus Refund, and also approved the necessary commitment of local financial support in the amount of $135,000 for the State of Florida Qualified Target Industry Tax Refund Progr...
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