Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Recommending Project Palladium Be Approved As A Qualified Target Industry Business Pursuant To Section 288.106, Florida Statutes; Providing For Local Financial Support In The Form Of Cash For The Qualified Target Industry Tax Refund With High-Impact Sector Bonus.
Body
Staff Recommends: Approval Of The Attached Resolution.
Explanation:
This resolution recommends that “Project Palladium” be approved as a Qualified Target Industry business pursuant to applicable provisions of the Florida Statues and as such, qualifies for local financial support as detailed by Florida Statues. Project Palladium entails the relocation of the Latin American Headquarters of an established business entity to Hollywood, Florida which, in turn, will offer certain economic benefits to the city and Broward County including the hiring of 70 new employees at an average annual wage that is 115% of the average private sector wage in Broward County. The Florida Statutes §288.106 provide for a Qualified Target Industry Tax Refund to business entities qualifying for this incentive under the provisions of the cited statute. 80% of the tax incentive is paid by the State of Florida Department of Economic Opportunity, with the local community required to provide matching funds equal to 20% of the total tax refund. Project Palladium would be eligible to receive local financial support of 20% of a total tax refund of $350,000.00 or $70,000.00 to be paid out by the City over a five year period.
Recommended for inclusion on the agenda by:
Raelin Storey, Director, Communications, Marketing & Economic Development
Shiv Newaldass, Director, Development Services
Paul A. Bassar, Director, Procurement and Contract Compliance
Gus Zambrano, AICP, ACM Sustainable Development