Title
Qualified Target Industry (QTI) Refund Resolution - Prioria Robotics, Inc. (B)
This item seeks City Commission approval for a QTI contribution for the prospective relocation of an engineering firm, specializing in the development of real time advanced machine perception, within the City of Gainesville.
Explanation
Prioria Robtics, Inc., an engineering firm specializing in the development of real time advanced machine perception, is currently considering relocation within the City limits for its existing facilities. Currently, the firm occupies space at 104 N. Main Street and is considering expanding its business to a different downtown location or to a location within unincorporated Alachua County or to several locations outside of the County.
The QTI incentive is a state tool available to Florida communities to encourage job growth in targeted, high value added businesses. Pre-approved applicants creating jobs in Florida receive refunds on the various taxes they pay including corporate, sales, ad-valorem, insurance premium and other taxes.
Eligible QTI applicants must pay an average annual wage that is at least 115% of the State Metropolitan Statistical Area's average annual wage rate. In order to apply, the applicant works with Enterprise Florida prior to making a decision to locate (or expand). The local community normally provides a Resolution to indicate a participating local match is available of up to 20% of the total tax refund.
In this particular case, Prioria Robotics, Inc. is indicating that it will create up to 40 net new jobs at a wage of approximately $67,000 (over 2 times the SMSA's average annual wage) in its new location.
Due to the incentive calculated per job ($6,000 for location in Enterprise Zone; $2,000 for high impact sector; and $2,000 for jobs created at 200% of the average annual wage for the SMSA) the total incentive would be $400,000. Of this, the City would be asked to provide a 10% match ($40,000) ov...
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