Title
Qualified Target Industry (QTI) Resolution - Project Generation (B)
This item seeks City Commission approval for a QTI Resolution associated with prospective job creation for the location within the City of Gainesville of Project Generation.
Explanation
A company seeking approval of a Qualified Target Industry (QTI) has requested confidential treatment of information concerning plans, intentions, or interests of such company in relocating its business activities to Gainesville. The Gainesville Area Chamber of Commerce is referring to the company as “Project Generation” to protect the identity of the company pursuant to Section 288.075, Florida Statutes. The information will remain confidential and exempt for twelve months after the date the City received the request for confidentiality or until the information is otherwise disclosed whichever occurs first. The City received the request for confidentiality on June 27, 2016.
Project Generation (a life science company) has indicated that it will create up to 35 net new jobs beginning in Fiscal Year 2017-2018 at an average wage of approximately $73,882 (with benefits) within the City of Gainesville. In addition to the creation of jobs this firm has pledged a capital investment of approximately $1.425 million.
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 State taxes they pay including corporate, sales, ad-valorem, insurance premium and other taxes. The QTI incentive is performance based and the firm will only receive funds based upon jobs created and meeting other criteria as required by Florida statute.
Due to the incentive calculated per job ($3,000 per job per QTI incentive, $2,000 for 200% of the Alachua County Private Sector Wage and $2,000 for jobs located in an Enterprise Florida designated High Impact Business Sector) the total...
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