§ 17-143. Transportation impact fee economic development credit.

(a)

The purpose of this section is to provide a performance-based program offering incentives for eligible industry development or expansion projects in Santa Rosa County to provide for the economic well being of the county residents by providing high-wage employment opportunities in the county and encourage investment opportunities for new or existing companies thus increasing and diversifying the county's tax base. Eligible industry development or expansion shall have obtained a building permit after January 1, 2008.

(b)

Upon approval by the board of county commissioners, an economic development impact fee credit shall be authorized for eligible industrial development or expansion projects. For projects located in the Santa Rosa County Industrial Park, the credit shall be calculated utilizing the formula for pricing utilized in the property sale for the project. For projects not located in the Santa Rosa County Industrial Park, the credit shall be calculated utilizing the formula for pricing of property sales in the Santa Rosa County Industrial Park.

(c)

If the credit is granted the industry shall guarantee performance by posting a bond, letter of credit or other financial guaranty approved by the county. Said guaranty shall be in the amount of the credit plus interest equal to 150 percent of the rate of return of the Florida Local Government Investment Trust as of the date the credit is granted. Performance shall be measured five years from the issuance of the credit and shall be calculated based on:

(1)

The amount expended by the industry for capital improvements at its facility located in Santa Rosa County;

(2)

The average monthly full-time employment numbers of the industry for the twelve months preceding the performance measurement date at its facility located in Santa Rosa County; and

(3)

The average monthly percentage that the average wage paid by the industry to employees working at its facility in Santa Rosa County exceeds the average hourly wage rate for Santa Rosa County for the 12 months preceding the performance measurement date, based on figures released by the Florida Agency for Workforce Innovation.

(Ord. No. 2008-30, § 1, 8-14-08; Ord. No. 2008-37, § 1, 11-13-08)