WEST PALM BEACH CITY COMMISSION Agenda Cover Memorandum Originating Department: Mayor/Admin (MA) Meeting Type: Regular Special Agenda Date: Advertised: Required?: Yes Date: Paper: PB Post ACM#: No 19952 08/04/2014 Subject: Resolution No. 184-14 approving Medytox Solutions, Inc. as a Qualified Target Industry Business and providing for local financial support. Ordinance/Resolution: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WEST PALM BEACH, FLORIDA, RECOMMENDING APPROVAL OF MEDYTOX SOLUTIONS, INC. AS A QUALIFIED TARGET INDUSTRY BUSINESS PURSUANT TO SECTION 288.106, FLORIDA STATUTES; PROVIDING FOR LOCAL FINANCIAL SUPPORT IN THE FORM OF CASH; PROVIDING FOR AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. Staff Recommended Motion: Approve Resolution No. 184-14. Background: The Business Development Board has asked the City to match a qualified targeted industry (QTI) grant from the State of Florida. The State Department of Economic Opportunity is proposing the grant be given to a Medytox, a laboratory services company. The determination by the Department of Economic Opportunity determines that Medytox's eligibility is based in part on the following factual assumptions: (1) The QTI award of $360,000 is vital to the Company’s decision to locate the Project in Florida and the Company submitted its application prior to deciding to locate the Project in Florida; (2) The local community (City of West Palm Beach and Palm Beach County) supports the Project and will provide a combined match totaling $72,000 ($36,000 from City of West Palm Beach and $36,000 from Palm Beach County over a four year period) in local financial support; (3) The Company will create at least 60 net new-to-Florida full-time-equivalent jobs in connection with the Project paying an average annualized wage of at least $75,000, which is equal to 159% of the average annual private sector wage in Palm Beach County for the year ended December 31, 2012; and (4) the foregoing will be created in Florida's designated high impact sector and qualified target industry - Corporate Headquarters. In order for the State of Florida to move forward with the QTI the Department of Economic Opportunity requires the local commitment from the City of West Palm Beach and Palm Beach County. Palm Beach County has scheduled their resolution hearing for this QTI request for AGENDA COVER MEMORANDUM C.M. #________ Page 2 Date:__________ Tuesday, July 22nd. Fiscal Note Current Year: Budgeted: Annualized: $9,000.00 Unbudgeted: Fully Budgeted Comment: Economic Development Funds will be appropriated Electronic Attachments: Click here for assistance with naming convention. Is this ACM related to a Grant? Yes No Is this ACM related to Housing? Yes No Originating Department - Approved by: Christopher Roog on 07/18/2014 07/21/2014 Finance Department 07/21/2014 City Attorney's Department 07/21/2014 Asst. City Administrator 07/23/2014 City Administrator Return to Agenda Funding Source: Operating