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SEA RAY BOATS, FLAGLER MARINE CENTER

SEA RAY BOATS, FLAGLER MARINE CENTER. ECONOMIC DEVELOPMENT INCENTIVES. SEA RAY BACKGROUND/HISTORY. Economic Development Incentive program was approved in 2007 Partners – State of Florida, Flagler County, City of Palm Coast, Sea Ray Boats, Neighboring developers Program included

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SEA RAY BOATS, FLAGLER MARINE CENTER

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  1. SEA RAY BOATS, FLAGLER MARINE CENTER ECONOMIC DEVELOPMENT INCENTIVES

  2. SEA RAYBACKGROUND/HISTORY • Economic Development Incentive program was approved in 2007 • Partners – State of Florida, Flagler County, City of Palm Coast, Sea Ray Boats, Neighboring developers • Program included • Extension of Roberts Road • Extension of Water & Sewer lines • Capital improvements to the Sea Ray Manufacturing Plant • Funding Source • Roberts Road Improvements – State/County • Water & Sewer services – State/County • Plant improvements – Sea Ray and surrounding developments

  3. CURRENT STATUS • Roberts Road extension under construction – completion: March 2009 • Water & Sewer extensions - complete • Plant improvements – partially completed, on hold • Surrounding developers commitment - $3M • $1.8M - already paid • $1.2M - pending sale of residential lots

  4. PROPOSAL • City advance the remaining $1.2M capital funding to Sea Ray with “Claw back” • City also purchases approximately 22 acres on Roberts Road, from LandMar, at a discounted price of $1.25M • 22 Acres to be marketed for future industrial/business development • All properties will be annexed • Current assessed value $14.5M = $43K annual City tax revenue

  5. BENEFITS • We hear you community – “the City should be doing more to save and create good paying jobs” • Sea Ray stays open • City has a tangible asset – 22 acres • City has property to offer as an incentive/ spec building • Valuable property incorporated into City limits

  6. CITY CHALLENGE/RISK • Use of reserve funds • Up to $4M • No guarantee Sea Ray will stay open • Business/industrial park may take years to occupy

  7. COMMUNITY RISK – ECONOMIC IMPACT • Direct jobs 200-600 • Indirect jobs 100-300 • Total jobs 300-900 • $189.8M local economic impact (2005)

  8. FLAGLER MARINABACKGROUND/HISTORY • PUD approved by Flagler County • 89 acres • 80 water boat slips • 200 enclosed dry boat slips • Up to 160,000 square feet commercial/retail space • Permit to extend canal west of Sea Ray plant has been issued • Currently no incentive to annex • Annexation necessary to complete the Sea Ray/LandMar annexation area *Numbers are approximate & unconfirmed

  9. PROPOSAL • $125,000 infrastructure assistance grant (reimbursement) for Water & Sewer • Entire property must be annexed into the City

  10. BENEFITS • Capital investment • Jobs • Second public fueling/pumping facility for local boaters and a destination recreation marina

  11. DISCUSSION • Questions • Comments

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