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Solar Products Manufacturing Project: Economic Development Incentive Agreement

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This project involves the development and manufacture of thermal/electric solar products, with 180 primary jobs and $49 million investment over 3 years. It is a high-tech startup with state and local incentives playing a crucial role. The agreement includes tax abatements and a local job incentive based on a 10-year schedule, along with waivers and expedited permits. Skilled job relocation cost reimbursement is offered to employees relocating from outside Flagler County, promoting economic growth and job creation.

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Solar Products Manufacturing Project: Economic Development Incentive Agreement

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  1. Project Iceman Economic Development Incentive Agreement

  2. Background • Company to Develop and Manufacture/Assemble Thermal/Electric Solar Products • Essentially Start Up Company with Multiple Equity Investors • Looking at Palm Coast and other Locations • Plans to Create 180 Primary Jobs and Invest over $49 Million in Next 3 Years • High Technology, Research/Development, and Manufacturing/Assembly • Above Flagler County Average Annual Wage • State and Local Incentives Crucial to Location Decision

  3. State Incentives • Enterprise Flagler Pursing State Incentive Package • Qualified Target Industry Tax Credit • City Council Approved Resolution on November 16, 2010 • Waiver of Local Match (Rural County) • State Incentives are Performance Based

  4. Local Incentives • Tax Abatement for Local Jobs • 10 Year Schedule • Formula Based on Number of Local Employees Fiscal YearPercentage for Each JobMaximum 2010/2011 1.667% 100% 2011/2012 0.715% 100% 2012/2013 0.556% 100% 2013/2014 0.556% 100% 2014/2015 0.473% 85% 2015/2016 0.389% 70% 2016/2017 0.306% 55% 2017/2018 0.223% 40% 2018/2019 0.112% 20% 2019/2020 0.056% 10%

  5. Local Incentives • 90% Discount on Building Permit Fees • Skilled Job Relocation Cost Reimbursement • 50% of Actual Costs, Not-to-Exceed $1,500 per Employee • Must Relocate from Outside Flagler County • Annual Wage must exceed 200% of Flagler County Annual Wage • Limited to Twenty (20) Employees • Expedite Permitting • Possible Future Agreements to Promote Products

  6. Project Iceman Economic Development Incentive Agreement

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