Title
Chief Administrative Office recommending the Board authorize the Chief Administrative Officer to sign Economic Incentive Agreement 609-O1411 with Q1 NanoSystems Corporation (doing business as Bloo Solar). This agreement replaces and supersedes Agreement 357-O1411 executed on 2/12/14 and clarifies the calculation of the Economic Development Assistance to be paid under the Agreement.
FUNDING: General Fund.
Body
BUDGET SUMMARY:
Total Estimated Cost Year 1…… $2,500.00 for 2012 (approx.)
Total Estimated Cost Year 1…… $3,300.00 for 2013 (approx.)
Budget - Current FY…………… $5,800.00
New Funding…………………….
Savings…………………………
Other……………………………
Total Funding Available………… $5,800.00
Change To Net County Cost…… $0
Fiscal Impact/Change to Net County Cost
Estimated payments for 2012 and 2013 are $2,500 and $3,300 respectively. Actual payments are equal to the County’s General Fund portion of property taxes paid by Bloo Solar after March 27, 2012 on the enrolled assessed value of secured and unsecured classes of property, including business personal property, fixtures and leasehold improvements located in El Dorado County. It is anticipated that the annual cost of this agreement will be offset by expansion of the property tax base of the County, a direct infusion of funds into the County’s economy related to Bloo Solar’s business operations, and the creation of high value job opportunities for County residents.
Reason for Recommendation
On March 27, 2012, the Board of Supervisors approved, in concept, the sharing of a portion of the property tax increment revenue that would be realized by the County General Fund if Q1 NanoSystems established a business in El Dorado County and authorized staff to negotiate a property tax increment revenue sharing agreement with Bloo Solar which would be brought to the Board for review and approval (Legistar File 12-0367).
On December 17, 2013, the Board of Supervisors authorized the Chief Administrative ...
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