PLACEMENT: Consent
TITLE:
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TERMINATION OF PARTICIPATION IN MARTIN COUNTY OPPORTUNITY FUND CONCERNING PROJECT MARLIN
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EXECUTIVE SUMMARY:
executive summary
The Board is being requested to terminate the Opportunity Fund Agreement with Turbocombuster Technology, Inc. regarding Project Marlin and release the surety bond or other security being held.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Assistant County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
On October 23, 2012 the Board of County Commissioners entered into an Opportunity Fund Agreement with Turbocombuster Technology, Inc. (now Project Marlin). The Agreement provided for a grant to Turbocombuster from the Martin County Opportunity Fund for business expansion. The Agreement provides for two (2) disbursements of $450,000 based on performance targets. The Agreement provides that all performance targets were to be satisfied by December 31, 2016. A six (6) month extension was requested by Turbocombuster in April 2014, and subsequently agreed upon by First Amendment to Martin County Opportunity Fund Agreement "Project Marlin", setting the new Performance Date for satisfaction of performance targets as June 30, 2017.
The Agreement requires Turbocombuster to meet the following performance measures to receive the first disbursement:
1. Invest $7,000,000 in machinery and equipment.
2. Invest $8,000,000 in the purchase of the existing building.
3. Invest $1,000,000 in the retrofit of the building.
Staff has determined through various methods (See Attachments) that these performance requirements have been satisfied and the first disbursement has been paid.
The Agreement requires Turbocombuster to meet the following performance measures to receive the second disbursement:
1. The creation of an additional 200 qualifying jobs at the project site.
2. Additional jobs must have an average compensation...
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