SUBJECT
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Economic Development Impact Fee Mitigation Agreement with NVR, Inc. (estimated $67,077 impact fee revenue loss)
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DESCRIPTION
Section 2.08 of Polk County's Impact Fee Ordinance (No. 19-056, as amended), along with Resolution 19-129, sets forth the County's Economic Development Impact Fee Mitigation Program, allowing certain Qualified Target Industry Businesses or Owners to mitigate any real or perceived disadvantage occurring from the imposition of Impact Fees.
Pursuant to the Ordinance, NVR, Inc., submitted an application to the County Manager requesting Impact Fee mitigation on the planned construction of a new facility to be located on Bannon Island Road in Haines City. The company intends to add at least 50 new full-time jobs in Polk County paying an average wage of at least 115% of the County's average annual wage. The Company will make, or cause to be made through lease agreements, an anticipated $10 million or greater capital investment in Polk County in real property improvements and equipment. The County Manager has reviewed the application and determined that the planned Capital Facilities Impact Construction meets the requirements for mitigation as set forth in the Ordinance.
Without mitigation, County impact fees in the estimated amount of $134,154 would be due on the approximately 174,000 square foot manufacturing facility. The company qualifies for an impact fee mitigation amount of 50%, which equates to an estimated mitigation amount of $67,077.
Based on the above, the Project's total estimated impact fee amount due is $67,077. As required under the Ordinance, the company shall either provide an irrevocable letter of credit, or have the property owner authorize the filing of a County lien on the property, for a period of seven years, to ensure payment of the mitigated Impact Fees in the event that the Capital Facilities Impact Construction no longer qualifies for the economic development Impact Fee mitigation at any ti...
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