TO: Honorable Mayor & Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: Request for temporary consideration from Adams Group
Recommended Action
Consider authorizing the City Manager to execute a modification of the Term to the 2010 agreement with Adams Group extending the agreement for 12 months.
Background Information
In 2010 the City of North Port, working together with the Economic Development Corporation of Sarasota County (Sarasota EDC) and Sarasota County (through the Business and Economic Development Department), successfully recruited Adams Group to relocate their headquarters and primary manufacturing facility to North Port. Subsequently, an Economic Development Agreement (agreement) was approved by the North Port City Commission on December 13, 2010 with a term of 6 years. Separately, the company secured an economic development incentive package from Sarasota County through the Sarasota EDC's incentive program.
The City of North Port agreement allocated up to a total of $200,000 to incentivize Adams Group to create jobs in North Port. Recognizing the need to keep the company in North Port for the long-term and the public's expectation for a reasonable return on the City's investment into the company, several stipulations were required of the company which include:
1. Relocate its business within the city boundary;
2. Purchase the proposed parcel, renovate the existing building, acquire and install additional
machinery and equipment therein;
3. Invest an additional $4,495,000 on capital expenditures by December 31, 2011;
4. Exercise best efforts to purchase supplies from businesses located within the City of North
Port;
5. Exercise best efforts to use local contractors and encourage these local contractors to
procure locally;
6. Exercise best efforts to hire North Port residents;
7. Maintain an annual wage of $45,627 adjuste...
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