Mettler-Toledo will locate operations in Pasco County, construct a 250,000 square foot state of the art manufacturing facility, hire new employees for their expanding operations, paying an average annual wage for all jobs created of at least $51,578 which is one-hundred and fifty percent (150%) of the Pasco County average annual wage, and relocate certain business operations from other states to Pasco County.
An independent report, conducted for the Pasco Economic Development Council to determine the potential economic benefits afforded by Mettler-Toledo locating to Pasco County, found that the project would lead either directly or indirectly to the creation of approximately 775 new jobs, provide salaries to direct and indirect workers in the amount of approximately $41 million, and add approximately $79 million to the Gross County Product.
This project will serve as a catalyst for the future office and high tech development in the State Road 54 and Suncoast Highway (State Road 589) corridors, identified as part of the Gateway Crossings Market Area in Pasco County, will enhance local employment opportunities for Pasco County’s residents, reduce reliance on regional commuting, and promote the overall economic welfare of the area.
The proposed Economic Incentive Agreement commits Pasco to provide numerous economic and other development incentives, including funding for the extension of Northpointe Parkway, that will contribute to the overall financial feasibility of the project, assure expeditious development and development review of the project, leverage other sources of investment, and make Pasco County the most competitive location for the project.
a. Roadway infrastructure $3,050,000
b. Impact, permitting, connection, and mobility fees
c. QTI local match $555,000
d. JCI $1,972,000
e. HIJCB 75% of project’s tax for 10 years
f. Training Funds $200,000
Board Approved Action: OEG17-002
Description: Complete the extension of the NorthPointe Parkway roadway as a four lane divided public roadway for 1,673 feet with a maintenance and warranty agreement for three years.
Payment: Jobs and Economic Opportunities Trust Fund: $7,672,000
Job Creation Incentive (JCI) 25% for 4 years after the 1st year of documentation; payment within 90 days of receipt the documentation, less the QTI match
High Impact Job Creation Bonus (HIJCB) after Certificate of Occupancy, jobs created and maintained for the calendar year, receipt of current real and tangible taxes
Training Funds a reimbursement for employee training costs
Board Approved Action: OEG18-1012
Description: Mettler Toledo Roadway Agreement Amendment: This amendment did not require additional funding. The construction actual costs were lower than estimated, therefore making the design and permitting costs a higher percentage of the project. This agreement amendment was to change the design and permitting % cap to fit the new, overall lower project cost.
Board Approved Action: REA17-064
Description: Accept the deed and easements, adopt the resolution canceling taxes, and execute the resolution
Board Approved Action: NI17-448
Description: 07/06/2017 sign Payment Bond with B. R. W. Contracting, Inc. and Allied World Insurance Company for the Northpointe Parkway Extension
Description: All taxes paid