LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
title
SUPPLEMENTAL BUDGET RESOLUTION NO. 2023-045 - ACCEPTING FUNDING FROM THE FLORIDA JOB GROWTH INFRASTRUCTURE - DEPARTMENT OF ECONOMIC OPPORTUNITY - GRANT AGREEMENT - AMERICAN MAGIC HIGH PERFORMANCE MARITIME CENTER AT THE PORT OF PENSACOLA
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RECOMMENDATION:
recommendation
That City Council adopt Supplemental Budget Resolution No. 2023-045.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
United by a mandate to win the America’s Cup, American Magic sailing team is developing a pathway for a generation of engineers, boatbuilders and technicians to enhance the marine industry in the United States and set Pensacola on a trajectory of being a leader on the world stage.
Buildout of existing Port of Pensacola warehouse #10, will allow American Magic, which has utilized the port on seasonal basis for training and development, to permanently relocate their operations, training, and boat building facility to the Port of Pensacola and creating 150 high wage jobs as a result.
As a requirement of the Governor’s Job Infrastructure Growth Grant, the City of Pensacola will retain ownership of the facility and the complex will be leased to American Magic. And the new dock and boat ramp facility will be utilized by all port tenants.
PRIOR ACTION:
N/A
FUNDING:
Budget: $ 3,963,120 Governor’s Job Growth Infrastructure Grant
$ 8,500,000 Triumph Gulf Coast
$ 2,000,000 FDOT / FL Seaport Transportation Economic Development Fund (FSTED)
$14,463,120
Actual: $ 1,446,312 Architecture and Engineering
$13,016,808 Construction
$14,463,120 Total
FINANCIAL IMPACT:
Adoption of the Supplemental Budget Resolution will appropriate the grant funds.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
6/2/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Miller, Deputy City Administrator
Erica Grancagnolo, Economic Development Director
Clark Merritt, Port Director
ATTACHMENTS:
1) Supplemental Budget Resolution No 2023-045
2) Supplemental Budget Explanation No. 2023-045
3) Florida Job Growth Infrastructure Grant Agreement - Draft
PRESENTATION: No end