LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2023-054 - ACCEPTING FUNDING FROM TRIUMPH GULF COAST - GRANT AGREEMENT LETTER - DESIGN AND CONSTRUCTION OF THE AMERICAN MAGIC HIGH PERFORMANCE MARITIME CENTER AT THE PORT OF PENSACOLA
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 2023-054.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS 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 Triumph Gulf Coast 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 Grant
$ 2,625,000 FDOT / FL Seaport Transportation Economic Development Fund (FSTED) Grant
$15,088,120
Actual: $15,088,120 Engineering, Permitting and Construction
FINANCIAL IMPACT:
Adoption of the Supplemental Budget Resolution will appropriate the grant funds.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
8/25/2023
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 2023-054
2) Supplemental Budget Explanation No. 2023-054
3) Triumph Grant Agreement for Project #315
PRESENTATION: No end