I-75 State Road 52 distribution center economic development agreement
What the county recorded
This item is not from the published agenda
It is a stretch of the recording that this archive identified as a separate matter — a call to order, a recess, or something taken up that the agenda does not list. There is no official title, no staff recommendation and no disposition, because the county never recorded one. Everything below is inferred.
The source document
The county’s agenda for Board of County Commissioners, Jun 21, 2022
The published PDF, as served by the county. This item is one entry in it.
The county’s minutes for Board of County Commissioners, Jun 21, 2022
The published PDF, as served by the county. This item is one entry in it.
What was said
Machine transcription of 10m of recording, with speaker names inferred from voice matching. 79% of 39 lines carry a name. It shows what was said, not what was decided, and both the words and the names can be wrong.
We have um R fifty eight. No, that's eleven thirty times certain. Yes, ma'am. So we'll do R fifty nine.
That's right. Good morning. David Engel, Economic Growth Director.
Put the slides up, please.
This is a cooperative economic development agreement for additional development at the I-75 State Road 52 area. The property in question is located on the northeastern corner and it's bounded by County uh roadway called Pasco Road. The property is two hundred and eighteen acres. Originally the property was smaller. But the developer has acquired an additional fifty-six acres to
the north to accommodate a larger building footprint. The developer is bringing forth a built-to-suit distribution center, 1,392,000 square feet. And the developer estimates the the building and land development improvements will total $205 million, and the equipment in the building will be approximately $100 million. There is discussion of putting in a 500,000 square
foot mezzanine. Bringing the Build-A-Suit building up to approximately 1.9 million square feet in floor area. The developers data that they've provided us says that the build to suit would create approximately 2,400 full-time jobs. This is a footprint. Um The building as depicted by developers' preliminary plans, just to give you an idea what it's all about. I mean it's basically two football fields and floor area.
Oh I just wanted to go back. Um I can't do that. Okay. Can we just go back?
You pull me back. Just to that. I just wanted to make so to the south that's the Yudarco one Pasco center development, just to give you an orientation. I just wanted to do that.
The project will necessitate to accommodate the larger building and future development to the north. Nine point nine million dollars in road improvements. The developers requested six point three million dollars in assistance based on probable probable costs that are in exhibit in the uh economic incentive agreement. And we're proposing to pay the developer back in ad valorem taxes over twenty years. Which will amount to thirty-three percent of the tax flow that goes
into the general fund. In the event that the project with the bill to suit does not come to fruition The developer will default back to the original entitlement of 1,150,000 square feet. It's still a very cost effective proposition for the county because the incentive comes in at a minimum at five dollars and fifty cents a square foot versus the other spec buildings that we've done in the past, which range from nine dollars and sixty cents a square foot to ten dollars.
The general fund projected revenue over the twenty year period will be nineteen point one million dollars. So when you net out the six point three million dollar ad valorem assistance. The the general fund will capture at least twelve point eight million dollars in revenue. And this this land is an ag now, so it'll go Run on the tax roll once complete. The an the annual Gross County product contribution is $282 million, and again the job creation and
without any User incentives which could be coming forth, we don't know. The i the the current return on investment is one dollar, gives us one hundred and ninety-five dollars. And I would just I would just add that this is a completely performance based deal. Um the developer can't get any money, it goes into escrow until we hit that 1,150,000 square feet. And then to receive any funds they have to submit invoices
and billings that relate primarily to the road improvements and no money is released until the road infrastructure is completed as described in the exhibits. And I'd like to um introduce Mr. Clark Hobby who is representing the developer today. He may have some additional comments. And Tom Ryan is here from the EDC if you have any questions of him. Thank you.
Commissioner's uh Clark Hobby, Hobby and Hobby, PA 109 North Brest Street, Tampa, Florida. Uh happy to be here today. Um This is an exciting project. I can't talk about the end user here, but the project's being designed and will be constructed for a major regional distribution center that will uh include a significant number of jobs and and and just so the board is aware if for some reason the
end user went away on this project, no money will be advanced unless the my client, the developer, goes out and builds this enormous building anyway. So it's a huge net benefit to the county, even if the end user didn't come. But I'm happy to say that um My client is so confident in the deal happening that we're planning on starting construction in late August to early September. There's been a lot of work that's going on in
the background and uh I most of which I can't speak about. And I I just want to say my client's flight got delayed this morning. They'll be here for the afternoon, and they were very sorry to say they couldn't make the the meeting this morning. Morning, but they really appreciate the county being a partner. And just the last thing to remind you: my client in this deal is North Point Development out of Kansas City. They are the largest privately held light industrial developer in North America. And so for us, getting someone
in there who's willing to do a project like this hopefully is going to lead to a lot more projects with North Point, and we're really excited. excited about having them here. So appreciate your assistance.
Thank you. Um I do have a question, but did anyone
else? I don't have a question, but I'm glad to see this project coming forward. We've been talking about it for seems like a long time, but Uh District One and East Pasco is starting to grow more and more with One pass I mean uh Pasco Town Center and then this project too, so. A lot of great things happening, a lot of jobs being created for our citizens over in East Basco.
I I just can't tell you and Commissioner Oakley knows this as well as I do. Coming up from what was really a factory town at Dade City to see the opportunity for this kind of job creation, I mean this building is almost a half mile wide. Mm-hmm. My client's gonna build the building.
So this is a big, big
Commissioner Mariano. Thank you, Madam Chairman Mariano. One of the things we talked about is it's a lot lot of executives officers gonna be there as well. Right. That'll be supporting. So it's not just the distribution, it's uh it's the high level stuff too. Uh I wanna thank you for what you're doing. Um the project you brought us down at Overpass Park. You brought this the user in for that one too. And I hope to get with you maybe on uh the Hicks Road project that David and I are working on as well to work on that industrial part. Maybe maybe some opportunity farmers
a little
smaller scale,
but who knows? I I appreciate it. I know David Goldstein was kinda poking fun of me. He he and I were emailing one day, but again Coming from Dade City and it set had such a huge employment base, it really made a wonderful town, a lot of middle income earning opportunities, and so for me the jobs are really key to creating a community. So that's why I'm so passionate about it. So I'm I'm just super excited to be here today. Appreciate that.
Um so uh do you mind putting the map back up?
Because this is a little different than the maps that Clark and I have been talking about. Because if you look to the left you'll see the underpass for the Orange Belt Trail. But that corridor is not reflected on this map. So
this is just an artist's rendering. It has nothing to do with the land development matter, which will be on the board's agenda this afternoon.
Okay. I just want to make sure. I was just going through my stuff just to be sure, but uh I will call that out whenever I can. Um but board members that's the uh underpass we got DOT to put back in when they redid the seventy-two seventy-five fifty-two. intersection. They had taken that out.
Okay. Thank you. Well very
exciting.
The Office of Economic Growth recommends approval of this item. Thank you.
And um and let me say that Amskill is gearing up for robotics training. We have sent someone to get lots of certifications in uh teaching uh robotics training. So um We are ready to help. Okay, so it's in your um It's in my district. Yeah. Do we need is it a motion or is there no action? Nope. We
need a
recommendation. Yes, you gotta make a motion to approve.
Yeah, I
move approval.
Take it.
All in favor? Aye. Great. Very exciting and we'll see you this afternoon. Okay, next we have um R