SEA RAY BOATS, FLAGLER MARINE CENTER

ECONOMIC DEVELOPMENT INCENTIVES

SEA RAYBACKGROUND/HISTORY Economic Development Incentive program was approved in

2007 Partners – State of Florida, Flagler County, City of Palm

Coast, Sea Ray Boats, Neighboring developers Program included

Extension of Roberts Road Extension of Water & Sewer lines Capital improvements to the Sea Ray Manufacturing

Plant Funding Source

Roberts Road Improvements – State/County Water & Sewer services – State/County Plant improvements – Sea Ray and surrounding

developments

CURRENT STATUS

Roberts Road extension under construction – completion: March 2009

Water & Sewer extensions - complete Plant improvements – partially completed,

on hold Surrounding developers commitment -

$3M $1.8M - already paid $1.2M - pending sale of residential lots

PROPOSAL

City advance the remaining $1.2M capital funding to Sea Ray with “Claw back”

City also purchases approximately 22 acres on Roberts Road, from LandMar, at a discounted price of $1.25M

22 Acres to be marketed for future industrial/business development

All properties will be annexed Current assessed value $14.5M = $43K

annual City tax revenue

BENEFITS

We hear you community – “the City should be doing more to save and create good paying jobs”

Sea Ray stays open City has a tangible asset – 22 acres City has property to offer as an incentive/

spec building Valuable property incorporated into City

limits

CITY CHALLENGE/RISK

Use of reserve funds Up to $4M

No guarantee Sea Ray will stay open Business/industrial park may take years to

occupy

COMMUNITY RISK – ECONOMIC IMPACT Direct jobs 200-600 Indirect jobs 100-300 Total jobs 300-900 $189.8M local economic impact (2005)

FLAGLER MARINABACKGROUND/HISTORY PUD approved by Flagler County 89 acres 80 water boat slips 200 enclosed dry boat slips Up to 160,000 square feet commercial/retail space Permit to extend canal west of Sea Ray plant has

been issued Currently no incentive to annex Annexation necessary to complete the Sea

Ray/LandMar annexation area*Numbers are approximate & unconfirmed

PROPOSAL

$125,000 infrastructure assistance grant (reimbursement) for Water & Sewer

Entire property must be annexed into the City

BENEFITS

Capital investment Jobs Second public fueling/pumping facility for

local boaters and a destination recreation marina

DISCUSSION

Questions Comments