Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve an Economic Investment Program agreement between the City of Ocala and Averitt Express, Inc. with a total investment not to exceed $96,000
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OCALA'S RELEVANT STRATEGIC GOALS:
Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The purpose of the Economic Investment Program (EIP) is to create economic growth within Ocala through the attraction of new business and encouragement of existing business to grow and expand. On August 1, 2023, Averitt Express Inc. ("Averitt") applied for incentives through the EIP to support expansion of their business to Ocala. Averitt is headquartered in Cookeville, Tennessee and is a leading supplier of supply chain management. The company specializes in delivering customized solutions for service offerings that include retail distribution, transportation management, and fulfillment services.
The Applicant is proposing to construct a new 20,200 square feet logistics and service center inclusive of docking, warehouse, and office space. The project will be developed on a 15.41-acre parcel located along NW 35th Street Road (Parcel ID 13717-001-00). The subject property is a part of the Ocala/Marion County Commerce Park and was purchased by the Applicant on September 6, 2023. Averitt's proposed expansion project in Ocala will serve as a mid-way point between existing Orlando and Jacksonville operations.
City staff met with the applicant to review the project details and negotiate the agreement's terms. The Financial Review Committee (FRC) met on September 22, 2023, to evaluate the project's financial aspects. The FRC unanimously approved the application, determining that Averitt had sufficient financial ability to successfully execute the project. The attached memorandum contains the written recommendation.
The facility construction and site improvements are expect...
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