Submitted By: Marie Mesadieu
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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 $150,000
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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 businesses and encouraging existing businesses to grow and expand. On August 1, 2023, Averitt Express Inc. (Averitt) applied for incentives through the EIP to support the expansion of their business to Ocala. Averitt is headquartered in Cookeville, Tennessee, and is an industry leader in supply chain management. The company specializes in delivering customized solutions for service offerings that include retail distribution, transportation management, and fulfillment services.
Staff previously presented Averitt's EIP Application for City Council approval on October 17, 2023. The agreement was approved by City Council; however, the agreement was not executed. The developer and its board met following the original approval and concluded they would be completing the project in a single phase rather than in the initially proposed multiple phases. Averitt's pivot to a larger building increased their capital investment and their job projections. After reviewing the proposed changes, staff concluded the changes would not significantly impact the intent of the project. City staff met with the City's legal team, agreed that amending the unexecuted contract was not necessary, and invited Averitt to submit a revised application. The revised application was submitted on January 19, 2024, and included a request for increased incentives given the increase in the investment and job commitments. The key changes are summarized below.
Averitt is now proposing...
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