Placement: Resolutions
Action Requested: Motion / Vote
title
Resolution 23-R30, A Resolution of the City Council of Port St. Lucie Approving an Economic Development Incentives Package for LactaLogics, Inc.; Providing for Conflicts; Providing for Severability; and Providing for an Effective Date.
body
Submitted By: Elijah Wooten, Economic Development Administrator
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): LactaLogics is seeking to establish a human breast milk processing facility in Port St. Lucie. The new processing facility will service the United States.
Presentation Information: Wes McCurry, Senior Vice President - Economic Development Council of St. Lucie County, will make a brief presentation.
Staff Recommendation: Move that the Council approve the packet of economic development incentives for LactaLogics' expansion.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the packet of economic development incentives for LactaLogics' expansion.
2. Move that the Council not approve the packet of economic development incentives for LactaLogics' expansion and provide staff direction.
Background: LactaLogics combines the latest in milk processing technology with holistic donor care to increase access to the life-saving benefits of breast milk. The company is positioned as an affordable, high-volume supplier of human-milk fortifiers and donor milk, improving food safety and security in Florida for the United States.
Issues/Analysis: LactaLogics intends to purchase a 60,000 sq. ft. facility. The company will invest $24 million in renovations and $33 million in machinery and equipment. The company will create 60 new jobs paying an average wage of $49,000 plus benefits, which is 107% of St. Lucie County's average wage.
Financial Information: The economic development incentive packet consists of ad valorem tax exemption, impact ...
Click here for full text