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NULine JGI Agreement
Attachments:
Attachment NameAttachment SizeAttachment Date
Size: 55K
Last Updated: 2016/9/2
City of DeBary SealCity Council Meeting
City of DeBary
AGENDA ITEM





Subject:  Approval of Jobs Growth Incentive Agreement with NuLine Sensors
  
From:  Roger Van Auker, TOD Marketing & Economic Development Director
              
Meeting/Hearing Date:  September 7, 2016

Attachments:
(   )  Ordinance
(   )  Resolution
(   )  Other
(   )  Supporting Documents/Contracts


REQUEST

The TOD Marketing/Economic Development Department is requesting City Council approval for a Jobs Growth Incentive Agreement with NuLine Sensors.

OBJECTIVE

Relocate NuLine Sensors’ business operations to the City of DeBary at 901 S. US Hwy. 17-92, Suites 7 to 12 (leasing 12,000 sq. ft. of never occupied vacant space).

CONSIDERATIONS
The Jobs Growth Incentive Program was enacted by Ordinance #13-98, which provides incentives to entice and assist companies with relocating to the City of DeBary. ~

NuLine Sensors is a medical device research and development company which specializes in wireless EKG patches. The company manufactures the prototypes in addition to providing testing and monitoring services for their products.

The Company will:

1. Locate at least ten (10) employees with an average salary of $ 75,000.00 and ten (10) employees with an average salary of $50,000 – $60,000.
2. Add up to twenty (20) new employees within the first two (2) years of continued operations with an average salary of $ 35,000.00.
3. New permanent jobs created will be for a minimum duration of two (2) years.
4. NuLine Sensors is investing approximately $ 85,000.00 for start-up and other related costs.

FUNDING

The City of DeBary has made an incentive offer that could total up to $ 19,000.00.  The following incentive was offered to assist NuLine Sensors in offsetting the cost of locating to the City of DeBary.

1. $ 500.00 for each employee relocated to the City of DeBary. ~The job creation grant would total $ 10,000.00 for the first twenty (20) employees NuLine Sensors would relocate.
2. $ 600.00 for up to a maximum of fifteen (15) additional employees hired within the first 2 years of operation. ~This equates to a maximum of $ 9,000.00 for the fifteen (15) additional employees.

The funding of this agreement is a budgeted line item.

RECOMMENDED MOTION

Approve the Jobs Growth Incentive Agreement with NuLine Sensors to relocate their offices to the City of DeBary in an amount not to exceed $ 19,000.00.




City Council Action:
(   )  Approved As Recommended
(   )  Approved With Modification
(   )  Disapproved
(   )  Continued Date:

(   )  Other

Modifications:



 
 
City of DeBary, FL
16 Colomba Rd, DeBary, FL 32713
Phone: (386) 668-2040  Fax: (386) 668-4122