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Adopt a resolution to establish a County Capital Investment Incentive Program for qualified manufacturing facility companies on North Mare Island in Vallejo
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The County Administrator's Office recommends that the Board adopt a resolution to establish a Capital Investment Incentive Program for qualified manufacturing companies on North Mare Island, Vallejo, CA.
SUMMARY:
The California Capital Investment Incentive Program (CIIP), California Govt. Code section 51298, is an existing State adopted program that authorizes local governments to establish a program which may provide for abatement of a portion of property taxes for large capital investments made by qualified manufacturing facilities for up to fifteen (15) consecutive years. The program requires a minimum capital investment of taxable real assets with a value that exceeds $150 million. Under the program, the County may agree to rebate up to 75 percent of the County's share of property taxes received from a qualified manufacturing facility as an incentive for locating, investing and operating a new manufacturing facilities on North Mare Island. The Board is asked to adopt a resolution (attachment A) as an initial step required by the CIIP legislation to indicate the County's willingness to participate in the program. Approval of the attached resolution does not obligate the County to offer any specific incentive at this time, but indicates a willingness to do so. Further negotiation and a subsequent written agreement would be required.
FINANCIAL IMPACT:
There is no fiscal impact to the County to adopting this resolution. A qualified manufacturing facility if built and operational, with assessed real property value in excess of $150 million could provide new property taxes to the County on vacant city owned land on North Mare Island. Under the ...
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