BROOKSVILLE — The Hernando County Board of Commissioners unanimously agreed Tuesday to give two businesses — one existing, one new — some breaks and boosts in exchange for the promise of jobs. Together, the companies are expected to create 75 new positions by 2026.
Local Brooksville company Interconnect Cable and Technology Corporation, an electronics manufacturer stationed at the Brooksville airport since 1988, opted in to the county’s job creation incentive, which is made available to businesses already operating in Hernando County.
According to the incentive package agreement, ICTC will create 15 new jobs over the next three years. The positions will come with an average annual salary of $32,614. For each job, the company will receive $2,000 from the county, totaling $30,000 to be paid between 2019 and 2025.
The commission also agreed to offer an $817,000 incentive package to an anonymous warehousing and logistics company that the county is still negotiating with. It is known only by its code name, "Project Diamond."
According to the agreement, the business would lease a 20-acre site at the airport and build a $20 million, 200,000-square-foot facility. In exchange for the incentive package, the company would create at least 60 jobs over the next three years, each with an average annual salary of $37,506.
The county would pay the company $3,000 per new job created, with a maximum payout of $180,000 from 2020 to 2026, once the company’s performance measures are met.
Building permit fees and impact fees — estimated to be about $92,000 and $125,000, respectively — will be deferred over that same period. In accordance with county policy, the company will pay impact fees that exceed $50,000 and submit for annual reimbursement.
The county would pay for Project Diamond’s 60-month land lease, totalling $420,000, and the company would be granted right of first refusal on an adjacent 20 acres of land, the agreement said.
At the meeting Tuesday, County Administrator Len Sossamon said the company will pay about $165,000 in county taxes each year, exceeding the cost of the lease within five years, essentially paying the county back.
If Project Diamond, which is in talks with governments elsewhere in the country, agrees to the county’s terms, the county will assign it a rapid-response permitting team, which includes county administrators and staff specializing in planning, building, zoning, engineering and economic development.
Contact Megan Reeves at [email protected] Follow @mareevs.