Bill Type and Number: Ordinance 2007-180

Sponsor: The Council President at the request of the Jacksonville Economic Development Commission:

Date of Introduction: February 13, 2007

Committee(s) of Reference: F; ECID

Date of Analysis: February 16, 2007

Type of Action: Bonds Issuance Approval

Bill Summary: This ordinance approves the issuance of Industrial Development Revenue Bonds by the Jacksonville Economic Development Commission in an aggregate amount not to exceed $8,600,000 for the benefit of Lee & Cates Glass, Inc... The purpose of the bonds issuance is to provide funding to finance the costs of a capital project for a manufacturing plant to be owned and operated by Lee & Cates Glass, Inc. The plant would be constructed at 5355 Shawland Rd., in Council District 9. Granting of the approval for the bonds issuance shall not constitute any liability upon the City.

Background Information: Founded in 1926 in downtown Jacksonville (LaVilla), Lee & Cates Glass has expanded to 22 locations in 13 cities ranging from Daytona to Panama City to Brunswick. The purpose of the bond issuance that this ordinance would approve include: the acquisition of an existing building containing approximately 128,00 sf; the acquisition of a site containing approx 3 acres located at 5355 Shawland Rd; construction and renovations. Lee & Cates anticipates that the project would create seven (7) new, full-time jobs eligible for full benefits. Wages range from $25,000 for clerical staff to five jobs at $38,000 for production crew.

Florida Statutes created the Jacksonville Economic Development Commission as the sole industrial development authority for the City of Jacksonville.

Policy Impact: Economic Development/Industrial Revenue Bonds/Jacksonville Economic Development Commission

Fiscal Impact: The ordinance approves JEDC’s issuance of bonds in an aggregate amount not to exceed $8,600,000. The City is not liable for the bonds.

Analyst: Jackson