§ 22-10. Waiver of impact fees for targeted business/industry.

(a)

The board of county commissioners may waive all or part of the transportation impact fees for a targeted business/industry, as defined by section 7-2, Lake County Code, if the targeted business/industry qualifies for and receives the economic development grant incentive based on the following criteria:

(1)

A minimum of twenty-five (25) jobs shall be created after the date the application for the waiver is received by the county that pay no less than one hundred fifteen (115) percent of the average annual wage for Lake County; and

(2)

A capital investment of at least twenty-five million dollars ($25,000,000) is made to property owned by the targeted business/industry located within the geographic boundaries of Lake County, Florida.

The jobs created hereunder shall be maintained for the same period of time as required under the economic development grant incentive program.

(b)

Waivers shall be contingent upon the board of county commissioners identifying a source of funding that will be used to pay the transportation impact fees that would otherwise have been paid without the waiver.

(c)

In order to provide assurances that the targeted business/industry will fulfill the requirements of the waiver and the economic development grant incentive programs, if approved for a waiver, the applicant shall select one (1) of the following waiver options:

(1)

Prepay the impact fees to secure the rates as allowed under section 22-11, Lake County Code. The targeted business/industry shall then receive a prorated amount of the prepaid impact fees back for each year in which it complies with the requirements of the economic development grant incentive program. The annual prorated amount reimbursed shall be remitted to the targeted business/industry at the same time as the incentive payment is made.

(2)

Provide a letter of credit to the county, in a form acceptable to the county attorney, to secure the amount of the impact fees waived. The letter of credit shall remain in effect for the same period of time as required under the economic development grant incentive program. If the targeted business/industry fails to comply with the requirements of the economic development incentive program, the county manager or designee may utilize the letter of credit to recoup the amount of the waived fees. The county manager or designee may refund a prorated amount of the letter of credit funds to the targeted business/industry based upon the number of years the targeted business/industry successfully complied with the grant incentive requirements. The remainder of the funds shall be retained by the county as reimbursement for waived fees.

(Ord. No. 2007-60, § 1, 12-11-07; Ord. No. 2008-61, § 4, 9-2-08; Ord. No. 2009-33, § 4, 6-23-09; Ord. No. 2013-66, 3, 11-19-13; Ord. No. 2019-26, § 2, 4-9-19)