TO: CRA Board of Commissioners
FROM: Alexina Jeannite, Grant Manager
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: August 25, 2020
Title
JOB CREATION BONUS PROGRAM - INTERNATIONAL MATERIALS, INC. (54 SE 5TH AVENUE) FOR AN AMOUNT NOT TO EXCEED $75,000.
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Recommended Action:
Recommendation
Approve the Job Creation Bonus Funding Agreement with International Materials, Inc. for business operations located at 54 SE 5th Avenue, in an amount not to exceed $75,000.00.
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Background:
International Materials, Inc. (IMI) is a trader of bulk raw materials and logistics services. Founded in 1987, IMI has been operating in the City of Boca Raton. The company is experiencing strong, continued growth, and is need of doubling its size to support existing and future growth. This growth is what brings IMI to the City of Delray Beach. Currently, IMI is in the process of relocating its headquarters to 54 SE 5th Avenue in the heart of Delray Beach’s Central Core, within CRA sub-area #2. Interior improvements and construction are underway, with a targeted move-in to occur in early 2021.
IMI submitted an application for funding assistance in July 2020 for support under the Job Creation Bonus Program. The purpose of the Job Creation Bonus Program is to attract companies, grow existing businesses, and diversify the local economy by increasing the number of quality job positions available throughout the CRA District while promoting local hiring efforts. The JCB Program offers qualifying businesses an incentive based on the total number of newly created or relocated job positions earning at least 115% of the Palm Beach County Average Median Income (AMI). Businesses new to the CRA District must create or relocate a minimum of ten (10) new jobs and existing businesses within the CRA District must create a minimum of five (5) New jobs; all positions must equal or exceed 115% of the County’s Average Annual Wage (excluding commissions and tips).
IMI’s...
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