On Monday, December 13, 2010, the North Port City Commission voted 5-0 to approve a grant agreement to bring 62 new jobs to the City of North Port.
Adams Bros. Cabinetry, Inc. will be moving into the North Port Park of Commerce off Toledo Blade Boulevard. The company, currently located in Charlotte County, has been in existence for 33 years and has outgrown its current location. They will bring to North Port 62 jobs initially and create 102 new jobs over the next five years. The average annual wage for each of these jobs will be at least $45,627.
In addition the Company agrees to invest $2.4 million toward the purchase and renovation of an existing building located in the North Port Park of Commerce and install customized, state-of-the-art machinery, office, and computer equipment. Their total capital is estimated to be $5 million. For more information about the company, visit www.discoveradams.com.
The City of North Port, Sarasota County, and the Economic Development Corporation of Sarasota County collaborated to assist with the relocation. The agreement requires that the Company fill at least 50 percent of all newly created jobs and/or vacated jobs with employees who are residents of the City of North Port.
The agreement also provides an Economic Development Grant from the City of North Port to the Adams Bros. Cabinetry in the amount of $200,000. This is the City’s incentive to induce the Company to relocate its operations to North Port and provide capital investment and jobs as stated.
An independent economic impact analysis performed for this project calculated that the City will recoup its investment in 3.3 years. The agreement includes a recapture clause for any incentivized new jobs that are then lost at the end of the term.
Funding for this incentive will be provided from the recently approved funds set aside by City Commission for economic development incentives.
The Sarasota County Board of Commissioners also authorized an economic development grant in the amount of $300,000 as the County’s inducement for the Company to relocate to Sarasota County and the City of North Port.
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