Pinellas County commissioners engage in discussions during a funding meeting.
Four local companies in Pinellas County have received $8.84 million in funding to enhance operations and storm resilience. The funding, sanctioned by the county commissioners, aims to stimulate economic growth and job creation through its Employment Sites Program. Awards range from $400,000 to $3.54 million contingent on project milestones. Furthermore, the application process has been revised to ensure strict oversight and accountability, reflecting the county’s commitment to fostering local businesses and maintaining economic stability.
Pinellas County, FL – Four local companies have been allocated a total of $8.84 million in funding to enhance their operations and fortify their facilities against storms. The announcement came after the Pinellas County Commissioners unanimously approved the funding during their meeting on July 22, 2024. This financial support is part of the county’s Employment Sites Program, which aims to bolster workforce development and retention within the local economy.
The awarded amounts to the individual companies will range from $400,000 to $3.54 million, pending the fulfillment of specific project milestones before the funds are disbursed. For instance, payments may only be made post-completion of significant project phases, such as achieving the first concrete pour of a new building. The initiative is designed to encourage local businesses to invest in their growth and ensure job creation in the area.
The Employment Sites Program has seen considerable success since its inception, distributing a total of $44.6 million across seven funding rounds. This initiative has also attracted international recognition for its effectiveness in stimulating local economic development, garnering a cumulative total of $98 million in funding. Previous rounds of funding have led to $269 million in private investments across 26 projects within Pinellas County.
Concern was raised regarding the application process for this funding at a July 17 workshop. County Commissioner Vince Nowicki pointed out that past contracts lacked adequate requirements and oversight. In light of this feedback, County Administrator Barry Burton confirmed that the funding criteria have been revised to enhance the approval process. Each application is now scored by staff from the Pinellas County Economic Development (PCED), while an independent consultancy conducts thorough reviews prior to any proposals being presented to the commission.
Dr. Cynthia Johnson, director of the PCED, expressed confidence in the improvements made to the evaluation process, citing the value of independent scrutiny as a means to aid the commissioners in making well-informed decisions. Additionally, contracts under the Employment Sites Program now include a protective mechanism known as a claw-back clause, which may be invoked in the case of defaults by the recipient companies. This measure underscores the county’s commitment to ensuring accountability and compliance with contract stipulations.
One of the grant recipients, Bardmoor, is currently facing difficulties in securing a tenant for its new facility located at 8333 Bryan Dairy Road. Commissioner Dave Eggers highlighted that the speculative nature of Bardmoor’s redevelopment project differs from the typical applications normally supported by the program. However, he acknowledged the company’s positive history with similar ventures, suggesting a level of confidence in their ability to successfully leverage this funding.
Bardmoor’s application centered on the high costs associated with site improvements, which the company described as making the project financially unfeasible under prevailing market rental rates. Despite these concerns, Burton indicated that the updated application criteria now impose more stringent standards than before. Nevertheless, he conceded that the system is still not perfect.
To maintain oversight, the PCED mandates annual reporting from funded companies detailing job creation and has incorporated site visits to ensure compliance with the agreed-upon terms. As of yet, the county has not had to exercise the claw-back provisions since the program began, indicating a successful track record in fostering local economic growth with the funds allocated.
As the program continues to evolve, its contributions have played a crucial role in the resilience and economic stability of Pinellas County, reaffirming the county’s commitment to supporting local businesses while ensuring accountability and oversight in public funds management.
St. Petersburg Revitalizes Historic Church with New Indoor Farmers Market
Concerns Rise Over Florida’s New Law Impacting Decorative Crosswalks
St. Petersburg Commences Major Repairs at Tropicana Field
St. Petersburg Invests $8 Billion in Urban Renewal and Resiliency
St. Petersburg Launches Month-Long PierFest Celebration
St. Petersburg Terminates Deal with Rays for New Ballpark
Rene Flowers Becomes President-Elect of Florida Association of Counties
St. Pete Pier Celebrates Anniversary with Festive Events
St. Petersburg Gears Up for Independence Day Weekend
St. Petersburg Approves Extension for Tangerine Plaza Redevelopment
News Summary A recent undercover operation in Marion County resulted in the arrest of 40…
News Summary A tragic shooting in St. Petersburg on the night of July 29 has…
News Summary A 39-year-old man, Reginald Booth, was shot and killed in St. Petersburg, prompting…
News Summary Authorities in St. Petersburg are investigating a shooting that resulted in the death…
News Summary A tragic shooting on 9th Avenue South in St. Petersburg resulted in the…
News Summary Florida is experiencing a notable demographic shift as an increasing number of young…