At the regular meeting on April 12, 2022, the Board of County Commissioners (BOCC) unanimously approved the finalization of incentives that were initially approved at the October 12, 2021 meeting. Economic Director Valerie Pianta gave a short introduction, indicating that there have been no changes to the incentive plan since first discussed in 2021.
She said that the building permit and impact fees paid for by the incentives will total roughly $282,750. An additional grant — the Economic Development Investment Incentive Grant is to be determined and will be based on ad-valorem and tangible property taxes paid.
The incentives will assist Barrette in its expansion to a 175,000 square foot facility at the Brooksville Tampa Bay Regional Airport (BKV) Rail Park, where the company will have direct access to the CSX Rail Service and create at least 150 new jobs, which will pay 100% of Hernando’s average annual wage of $36,749. Ten of the positions will have wages 115% over the average. The company also plans a $19 million dollar investment in equipment for the new building.
Barrette has been granted EPIC (Expedited Permitting, Inspection, and Certification) status to reduce the time from permit submission to certificate of occupancy. The EPIC Program is a Hernando county policy (43-01) that sets criteria such as type of industry, average wage, number of jobs created, and capital investment.
Based on a point system, Barrette’s 31+ points puts their grant value at 75% of the percentage increase in ad valorem and Tangible Personal Property (TPP) taxes for the first 5 years, and 50% for the second five years. Their length of eligibility for this grant is 10 years.
Commissioner John Allocco praised the plan, pleased that companies are choosing Hernando county to bring their businesses.