Cape Council to consider $150,000 incentive plan for Insite Managed Solutions
The Cape Coral City Council on Monday will consider authorizing tax incentives to a local company interested in moving and expanding in the South Cape.
The Economic Development Office will present Council with its proposal to give $150,000 in incentives to Insite Managed Solutions to move to relocate within the city and keep the company from moving elsewhere.
The resolution to be considered by Council would approve $120,000 this fiscal year and $30,000 next fiscal year toward the retention/expansion and purchase/renovation of a South Cape building.
The council also will be asked to approve a $91,500 Employment Incentive Grant to be paid out over a three-year period commencing in 2021, based on the hiring of 61 new full-time employees with an average annual salary of $76,000, which is more than $30,000 above the Lee County average.
Among the challenges the city faces is that 92 percent of its land is reserved for residential, with many of the jobs available being lower-paying service and retail jobs, making those with higher-paying jobs cross the bridge into Fort Myers or Naples.
Insite, which provides management services to Fortune 500 companies, including Bank of America, Disney and Google, plans to more than double its workforce, from 57 to 117, in the next three years. It also plans to purchase a building in the South Cape and renovate it at a cost of $2.1 million.
In other business, Council is also expected to vote on an ordinance providing for the acquisition, construction and equipping of two fire station facilities and to refinance debt so the city can save money on interest. The $22.7 million bill will provide $9 million for the fire stations and $13.7 million to refinance previous debt.
There also is a matching resolution to approve the loan to finance the fire stations and previous debt.
The stations being built are Station No. 2, at 701 Nicholas Parkway which is currently under construction, and Fire Station No. 12, which was budgeted for fiscal year 2022 until response time concerns in the SW Chiquita area advanced the station to FY2021.
Station 12 will be located near the Cape Coral Sports Complex and Sandoval, near the corner of Chiquita and Veterans boulevards, where response times are very high.
There also are a number of old business discussions for things Council has already touched upon including the controversial city noise ordinance, to be brought forth by the Police Department; Tropicana Park revisions and a move of a splash pad to Joe Stonis Park; and a discussion on the search for a new city manager, assuming Council does not make a decision today at its special meeting.
Council meetings begin at 4:30 p.m.
City Hall is at 1015 Cultural Park Blvd.