As part of soil and groundwater remediation activities at the sites known as the Orlando Events Center, the Proposed Soccer Stadium site, and Creative Digital Village, the City qualifies for Florida Department of Environmental Protection (FDEP) Voluntary CleanUp Brownfield Tax Credits. Under the program, the City is eligible to receive income tax credits for 50% of remediation and monitoring costs, up to $500,000 annually for each site. Since the City does not have tax liability, it cannot directly benefit from these tax credits. However, these credits are transferable to other taxpaying entities.
In 2012, Fallbrook Credit Finance, LLC (Fallbrook) was selected through the RFQ process to broker the City's Brownfield Tax Credits. The attached agreement identifies the ultimate purchaser of the tax credits (World Electric Supply, Inc.), specifies the terms and conditions of the assignment, and finalizes the purchase price. The tax credits covered in the attached agreement have a face value of $381,854.93. World Electric Supply has offered to purchase the tax credits for $347,487.99, which is equal to ninety one cents ($0.91) for each dollar ($1.00) of the Tax Credits. After deducting Fallbrook's broker fee, the City will ultimately receive $336,032.34 once the tax credit certificate has been transferred.
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