Items Types:
Economic Development
For Meeting of:
November 3, 2014
District: 6 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Club Trust, LLC d/b/a staySky Vacation Club Qualified Target Industry Tax Refund Resolution


Club Trust, LLC, operating as Sky Resort Management, currently owns and manages hotel/resort properties in the state of Florida.    The company headquarters is located in the City of Orlando.  

Club Trust, LLC is beginning a new business venture, under the trade name staySky Vacation Club, which will operate family-friendly vacation clubs.  The business is committed to investing more than $35 million in these vacation properties.  staySky Vacation Club is considering locating its international headquarters in the City of Orlando.  Club Trust currently has 54 employees and Sky Resort Management has 51 employees, for a total of 105 current Florida jobs. 

If the Qualified Target Industry (QTI) program incentive is made available to the company, Club Trust, LLC d/b/a staySky Vacation Club will create an additional 88 new-to-Florida jobs by December 31, 2017, paying an annual average wage of $63,504, which is at least 150% of the Orange County annual wage. The average value of benefits that will be available to employees is $7,117, which includes health and dental insurance, eye care, paid vacation, bereavement leave and group life insurance.  Club Trust’s total capital investment is estimated to be $2.15 million in construction and equipment.   In addition to the City of Orlando, the company is considering St. Thomas and North Carolina for this expansion.

The State of Florida will provide a total of $528,000 to Club Trust, LLC d/b/a staySky Vacation Club under the QTI program, which includes the City's local financial support. City staff proposes to provide the local 20% QTI match, up to $1,200 per job created, paying an average annual wage of $63,504. Under this arrangement, the City of Orlando would provide $105,600 as an incentive over a six-year period.  This match includes a High Impact Sector Bonus.  City staff is recommending this match because Club Trust is: 1) a targeted growth industry; 2) creating 88 new jobs; 3) retaining 105 existing jobs; 4) investing $2.15 million in construction and equipment; and 5) considering other states for expansion.

The City of Orlando will benefit through the creation of 88 positions over the next three (3) years and the likelihood of continued job growth and investment well beyond this time frame. Florida's Qualified Target Industry Program includes strict accountability requirements of the applicant. The pledge of funds pursuant to this resolution shall be contingent upon Club Trust, LLC d/b/a staySky Vacation Club being qualified by the State of Florida as a QTI Program participant, meeting its job and wage obligations under the program and future budget appropriations by the Orlando City Council.

Fiscal & Efficiency Data: Fiscal Impact statement attached

Recommended Action:
Approval of the Club Trust, LLC d/b/a staySky Vacation Club Qualified Target Industry Tax Refund Resolution and authorizing the Mayor or Mayor Pro Tem and City Clerk to execute same, subject to review and approval of the City Attorney's Office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Kim King
Approved By:

Department Date and Time
Planning and Environmental Attorney 10/22/2014 3:24 PM
Budget Outside Routing Approval 10/22/2014 4:36 PM
City Clerk 10/23/2014 7:03 AM

Name: Description: Type:
QTI_Resolution_-_Club_Trust__LLC.docx Resolution Resolution Letter
Club_Trust_FIS.docx Fiscal Impact Statement Fiscal Impact Statement

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