Items Types:
Economic Development
For Meeting of:
February 23, 2015
District: 3 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

SMRxT, Inc. Qualified Target Industry Tax Refund Resolution


SMRxT, Inc. (SMRxT) is a New York based company providing a scalable solution that precisely records, monitors and quantifies the time and dose of patient medication behavior using a sensor and software technology. The system is currently undergoing proof of concept testing and running pilot tests with Florida Hospital and other hospital systems nationwide. This project will be SMRxT’s research and development operations and corporate headquarters.

If the Qualified Target Industry (QTI) program incentive is made available to the company, SMRxT  will create 55 new-to-Florida jobs by December 31, 2017, paying an annual average wage of $63,906, which is at least 150% of the Orange County annual wage. The average value of benefits that will be available to employees is $17,000, which includes health insurance, 401(k) contributions and paid vacations and paid sick leave.  SMRxT’s total capital investment is estimated to be $582,500 in construction and equipment.   In addition to the City of Orlando, the company is considering New York, Kansas, Missouri and Wisconsin for this expansion.

The State of Florida will provide a total of $330,000 to SMRxT under the QTI program, which includes the City's local financial support. City staff proposes to provide the local 20% QTI match, up to $1200 per job created, paying an average annual wage of $63,906. Under this arrangement, the City of Orlando would provide $66,000 as an incentive over a six-year period. 

The City of Orlando will benefit through the creation of 55 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 SMRxT 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: See attached. 

Recommended Action:
Approval of the SMRxT, Inc. Qualified Target Industry Tax Refund Resolution and authorizing the Mayor or Mayor Pro Tem and City Clerk to execute the 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: Emily Brown
Approved By:

Department Date and Time
Planning and Environmental Attorney 2/11/2015 1:53 PM
Budget Outside Routing Approval 2/12/2015 5:24 PM
City Clerk 2/13/2015 7:06 AM

Name: Description: Type:
QTI_Resolution_-_SMRxT_Inc_-_final.docx QTI Resolution - SMRxT, Inc. Backup Material
SMRxT_FIS.docx SMRxT Inc FIS Fiscal Impact Statement

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