A Wildwood boat manufacturer will receive an $89,000 incentive grant from Sumter County to help fund an expansion project.
Commissioners Tuesday night approved the grant for Salty Boats. It will be paid in three annual installments of $29,667 each.
The company is expected to invest $700,000 in the expansion plus $100,000 for equipment. The grant was calculated at 12 percent of the investment plus 5 percent of the equipment cost.
Over a decade, the project is expected to yield $118,733 to the county, Wildwood and the school district with a net return on investment of $29,733.
Commissioner Oren Miller questioned whether Wildwood and the school district could share in offering the grant, but voted to support it.
County Administrator Bradley Arnold said incentive grants encourage local economic activity. They help prevent existing businesses from relocating elsewhere and show prospective businesses that the county treats existing companies well.
The agreement requires the company to invest a minimum of $500,000 within a year of receiving the grant. Salty Boats also is required to use E-Verify to check the status of new employees. The money may not be used to lobby legislators or other government employees.
Salty Boats was founded in 2004 by Richard James LaCharite, who died in 2017 and previously ran a fiberglass supply business.