THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL
On June 28, 2011 (Item 94), the Board of County Commissioners approved the Public/Private Economic Development Partnership Agreement between Broward County and the Broward Alliance (the “Alliance”) for services relating to implementation of strategies for economic growth, job creation and expansion of local tax base through attraction of new capital investment. Article 4, paragraph 4.4 of the Agreement requires the Alliance to submit an annual audited financial statement to Broward County within 90 days of the close of the Alliance's Fiscal Year which is September 30th, for each year of the term of the Agreement.
The Alliance has requested that the due date for their Fiscal Year 2012-2013 audited financial statement be extended from December 31, 2013, to June 30, 2014, and that the due date for their audited financial statement in the subsequent years of the term of the Agreement, for Fiscal Year 2014, Fiscal Year 2015 and Fiscal Year 2016, be amended from December 31st, to March 31st of each year (Exhibit 1). The First Amendment would amend the Agreement to reflect the extension of the current due dates for the Alliance’s annual submission of the required audited financial statement for the Alliance for Fiscal Year 2012-2013 and thereafter, as amended, for the Alliance for Fiscal Year 2014, Fiscal Year 2015 and Fiscal Year 2016.
Pursuant to the Article 31 of the Agreement (amendments), no modification, amendment, or alteration in the terms or conditions contained in the Agreement shall be effective unless contained in a written document prepared with the same or similar formality as the Agreement and executed by the Board of County Commissioners and the Alliance.
This First Amendment will be effective upon execution of both parties to the Agreements. |