The county filed a lawsuit against Sanborn Studios LLC July 28 for a breach of contract and indebtedness.
The county entered an agreement with Sanborn in 2010 to offer an incentive to relocate to Sarasota and help promote economic development and encourage new business.
Sanborn had told the county it would produce about 117 new jobs during from 2010 to 2013. The positions were to be full time with an average wage of $72,029. For each position Sanborn failed to make, it was supposed to reimburse the county $2,992.
The county paid Sanborn two incentive loans, one for location and the other for operations, totaling $650,000.
After just more than a year, Sanborn closed its studio in Lakewood Ranch in December 2011 and failed to create the required jobs.
The court summons has not yet been issued.
Currently 1 Response
- Why government gets involved in donating money to private enterprise befuddles me. I say "donating" because the county will never recoup he money given. If a business can't sail on its own, then let it fail on its own. That's what free enterprise and capitalism is all about.
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