Actually I found out that that part is actually called the struct mount bushing.
I looked at it from the top in the engine compartment. By pressing down on the front of the car (or sitting on it) you can see a black rubber ring which that large strut bolt passes through. Somewhere around the center of this ring there is a long crack. Also since the weather has gotten colder I've noticed that the noise is louder when the car is cold but gets quieter as it warms up. You might not notice this however, since you live in Tampa Bay.

Here is a picture of the part:
http://www.overnightautoparts.com/volvo-850-850-t-001-strut-mount.html

Craig