§ 20-212. Grant of economic development ad valorem tax exemption.

(a)

This economic development ad valorem tax exemption is hereby granted to the company for its business located at 5680 John Givens Road, Crestview, Florida 32539, (the "Property") for its new construction and tangible personal property added or increased on or after the date of the ordinance from which this division is derived. No exemption shall be granted on the land upon which the improvements are made. Such economic development ad valorem tax exemption shall only be applicable to county taxes.

(b)

The total amount of revenue available to the county from ad valorem tax sources, revenue lost to the county for the current tax year by virtue of economic development ad valorem tax exemptions previously granted, and the amount of estimated revenue which will be lost because of the exemption hereby granted are in accordance with paragraphs I, II, III and IV of the property appraiser's findings on the application for economic development tax exemption, a copy of which is attached hereto as Exhibit "A".*

(c)

The economic development ad valorem tax exemption hereby granted to the company at the for the property and shall be for a term of seven years commencing with the taxes for the year 2016 and ending with the taxes for the year 2022. The ad valorem tax exemption shall be applied against both the tangible personal property tax and real property tax for the Property and in the amounts as set forth on Exhibit "B".* Such exemption shall only be applied against new construction and tangible personal property added or increased after the date of the ordinance from which this division is derived.

(d)

In accordance with the findings of the board and the property appraiser, the property hereby exempted meets the definition of a new or expanded business, as defined by Section 196.012, Florida Statutes.

(e)

For tax year 2016 and all remaining years thereafter for which the company is entitled to an economic development ad valorem tax exemption, such exemption shall be granted from the payment of the taxes due by the company on the property.

( Ord. No. 15-04 , § 2, 2-3-15)

 * Editor's note— Exhibits A and B were not included in the codification of this division and can be found in the offices of the county.