§ 20-272. Grant of economic development ad valorem tax exemption.

(a)

This economic development ad valorem tax exemption is hereby granted to the company for its potential new expansion at 1701 State Road 85, (the "property") for its new 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, which is included as an exhibit to the agreement attached as Exhibit "A"* to the ordinance from which this division is derived.

(c)

The economic development ad valorem tax exemption hereby granted to the company for the property and shall be for a term of 10 years commencing with the taxes for the year 2018 and ending with the taxes for the year 2027 (the "exemption period"). The ad valorem tax exemption shall be applied against tangible personal property tax for the property in a total amount over the exemption period of $8,195.00, as more fully set forth on the application for economic development tax exemption, which is included as an exhibit to the agreement attached as Exhibit "A"* to the ordinance from which this division is derived. Such exemption shall only be applied against new tangible personal property added or increased after the date of the ordinance from which this division is derived through the exemption period.

(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 2018 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 new tangible personal property tax on the property added or increased after the date of the ordinance from which this division is derived through the exemption period.

( Ord. No. 17-23 , § 3, 11-21-17)

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