Subject:
Title
A Public Hearing to Consider an Ad Valorem Tax Abatement Ordinance for L3Harris Technologies, Inc. (Project SAMT).
End
Fiscal Impact:
L3Harris Technologies, Inc. (Project SAMT) will invest approximately $110 million in building construction costs, plus an additional $11 million in business personal property in Brevard County. It is projected the ad valorem abatement will be approximately $423,805.80 annually based on the Economic Development Commission (EDC) of Florida’s Space Coast Ad Valorem Tax Abatement Council’s recommendation of 100 percent abatement for ten (10) years of what the company invests in Brevard County and is added to the County’s tax roll.
Dept/Office:
Economic Development Commission of Florida’s Space Coast/County Manager
Requested Action:
Recommendation
It is requested that the Board of County Commissioners consider adopting an Ordinance granting an Economic Development Ad Valorem Tax Abatement to L3Harris Technologies, Inc. (Project SAMT) for ten (10) years at 100 percent of the real and tangible personal property that the Company invests in Brevard County, Florida and is added to the County’s property tax roll.
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Summary Explanation and Background:
L3Harris Technologies, Inc. is an international communications and information technology company serving government and commercial markets and operates more than 300 locations in over 30 countries globally.
L3Harris Technologies, Inc. is considering expanding its presence in Palm Bay with Project SAMT. Project SAMT will be a state-of-the-art facility supporting unique, advanced manufacturing technologies allowing opportunities for market expansion into other advanced mission applications. This unique asset will allow L3Harris to claim a greater percentage of program revenue and position the company as a prime solution for advanced packaging efforts. Project SAMT requires construction of an approximate 105,000 square foot new facility with an investment of $110 million in building construction costs plus an additional $11 million in business personal property. Project SAMT would create an additional 100 net new jobs dedicated to the project over the course of several years. The average annual wage of Project SAMT positions to be created is $110,869.
|
Number of New Jobs |
Year Jobs will be Hired |
|
76 |
Year 1 |
|
17 |
Year 2 |
|
7 |
Year 3 |
The EDC’s Ad Valorem Tax Abatement Council reviewed the application submitted by L3Harris Technologies, Inc. (Project SAMT) and recommended 100 percent abatement for ten (10) years.
L3Harris Technologies, Inc. (Project SAMT) applied for an Economic Development Incentive with the City of Palm Bay and was granted a ten (10) year ad valorem tax abatement.
Clerk to the Board Instructions:
Copies of the executed Ordinance should be provided to the County Manager’s Office, the County Attorney’s Office, and the EDC of Florida Space Coast at 6525 3rd Street, Suite 304, Rockledge, Florida 32955.