Subject:
Title
A Public Hearing to Consider an Ad Valorem Tax Abatement Ordinance for L3Harris Technologies, Inc. (Project LEO).
End
Fiscal Impact:
L3Harris Technologies, Inc. (Project LEO) will invest approximately $70 million in building construction costs plus an additional $13.1 million in manufacturing equipment in Brevard County. It is projected the ad valorem abatement will be approximately $291,576.10 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 LEO) 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 LEO. Project LEO will be a state-of-the-art production facility for building and testing space hardware for commercial and governmental customers, including payloads, unfurlable space antennas, low earth orbit space vehicles, and space vehicle constellations. Project LEO requires construction of an approximate 93,000 square foot new facility with investment of approximately $70 million in building construction costs plus an additional $13.1 million in manufacturing equipment. Additionally, Project LEO would create 101 net new jobs dedicated to this project over the course of several years. The average annual wage of Project LEO positions to be created is $104,805.
|
Number of New Jobs |
Year Jobs will be Hired |
|
76 |
Year 1 |
|
17 |
Year 2 |
|
8 |
Year 3 |
The EDC’s Ad Valorem Tax Abatement Council reviewed the application submitted by L3Harris Technologies, Inc. (Project LEO) and recommended 100 percent abatement for ten (10) years.
L3Harris Technologies, Inc. (Project LEO) 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.