Subject:
Title
An Ordinance Rescinding Selected Companies' Economic Development Ad Valorem Tax Exemption
End
Fiscal Impact:
The Companies listed on the Ordinance rescinding their Economic Development Tax Exemption would no longer be eligible to receive an ad valorem tax exemption beginning with the 2020 property tax bill.
Dept/Office:
County Manager
Requested Action:
Recommendation
It is recommended that the Board of County Commissioners adopt the Ordinance rescinding Economic Development Ad Valorem Tax exemptions for selected companies that no longer qualify for the County's program.
End
Summary Explanation and Background:
The Brevard County Economic Development Ad Valorem Tax Exemption program requires that all companies participating in this program maintain its eligibility each year. The County reviews each company's eligibility through their Annual Report filed each year with the County. The Annual Report provides the following information, tangible personal property added, the type of business, total sales in Florida and elsewhere, and the number employees employed by the company in Brevard County. The County also reviews Federal or State employment information and the information obtained in the records of the Property Appraiser's Office whether an ad valorem tax exemption was applied to the company's real and tangible personal property. In cases where the County and the State have Resolutions approving joint participation with Qualified Targeted Industries (QTIs), the County reviews the Florida Department of Economic Opportunity's records.
During the County's review of the Annual Reports, it was determined that the following companies no longer qualify under the guidelines of the Program as outlines in the County Code of Ordinances because, they have not created the jobs that were reported on their application for the County's Ad Valorem Tax Exemption program:
* Diamondback Manufacturing, LLC, Ordinance No. 2012-08
* East Coast Paper Stock,...
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