Subject:
Title
A Public Hearing to Consider an Ad Valorem Tax Abatement Ordinance for L3Harris Technologies, Inc. (Project SAMT).
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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...
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