Subject:
Title
Economic Development Ad Valorem Tax Abatement Program
End
Fiscal Impact:
N/A
Dept/Office:
County Manager’s Office / Economic Development Commission of Florida’s Space Coast
Requested Action:
Recommendation
It is requested that the Board of County Commissioners review and consider the attached draft Ordinance.
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Summary Explanation and Background:
On November 4, 2014, the County Ad Valorem Tax Referendum was approved by the voters of Brevard County. In accordance with Section 196.1995 (6), Florida Statutes, such program expires 10 years after the date such authority was approved in an election. It can be renewed for subsequent 10-year periods if each 10-year renewal is approved in a referendum called and held pursuant to section 196.1995, Florida Statutes. The County’s Economic Development Ad Valorem Tax Abatement Program sunset in November 2024.
On July 23, 2024, the Board of County Commissioners approved, under Item I.1., a Resolution Calling for a Referendum of Economic Development Ad Valorem Tax Abatement Program. Based upon Board Action, the Referendum was placed on the November 5, 2024 ballot. The voters of Brevard County voted 71.72% in favor of/for the authority to grant Economic Development Ad Valorem Tax Exemptions.
This draft Ordinance would provide the ability for the Board of County Commissioners to offer Economic Development Ad Valorem Tax Exemptions under this program to eligible businesses. Each application for the Economic Development Ad Valorem Tax Abatement Program would be evaluated on a case-by-case basis by the Board of County Commissioners.
Clerk to the Board Instructions:
Please send Board action to the County Manager’s Office, the County Attorney’s Office, and the Economic Development Commission of Florida’s Space Coast (located at 6525 3rd Street, Suite 304, Rockledge, FL 32955).