File #: 20-1603    Version: 1
Type: Department Staff Report Status: Agenda Ready
File created: 5/28/2020 In control: Community Development
On agenda: 6/9/2020 Final action: 6/9/2020
Title: Consideration of Holding A Referendum to Renew the County Economic Development Ad Valorem Tax Exemption (Tax Abatement) Program
Indexes: Community Development, Economic Development, INEOS, Public Hearing, Tax Exempt
Code sections: Title XI - Chapter 1100
Attachments: 1. Staff Report, 2. FS 196.1995, 3. List of Target Industries, 4. INEOS Summary of Taxes, 5. Advantages of Tax Abatements, 6. Changes to Tax Abatement Statute Since 2010, 7. Tax Abatement Application

Title

Consideration of Holding A Referendum to Renew the County Economic Development Ad Valorem Tax Exemption (Tax Abatement) Program

Recommended Action

Staff and the EDC recommends that the Board of County Commissioners move forward with a referendum requesting that the Tax Abatement program be renewed for another ten years. Staff also recommends that the Board direct the County Attorney’s Office to draft an ordinance that a) includes  ballot language for a voter referendum in November 2020 to renew the Tax Abatement Program for another ten years; and b) modifies Title XI of the Indian River County Code of Ordinances to extend the Tax Abatement Program should it be renewed for another 10 years.