Placement: Second Reading of Ordinances / Public Hearing
Action Requested: Motion / Vote
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Ordinance 21-129, Public Hearing, Providing for the Implementation of the Economic Development Ad Valorem Tax Exemption (EDAVTE) as provided for by Section 3, Article VII, of the Constitution of the State of Florida.
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Submitted By: City Attorney's Office
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): The Florida Constitution and Section 196.1995, Florida Statutes, permit the City to grant economic development ad valorem tax exemptions (EDAVTE) to new businesses and expansions of existing businesses upon approval of the voters at referendum. In September 2021, the City Council approved Ordinance 21-96, calling for a special referendum election to renew the economic development ad valorem tax exemptions, which was approved via referendum on December 7, 2021, for a period of ten (10) years.
Presentation Information: The City Attorney and City Manager will be available to answer questions if necessary.
Staff Recommendation: Move that the Council complete the motion in the affirmative.
Alternate Recommendations:
1. Move that the Council amend the recommendation and complete the motion in the affirmative.
2. Move that the Council reject the motion and provide staff direction.
Background: In 2010, the City Council requested the authority to grant such economic development ad valorem tax exemptions, which was approved via referendum for a period of ten (10) years. A referendum question was presented to the voters of Port St. Lucie on December 7, 2021, as to whether this program should be extended for another ten (10) years, and the voters approved the EDAVTE with nearly 59% voting in favor.
Issues/Analysis: N/A
Financial Information: N/A
Special Consideration: Pursuant to Section 196.1995(7), Florida Statutes, the authority to grant economic development ad valorem tax exempt...
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