Placement: Second Reading of Ordinances
Action Requested: Motion / Vote
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Ordinance 24-34, an Amendment to Ordinance 22-70 of the City of Port St. Lucie, Florida, Amending the Name of FedEx Ground Package System, Inc. ("FedEx Ground") to Federal Express Corporation ("FedEx Corp.") due to a Company Merger. Providing an Ad Economic Development Ad Valorem Tax Exemption for the Property Located at 13701 SW Sansone Sr. Blvd., Port St. Lucie, Florida, to Encourage Economic Development within the City for the Expansion of an Existing Port St. Lucie Business.
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Submitted By: Elijah Wooten, Economic Development Administrator
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): FedEx Ground Package System, Inc. submitted a Notice of Merger. The company requests the Economic Development Ad Valorem Exemption Ordinance be amended to grant the remaining years of the ad valorem tax exemption to Federal Express Corporation under the same terms and conditions as the ordinance to be effective as of the June 1, 2024, the merger date.
Presentation Information: A brief ten (10) minute presentation will be made by Elijah Wooten, Economic Development Administrator.
Staff Recommendation: Move that the Council approve the amendment to Ordinance 22-70, changing the company name from FedEx Ground Package System, Inc. to Federal Express Corporation and granting the remaining years of the ad valorem tax exemption to Federal Express Corporation under the same terms and conditions as the ordinance.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the amendment to Ordinance 22-70 changing the company name from FedEx Ground Package Systems, Inc. to Federal Express Corporation.
2. Move that the Council not approve the amendment to Ordinance 22-70 and provide staff direction.
Background: FedEx Ground Package System, Inc. (FedEx Ground), a subsidiary of FedE...
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