Placement: Proclamations and Special presentations
Action Requested: Motion / Vote
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Hear a Presentation from St. Lucie County on the 2022 Economic Development Ad Valorem Tax Exemption Reauthorization
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Submitted By: Kate Parmelee, Director of Strategic Initiatives & Innovation
Strategic Plan Link: The City's Goal of a diverse local economy and employment opportunities.
Executive Summary (General Business): Staff from the St. Lucie County Board of County Commissioners will brief the City Council on the upcoming 2022 Economic Development Ad Valorem Tax Exemption Reauthorization which will be considered by St. Lucie County voters in the August 2022 Primary Election. Due to the success of the economic development ad valorem tax exemption program over the past ten (10) years, the Board of County Commissioners authorized a referendum that will, if passed, grant authority for the Board to grant economic ad valorem tax exemptions during the ten (10) year period from 2022 to 2032.
Presentation Information: A 10-minute PowerPoint presentation will be provided by staff from the St. Lucie County Board of County Commissioners.
Staff Recommendation: Move that the Council hear the presentation.
Alternate Recommendations:
1. Move that the Council amend the recommendation and hear the presentation.
2. Move that the Council provide staff direction.
Background: Florida law allows the St. Lucie County Board of County Commissioners to hold a referendum to allow the voters to determine whether to authorize the Board to grant new or expanding businesses in St. Lucie County economic development ad valorem tax exemptions. The law provides that any exemption would only remain in effect for ten (10) years and would not apply to school, city or voter-approved taxes. In addition, the exemption, if granted, would only apply to the improvements that are constructed and personal property that is installed by the new or expanding business. The real property (land) owned by...
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