Placement: Second Reading of Ordinances
Action Requested: Motion / Vote
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Ordinance 24-24, Adoption of an Ordinance Approving the Economic Development Ad Valorem Tax Exemption for Accel International.
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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): Accel International Holdings, Inc. ("Accel International") completed the construction of their 150,000 square foot manufacturing facility and received their Certificate of Occupancy in March 2023. The St. Lucie County Property Appraiser deemed Accel International's manufacturing significantly complete in December 2023. The company submitted their Economic Development Ad Valorem Tax Exemption application to the City, County, and the Property Appraiser's Office in March 2024. The Property Appraiser's Office prepared a financial analysis report and submitted it to the City for review pursuant to section 115.06(2) of the City's Economic Development Ad Valorem Tax Exemption Regulations.
Presentation Information: A brief presentation will be provided by Elijah Wooten, Economic Development Administrator.
Staff Recommendation: Move that the Council adopt an ordinance approving the Economic Development Ad Valorem Tax Exemption for Accel International pursuant to section 115.06 of the City's Code.
Alternate Recommendations:
1. Move that the Council amend the recommendation and provide staff direction.
2. Move that the Council not approve adopting an ordinance for Accel International's Ad Valorem Tax Exemption.
Background: In July 2018, the City Council approved incentives to attract the expansion of Accel International's manufacturing facility to the City of Port St. Lucie. The incentive package included impact and mobility fee mitigation, Economic Development Ad Valorem Tax Exemption, expedited site plan review, and permitting. Accel International selected Por...
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