Placement: Second Reading of Ordinances
Action Requested: Motion / Vote
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Ordinance 24-25, Adoption of an Ordinance Approving the Economic Development Ad Valorem Tax Exemption for Cheney Brothers, Inc.
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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): Cheney Bros., Inc. ("Cheney Bros.") completed the construction of their 365,000 square foot distribution facility and received their Certificate of Occupancy in November 2023. The St. Lucie County Property Appraiser deemed Cheney Bros. distribution facility as 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 adopts an ordinance approving the Economic Development Ad Valorem Tax Exemption for Cheney Bros. pursuant to sections 115.04(3) 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 Cheney Bros. Economic Development Ad Valorem Tax Exemption.
Background: In June 2021, the City Council approved incentives to attract the expansion of Cheney Bros. distribution facility to the City of Port St. Lucie. The incentive package included impact fee mitigation, economic development ad valorem tax exemption, expedited site plan review, and permitting. Cheney Bros. selected Port St. Lucie as the location for their d...
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