13-1389 Amending Chapter 78 to Create Article VI - Tax Abatement Program

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Property acquired to replace existing property shall not be considered to facilitate a business expansion. Netin Business. A "new business," as defined in Section 196.012(15), Florida Statutes specifically: A. A business or organization establishing ten (10) or more new jobs to employ ten (101 or more full -time employees in the City, paving an average wage for such new jobs that is above the average wage hi the City which principally engages in any one or more of the following operations: 1. Manufactures, processes, compounds, fabricates, or produces for sale items of tangible personal property at a fixed location and which comprises an industrial or manufacturing plant; or 2. Is a Target Industry Business: B. A business or organization establishing twenty -five (25) or more new jobs to employ twenty -five (25) or more fiill -time employees in the City, the sales factor of which, for the facility with respect to which it requests an Exemption, is less than 0.50 for each year the Exemption is claimed; or C. An office space in the City owned and used by a business or organization newly domiciled in the City; provided that such office space houses fifty (50) or more full -time employees of such business or corporation; provided that such business or organization office first begins operation on a site clearly separate from any other commercial or industrial operation owned by the same business or organization. D. Any business located in an Enterprise Zone of• Brownfield Area that first begins operation on a site clearly separate from any other commercial or industrial operation owned by the same business or organization. E. A business that is situated on property that is annexed into the City and that, at the time of annexation, is receiving an Exemption from the County. Qualified Business. Either a New Business or an Expansion of an Existing Business, as defined herein, that meets the criteria to be considered for an Exemption. Sales Factor. As defined in F S 220.15 (5) A fraction, the numerator of which is the total sales of the taxpayer in this state during the taxable year or period and the denominator of which is the total sales of the taxpayer everywhere during the taxable year or period. Tangible Personal Property. The meaning set forth in Section 192.001(11)(d), Florida Statutes. Target Industry Business. An Expansion of an Existing Business or a New Business that is engaged in a Business designated, at the time of consideration of an application for Exemption, as a target industry business pursuant to Section 288.106, Florida Statutes. Section 78 -93 Establishment of economic development ad valorem tax exemption A. The improvements to the expansion of real or tangible personal property may be granted or refused at the sole discretion of the City Commission. B. The Exemption shall not accrue to Improvements to real property made on or after the effective date of this code, as provided in Section 78 -95 hereof. C. Any Exemption granted may apply up to one hundred percent of the assessed value of all Improvements to real and tangible personal property made by or for the use of a New Ordinance 13 -1389 Page 4