Okaloosa County BOCC — April 7, 2015 — Project Proud EDATE Ordinance — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: April 7, 2015 TO: Honorable Chairman and Members of the Board FROM: Rick Owen SUBJECT: Project Proud EDATE Ordinance DEPARTMENT: County Administrator BCC DISTRICT: 1 STATEMENT OF ISSUE: On March 3, 2015, the Board of County Commissioners adopted a Resolution approving the Ad Valorem Tax Exemption for Project Proud. The next step in that process is the adoption of an Ordinance approving the ad valorem tax exemption for Project Proud. The Board authorized the advertising of the public hearing for the consideration of this Ordinance at its March 17th meeting. BACKGROUND AND ANALYSIS: Under the Florida Constitution and Florida Statutes, the County has the authority to grant property tax exemptions provided that the voters have authorized those actions. In August, 2014, the voters granted that authority to Okaloosa County. Project Proud is a full time manufacturer of USA made products currently employing over 100 residents and providing jobs in Okaloosa County for over eleven years. Project Proud is contemplating an expansion of the facility which will result in the purchasing of additional machinery and equipment and the creation of forty (40) new full-time jobs through the 2017 timeframe. The Project Proud incentive is being partially funded by the State of Florida, through Enterprise Florida. Enterprise Florida will provide $256,000 as their 80% match in Qualified Target Industry (QTI) Tax Refund Incentives. Per Florida Statues, all QTI Incentives require a Local Financial Support match of 20% which for Project Proud will equal $64,000. The proposed Ordinance will grant an Economic Development Ad Valorem Tax Exemption from Tangible Personal Property Taxes and Real Property Tax for a period of seven (7) years beginning in Tax Year 2016 and in a total amount of $64,000. The Ad Valorem Tax Exemption shall only apply as to expansions of the existing facilities. OPTIONS: Approve/Disapprove. RECOMMENDATION: Approve the proposed Ordinance granting the economic development Ad Valorem Tax Exemption for the Project Proud RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator