Okaloosa County BOCC — June 16, 2015 — Eccomic Development Ord PROJECT RAPID

ORDINANCE NO. _____ AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA, GRANTING AN ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION TO PROJECT RAPID; PROVIDING ENACTMENT AUTHORITY; PROVIDING THE AMOUNT OF THE EXEMPTION; PROVIDING THE TERM OF THE EXEMPTION; FINDING THAT THE BUSINESS MEETS THE REQUIREMENTS OF SECTION 196.012, FLORIDA STATUTES; PROVIDING FOR PROOF OF ELIGIBILITY FOR EXEMPTION; PROVIDING SEVERABILITY; PROVIDING FOR INCLUSION IN THE COUNTY CODE OF ORDINANCES; PROVIDING AN EFFECTIVE DATE. WHEREAS, economic development and the creation of jobs within Okaloosa County are a priority of the Board of County Commissioners of Okaloosa County (the “Board”); and WHEREAS, on August 26, 2014, pursuant to section 196.1995, Florida Statutes, the voters of Okaloosa County authorized the Board to grant property tax exemptions to new businesses and expansion of existing businesses for economic development purposes (“Economic Development Ad Valorem Tax Exemption”); and WHEREAS, Project Rapid (the “Company”) has submitted an application to the County for an Economic Development Ad Valorem Tax Exemption; and WHEREAS, the Okaloosa County Economic Development Council (the “EDC”) has recommended approval of the Economic Development Ad Valorem Tax Exemption for the Company; and WHEREAS, the Property Appraiser has provided the Board with its report as required by section 196.1995(9), Florida Statutes; and WHEREAS, the Company has executed an Economic Development Ad Valorem Tax Exemption Performance Agreement (the “Agreement”) which sets forth the performance and reporting requirements for the Economic Development Ad Valorem Tax Exemption, a copy of which is attached to this Ordinance as Exhibit “A”; and WHEREAS, based upon the review of the information, it has been determined that the Company meets the requirements of section 196.012(15), Florida Statutes; and  WHEREAS, section 196.1995(11), Florida Statutes, requires that any action of the Board granting an Ad Valorem Tax Exemption to a new or expanding business be established by an ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA: Section 1. RECITALS. The Recitals set forth above are incorporated as part of this Ordinance. Section 2. ENACTMENT AUTHORITY. Pursuant to Article VII, Section 3 of the Constitution of the State of Florida, and section 196.1995, Florida Statutes, the County is empowered to grant Economic Development Ad Valorem Tax Exemptions after the electors of the County, voting on the question in a referendum, authorize such exemptions. In a referendum held on August 26, 2014, the voters of Okaloosa County authorized the Board to grant Economic Development Ad Valorem Tax Exemptions to new businesses and expansions of existing businesses for economic development purposes. Section 3. GRANT OF ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION. A. This Economic Development Ad Valorem Tax Exemption is hereby granted to the Company for its business located at 43 Jet Drive N.W., Fort Walton Beach, Florida 32548, (the “Property”) for its new construction and tangible personal property added or increased on or after the date of this Ordinance. No exemption shall be granted on the land upon which the improvements are made. Such Economic Development Ad Valorem Tax Exemption shall only be applicable to County taxes. B. The total amount of revenue available to the County from ad valorem tax sources, revenue lost to the County for the current Tax Year by virtue of economic development Ad Valorem Tax Exemptions previously granted, and the amount of estimated revenue which will be