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Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners February 21, 2012.

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Presentation on theme: "Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners February 21, 2012."— Presentation transcript:

1 Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners February 21, 2012

2 Presentation Overview Background Implementing Ordinance Requested Action Economic Development Tax Exemption

3 Exemption authorized under Fla. Constitution Section Fla. Stat. after voter approval December 6 th - worksession January 31, 2012 – referendum approved February 7 th - update Background

4 Implementing Ordinance Overview Eligible Businesses Eligible Property Applicable Taxes Application Process Exemption Ordinance Contract – Annual Reporting Implementing Ordinance

5 10 Jobs: or more new full-time jobs with average wages higher than area average in manufacturing or target industry business 25 Jobs: Creating 25 or more new full-time jobs with more than 50% sales outside of Florida; or 50 Jobs: Office space established by a newly domiciled business housing 50 or more full-time employees separate from any other operation; or Enterprise/ Brownfield: Any business in Enterprise zone or Brownfield area that first begins operation on site separate from other commercial or industrial operation owned by the same business Eligible New Businesses

6 10 jobs: or more new full-time jobs with wages higher than area average in manufacturing or Target industry business 25 Jobs:or more new full time jobs with more than 50% sales outside of Fla. and net increase in employment/output/sales of at least 10%; or Enterprise/ Brownfield:increases operations on site located within the same zone co-located with a commercial or industrial operation owned by the same business Eligible Expansions of Existing Business

7 Added Improvements to Real Property not already on tax roll Tangible Personal Property not already on tax roll Land not eligible Eligible Property

8 Exemption applies to: Ad valorem taxes levied countywide – ( mills) But not: MSTU millage City, school, or special district millage property taxes authorized by referendum Maximum total forgone revenues of $2,000,000 or higher amount approved by supermajority Applicable Taxes

9 Office of Economic Development Property Appraiser Application Fee may be set by resolution Input from any affected CRA Additional information may be required Exemption decision at sole & absolute discretion of the Board – no entitlement to exemption Decision not appealable to VAB APPLICATION PROCESS

10 Statutory Factors for consideration: Net number of new jobs Average wage of new jobs Capital investment to be made by applicant Type of business – target industry? Environmental impact Extent applicant intends to source supplies & materials within county Economic related characteristics deemed necessary by county Recommended Guidelines in future admin. reg. APPLICATION PROCESS

11 Exemption Ordinance Public Hearing Grant of Exemption conditioned upon signing contract Annual reporting required Monitoring: Florida new hire form UCT-6 IRS Form 941

12 Requested Action Approval of an ordinance amending Chapter 25 of the Orange County Code to establish an exemption from certain ad valorem taxation for certain new businesses and expansions of existing businesses.

13 Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners February 21, 2012


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