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RESOLUTION 2007-004 <br />A RESOLUTION BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA; ENDORSING BY THE RIVER, INC. AS A <br />SPONSORING AGENCY UNDER THE FLORIDA COMMUNITY CONTRIBUTION <br />TAX CREDIT PROGRAM; AND FINDING THAT THE PROPOSED BY THE RIVER <br />ASSISTED LIVING FACILITY IS CONSISTENT WITH THE INDIAN RIVER <br />COUNTY COMPREHENSIVE PLAN AND THE INDIAN RIVER COUNTY LAND <br />DEVELOPMENT REGULATIONS. <br />WHEREAS, the State, under Section 220.183, Florida Statutes, authorized the <br />Community Contribution Tax Credit Program, which allows any Florida corporation to <br />receive a credit against any corporate income/franchise tax, sales tax, or insurance <br />premium tax due for a taxable year of 50 percent of the value of a donation (not to exceed <br />a $200,000 credit in any one year) for contributions to a State approved community <br />development project; and <br />WHEREAS, the State, under Section 220.03(1)(t), Florida Statutes, defines an <br />eligible community development project to include but not be limited to activity <br />undertaken by an eligible sponsor, which is designed to construct, improve, or <br />substantially rehabilitate housing that is affordable to low income or very low income <br />households; and <br />WHEREAS, By The River, Inc., a non-profit organization incorporated in the <br />state of Florida, proposes to construct a low income assisted living community within <br />Unincorporated Indian River County and meets the criteria as a sponsoring organization <br />under Section 220.183(2)(c), Florida Statutes; and <br />WHEREAS, on February 18, 2003, By The River, Inc. assisted living community, <br />described in attachment A, received conceptual planned development approval from <br />Indian River County as part of an overall 78.22 acre Kashi Church Foundation conceptual <br />planned development project; and <br />WHEREAS, as part of the conceptual planned development approval, the County <br />determined that the assisted living community project is consistent with both the overall <br />intent of the County's Comprehensive Plan and Land Development Regulations; and <br />1 <br />