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ORDINANCE NO. 2010-014 <br />AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, ESTABLISHING TITLE XI, CODE <br />OF ORDINANCES, ENTITLED "ECONOMIC DEVELOPMENT AD <br />VALOREM TAX EXEMPTION"; PROVIDING FOR THE <br />ESTABLISHMENT OF AN ECONOMIC DEVELOPMENT AD VALOREM <br />TAX EXEMPTION; PROVIDING FOR A SUNSET DATE; AND <br />PROVIDING FOR AN EFFECTIVE DATE UPON APPROVAL OF THE <br />ELECTORS OF INDIAN RIVER COUNTY. <br />BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. There is hereby created a new Title XI of the Indian River County Code <br />(the "Code"), entitled "Economic Development Ad Valorem Tax Exemption." <br />SECTION 2. Title XI of the Code is hereby created to read as follows: <br />TITLE XI. ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION <br />Section 1100.01. Short Title. <br />Title XI shall be known as the Indian River County Economic Development Ad <br />Valorem Tax Exemption Ordinance. <br />Section 1100.02. Enactment Authority. <br />Article VII, section 3, of the Constitution of the State of Florida and section 196.1995, <br />Florida Statutes, authorize the County to grant economic development ad valorem tax <br />exemptions to new businesses and expansions of existing businesses after the electors <br />of the County, voting on the question in a referendum, authorize such exemptions. <br />Section 1100.03. Findings of Fact. <br />(a) An important function of local government is the promotion of a strong local <br />economy by providing financial incentives that will encourage new businesses <br />to locate and existing businesses to expand within its jurisdiction, thereby <br />creating new jobs, improvements to real property, and additions to tangible <br />personal property. <br />F: Wrorne,M141an10Ninancesleconomic 1-01119nl ad IaWm 111 exemptions do, <br />1 <br />