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ORDINANCE NO. 2010-014 (s) Tangible Personal Property — Shall have the meaning set forth in section 192.001(11)(d), Florida Statutes. (t) Violation of Law — A violation of any federal, state or local law which, in the sole discretion of the Board, is sufficiently serious that it would not be in the best interests of the citizens of the County that the violator be granted or continue to receive the benefits of an Exemption. Section 1100.05. Establishment of Economic Development Ad Valorem Tax Exemption. (a) Subject to the remaining provisions of this ordinance, there is hereby established an Economic Development Ad Valorem Tax Exemption for certain ad valorem taxes levied by the County. The Exemption is a local option tax incentive for a qualifying New Business or Expansion of an Existing Business which may be granted or refused at the sole discretion of the Board. (b) At the sole discretion of the Board, the Exemption may be granted for (i) up to one hundred (100%) percent of the assessed value of all Improvements to Real Property made by or for the use of a New Business and of all Tangible Personal Property of such New Business, and (ii) up to one hundred (100%) percent of the assessed value of all added Improvements to Real Property made to facilitate the Expansion of an Existing Business and of the net increase in all Tangible Personal Property acquired to facilitate such Expansion of an Existing Business, provided that the Improvements to Real Property are made, or the Tangible Personal Property is added or increased, on or after the day the Exemption Ordinance is adopted. (c) The term of the Exemption shall be up to ten (10) years, as set forth in the Exemption Ordinance; provided, however, that the continuation of the Exemption from year to year shall be contingent upon the Applicant's continued compliance with the Exemption Requirements. (d) The Exemption shall not apply to Improvements to Real Property or to Tangible Personal Property which were included on the tax rolls prior to the effective date of the Exemption Ordinance. F kllomeyklam0mhamo,$ cm nomic development ad valorem exemptions4oe I•