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ORDINANCE NO. 2011 - 011 SECTION 3. CREATION OF NEW SECTION. Title XI of the Code of Indian River County, Florida, is hereby amended to create section 1100.14, as follows (new language underlined): Section 1100.14 Economic Development Ad Valorem Tax Exemption Granted to INEOS New planet Bioenergy, LLC ("Business"). (1) An economic development ad valorem tax exemption is hereby granted to Business whose address is 925 74th Avenue SW, Vero Beach, Florida. The exemption shall apply to its new improvements to real property and its new tangible personal property related to its new business located at 925 74th Avenue SW, Vero Beach, Florida. This exemption shall apply only to the improvements to real property and the tangible personal property described in Business' application for such exemption, on file in the county community development department. (2) The exemption shall be for a term of ten (10) years commencing in 2013, the first year the new improvements and new tangible personal property will be added to the assessment roll. The amount of the exemption shall be a specified percentage of county ad valorem taxes for the General Fund, Municipal Services Taxing Units, and Emergency Services District which would otherwise be due with respect to the new improvements and new tangible personal property in the absence of the exemption. The approved exemption percentages are, as follows: Year 1 (January 1, 2013 tax roll) 100% Year 2 (January 1, 2014 tax roll) 100% Year 3 (January 1, 2015 tax roll) 100% Year 4 (January 1, 2016 tax roll) 90% Year 5 (January 1, 2017 tax roll) 80% Year 6 (January 1, 2018 tax roll) 70% Year 7 (January 1, 2019 tax roll) 60% Year 8 (January 1, 2020 tax roll) 50% Year 9 (January 1, 2021 tax roll) 40% Year 10 (January 1, 2020 tax roll) 30% (3) The total amount of revenue available to the County from ad valorem tax sources for the current fiscal year is $72,845,660; the total amount of revenue lost to the County for the current fiscal year by virtue of economic development ad valorem tax exemptions currently in effect is $0; and the estimated revenue loss to the County for the current fiscal year if the exemption's first year had been in effect is $193,951. (4) The exemption shall be subject to all provisions set forth in sections 1100.01 through 1100.13. Without limitation, the continuation of the exemption shall be contingent upon Business' compliance with section 1100.10 relating to "Continuing Performance." 2