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INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Joseph A. Baird, County Administrator DEPARTMENT HEAD CONCURRENCE Stan Boling, A ; Community Development Director THROUGH: Sasan Rohani, AICP; Chief, Long -Range Planning '5 ./t FROM: Bill Schutt, AICP; Senior Economic Development Planner, Long -Range Planning S-�- DATE: February 8, 2016 SUBJECT: Review of INEOS New Planet BioEnergy LLC's Ad Valorem Tax Exemption Annual Report It is requested that the following information be given formal consideration by the Board of County Commissioners at its regular meeting of February 16, 2016. BACKGROUND On December 20, 2011, the Board of County Commissioners held a public hearing to consider a request from INEOS New Planet BioEnergy LLC for an economic development ad valorem tax exemption (tax abatement). At that hearing, the Board considered INEOS's application together with staffs analysis and input from the Property Appraiser's Office, Chamber of Commerce, and Economic Development Council. Based on the evidence presented, the Board found that INEOS's proposed bioenergy facility project qualified for tax abatement as a new business, found that INEOS's application scored in the highest abatement award category under adopted scoring guidelines, granted a 10 year tax abatement beginning in 2013, adopted a tax exemption ordinance for the INEOS project, and approved a tax exemption agreement with INEOS (see attachments 1, 2, and 3). The exemption applies to approximately 40% of INEOS's total ad valorem tax bill (General Fund, MSTU, and Emergency Services District) and decreases during the 10 year abatement period. Since the December 20, 2011 hearing, INEOS completed project construction, and hired facility personnel. In January 2013, 2014, and 2015, INEOS filed its first, second, and third annual reports with the County as required by the tax exemption agreement. Those reports indicated job and wage levels consistent with INEOS' tax abatement application and information from the Florida Department of Revenue. Based on that inf6rmation, the Board found that INEOS was in compliance with its ad valorum tax exemption requirements. After Board actions, INEOS then applied to the Property Appraiser's Office for the exemption and the exemption was granted for "property tax years" 2013, 2014, and 2015. In January 2016, INEOS filed its 4t' required annual report. Under requirements of the tax exemption agreement and the County's Chapter 1100 tax exemption F•\Community Development\Users\EDplannr\WCENTIVES & FUNDING\Tax Abatements\Applications\INEOS\Annual Reviews\February 2016\13CC Memo - INEOS Ad Valorem Report.docx 39