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regulations (see attachment#4), INEOS is required to provide a number of new jobs at a high average wage level, file an annual report on or before January 15`b of each year beginning in 2013 (ordinance establishes a March 1St deadline), abide by representations made to the Board, and comply with tax exemption requirements. The annual report filing provides the County with a convenient opportunity to verify compliance with tax exemption requirements. If at any time the Board determines that fNEOS is not in compliance, the Board may revoke or revise the tax exemption. Staff has reviewed INEOS's annual report filed January 2016 and verified INEOS's compliance with tax exemption requirements, including representations made in its tax abatement application. At this time, staff is bringing the January 2016 annual report and its analysis to the Board for consideration, and requests that the Board find INEOS currently in compliance with its tax exemption requirements. ANALYSIS Over the last 6 years, INEOS obtained approval of economic development incentives, developed a bioenergy production facility at the southwest corner of Oslo Road/74th Avenue(former Ocean Spray site), and hired facility personnel. Employees were first hired starting in late 2011. By the end of 2012, INEOS had 56 employees. The number increased in 2013 and in 2014, rising to 64 employees in late 2013 and 68 employees in late 2014. More recently, in December of 2015, INEOS reported employment levels in the mid-50s. In its January 2016 annual report (see attachment #6), INEOS provided all the information required by INEOS's tax abatement agreement, including information on the number of jobs, average wage, and new capital investment in the plant, if any, for the 2015 report year. The report states that the INEOS facility currently has 57 full time employees at an annual wage of nearly $74,000 per employee (not including benefits). Staff has verified that the reported jobs and wage information provided in the January 2016 report is consistent with information reported to the Florida Department of Revenue. In fact,the average annual wage of INEOS employees for 2015 was over$85,000 (based on 4t' quarter wages). With respect to project capital investment the project has involved tens of millions of dollars in improvements and equipment, as anticipated. Based upon the filed annual report and verified items, staff has determined that INEOS has met applicable project-related and tax abatement-related time frames and deadlines. As anticipated in the INEOS tax exemption application, the majority of the project's assessed value consists of tangible personal property in the form of plant equipment. According to the Property Appraiser's staff, INEOS's ad valorem tax bill for 2015 was $471,929.22 and the value of the ad valorem tax exemption not included on that bill (savings to INEOS) was $308,145.81. In 2014, the tax bill was$446,908.62 and savings to INEOS was$278,496.26. The 2015 figures reflect an increase in assessed value and are consistent with the tax abatement scenario considered by the Board at the time INEOS's tax abatement application was approved. As shown in the table on attachment 7, INEOS has developed a targeted industry facility, provided or exceeded the projected number of jobs, met or exceeded anticipated wage levels, and made project capital investments consistent with representations reflected in its tax abatement application. After review of the INEOS January 2016 annual report, staff found that INEOS's 2015 actual performance scored the same number of points under the County's scoring guidelines as scored by its 2011 tax abatement application. Therefore, staff has concluded that INEOS continues to qualify F:\Community Development\Users\EDplannrW'CENTNES&FUNDING\Tax Abatements\Applications\INEOS\Annual Reviews\Februaiy 2 2016\13CC Memo-INEOS Ad Valorem Report.docx 40