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r A TRUE COPY ! CERTIFICATION ON LAST PAGE ORDINANCE NO,2011 -oil J.K.BARTON,CLERK 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 F,conomic Development Ad Valorem Tax Exemption Granted to INEOS New pland Broenergy.LLC(`Business") (1) An economic development ad valorem tax exemption is hereby granted to Business whose address is 925 74 Avenue SW Vero-Beach Florida The exemption AW apply to its new improvements to real propso and its new tangible personal property related to its new business located at 925 74 Avdnue SW Yero Beach,Florida This exemption shall 9013:only to the-improvements to real property and the taneable d in Business' application for such exernpd= on file in the COMM commie&dewlQp entgent. (2) The exemption shall be for a germ of ten(10)years cornencing in 2013 the first year the new improvements and new ible persons] property BdW be added IQ,the assess ent roll The amount of the exemption shall be a specified pg+cg9=of c unty ad valorem taxes for the General Fund. M,:Mal Services Taxin¢Units and Emmcncy Services District which would otherwise be due with respect to the new imurovements and new tangible Versond property in the absence of the exemption The appmved exemption ymSAAM 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) ..........800/6 Year 6 (January 1,2018 tax roll) ..........70% Year 7 (January 1,2019 tax roll).......... 60% Year 8 (January 1,2020 tax roll).......... 50'/o Year 9 (January 1,2021 tae roll) ..........40% Year 10(January 1,2020 tax roll) ...........301/o (3) The total amount of revenue available to the County from ad valorem tax souroes 9r_the current fiscal Year is $72 845 660• the total amount of revenge lost to The Comity for t current fiscal year by virtue of economic developm_ errt avAlorem exe 'off currently in effect is So, and the estimated revenue 12ss-ta dw County for tare curient ftscsl Yearif1he exemrrtion's first year had been in effect is$U3,95 I (4) The exemption shall be subject to all provisions set forth in sections 1100-01 through1100Without lizaWdion, the continuation of the exemption shall be contingent upon Business' compliancg y4th section 1100.10 relating "Continuine Performance." 2 ACHMENT 2. 107 45