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4101 RESOLUTION NO. RESOLUTION SUPPORTING REAUTHORIZATION OF THE FLORIDA ENTERPRISE ZONE PROGRAM, CURRENTLY SET TO SUNSET ON DECEMBER 31, 2015 WHEREAS, the Florida Legislature created the Florida Enterprise Zone Program in 1982 to encourage private investment in economically distressed areas within Florida; and WHEREAS, the Florida Enterprise Zone Program has the goals of revitalizing and rehabilitating distressed areas, encouraging businesses to locate and expand in these areas, stimulating employment for area residents, and enhancing the general social and economic well- being; and WHEREAS, to achieve these goals, state and local governments provide certain tax incentives to entice businesses to invest and locate in designated enterprise zones; and WHEREAS, these incentives include job and property tax credits as well as sales tax refunds; and WHEREAS, in 2005, the Florida Legislature enacted Chapter 2005-289, Laws of Florida (HB 1725), which re -designated existing enterprise zones and extended the Enterprise Zone Program until December 31, 2015; and WHEREAS, during the 2010 session, the Florida Legislature enacted Chapter 2010-147, C Laws of Florida (SB 1752), which directed the Florida Legislature's Office of Program Policy Analysis & Government Accountability (OPPAGA) to review and evaluate the Florida Enterprise Zone Program; and WHEREAS. in January, 2014, OPPAGA released Report Number 14-01, which found that in Fiscal Years 2009-10 through 2011-12, the Florida Department of Revenue had disbursed nearly $111 million in tax credits and sales tax refunds through the Florida Enterprise Zone Program; and WHEREAS, the Indian River County/City of Vero Beach Enterprise Zone comprises a 4.7 square mile area to include the Vero Beach Municipal Airport and the adjacent Gifford community; and WHEREAS, since the Indian River County/City of Vero Beach Enterprise Zone was designated in 2005, 390 new jobs have been created in the enterprise zone and over $7.5 million has been invested in the enterprise zone by private businesses; and WHEREAS, Section 290.016, Florida Statutes, provides that the Florida Enterprise Zone program will be repealed effective December 31, 2015; and WHEREAS, the Florida Legislature has the opportunity to extend the Florida Enterprise Zone Program to 2025 during the 2015 Legislative Session; and WHEREAS. given the positive impact the Florida Enterprise Zone Program has had on economic diversification, this Board urges the Florida Legislature to continue the program. 228