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As shown in the following table, INEOS has developed a targeted industry facility, provided the <br /> projected number of jobs, met average wage levels, and made project capital investments consistent <br /> with representations reflected in its tax abatement application. <br /> INEOS COMPLIANCE WITH TAX EXEMPTION REPRESENTATIONS <br /> Application Actual 4th Qtr 2012) <br /> Full time jobs 53 30points) 56* (30points) <br /> Avera e annual wage $58,981 (30points) $58,929* 30points) <br /> Level of local capital investment $54,337,677** 20points) $52,500,000** (20points) <br /> Special economic development Bio-energy targeted (10 points) Bio-energy (10 points) <br /> attributes industry targeted industry <br /> Total Points from Scoring Matrix 90 points 90 points <br /> *All 56 jobs exceeded IRC's annual average wage ($34,727); 30 of the 56 jobs exceeded <br /> 150% of annual average wage ($52,092) <br /> "Capital investment over $100,000 qualifies for 20 points <br /> After review of the INEOS annual report,staff found that INEOS's actual performance scored the same <br /> number of points under the County's scoring guidelines as scored by its 2011 tax abatement application. <br /> Therefore, staff has concluded that INEOS continues to qualify for its economic development ad <br /> valorem tax exemption as granted by the Board on December 20,2011. Furthermore, staff anticipates <br /> that, no later than March 1St, INEOS will formally file for an economic development ad valorem <br /> property tax exemption for 2013 (see attachment#6). <br /> RECOMMENDATION <br /> Staff recommends that the Board of County Commissioners find that INEOS New Planet BioEnergy <br /> LLC is currently in compliance with its ad valorem tax exemption requirements. <br /> ATTACHMENTS <br /> 1. Approved Minutes from December 20, 2011 Board Meeting <br /> 2. INEOS Tax Exemption Ordinance 2011-011 <br /> 3. INEOS Tax Exemption Agreement <br /> 4. Excerpts from Chapter 1100 <br /> 5. January 2013 Annual Report from INEOS <br /> 6. Tax Exemption Filing Form(DR-418) <br /> 7. 2011 Scoring and Hypothetical INEOS Tax Abatement Scenario <br /> Indian River Co, Appr ved Date <br /> APPROVED AGENDA ITEM: <br /> Admin. <br /> FOR: /9 �C'/. Legal 2-(?j•l <br /> BY:GO n 1,41 Budget <br /> �... Dept. / 1 <br /> Risk Mgr. <br /> FAConimunity Deve1opment\CurDev\BCC\2013 BCC\INFOSAdValreport.doc j 130 <br />