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12/22/1992
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12/22/1992
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Meetings
Meeting Type
Regular Meeting
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Minutes
Meeting Date
12/22/1992
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DEC 2 2 1992 <br />BOOK 88 PACE.359 <br />-7 <br />• When to have the referendum. Consideration is being <br />given to having it in conjunction with the next <br />countywide referendum (children's services or beach <br />renourishment). <br />• Duration of abatement. While state law allows a 10 year <br />abatement, that is a maximum. St. Lucie County bases the <br />duration of its abatement on the number of county <br />residents employed by the business. <br />• Eligible businesses. Since tax abatement should provide <br />an incentive for businesses that can locate in other <br />areas to locate in Indian River County, tax abatement <br />should not apply to retail businesses that must locate <br />near their markets. A decision needs to be made on which <br />businesses should be eligible and which should not be. <br />• Approval of abatement. While the Board of County <br />Commissioners must approve the tax abatement application <br />of any business, should that decision be discretionary or <br />should the tax abatement be a matter of right if <br />eligibility criteria are met? St. Lucie County reviews <br />each application on a case-by-case basis. <br />• Amount of abatement. Sate law provides that a tax <br />abatement program may grant a tax exemption of up to loot <br />of the assessed value of improvements made to real <br />property. Since the amount of exemption may be less than <br />100%, the opportunity exists for the county to vary the <br />amount based upon the impact of the business. <br />These are just some of the issues which must be considered in <br />structuring a property tax abatement program for the county. In <br />pursuing the issue, staff had planned to do more detailed research, <br />develop specific recommendations, and present a draft program to <br />the Economic Development Council for consideration. <br />At the present time, staff requests that the Board of County <br />Commissioners authorize staff to proceed with development of a <br />property tax abatement program. By so doing, the board would <br />charge the Economic Development Council with preparing a tax <br />abatement program, while retaining review and approval authority <br />regarding the program. <br />RECOMMENDATION <br />Staff recommends that the -Board of County Commissioners review the <br />economic initiatives status report, consider the property tax <br />abatement issue, provide direction to staff, and authorize staff to <br />work with the Economic Development Council to prepare a property <br />tax abatement program. <br />Director Keating stressed that initiatives relating to utility <br />expansion and roadway improvements are two of the most important <br />activities that ensure economic development. <br />Chairman Eggert commented that she had been meeting throughout <br />the past 6 months with Administrator Chandler and department heads <br />and they determined that the County can get the infrastructure out <br />26 <br />® M M <br />
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