3/2/1993 - Laserfiche WebLink

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r �A R 2 BOOK 88 PAE 956 To this end, staff has prepared a one page fact sheet which could be mailed to all registered voter households in the County. Estimated costs for printing and mailing this one page fact sheet would be approximately $6,500.00. Unlike the environmentally sensitive lands acquisition referendum brochure sent out by the County last year, the proposed fact sheet would be mono -colored and printed on regular paper, instead of being multi -colored and glossy. ALTERNATIVES & ANALYSIS The proposed tax abatement ordinance, as drafted, complies with all applicable Florida Statute requirements. with passage of the referendum and adoption of the proposed ordinance, Indian River County will then have the ability to offer tax exemptions to new and expanding businesses in order to promote economic development. As structured, the proposed ordinance provides considerable discretion to the Board of County Commissioners with respect to granting economic development tax exemptions. While Section 215.07(2) of the proposed ordinance identifies various factors for the Board to consider in making its decision, the ordinance does not establish any criteria for those factors. For example, the ordinance establishes average wage as one factor to consider in evaluating a tax exemption application; however, the ordinance does not establish acceptable wage levels for a business to be given a tax exemption. This relates to the issue of how the property tax exemption authority is to be used. If property tax exemptions are considered as only one of a number of economic development tools, then their use would complement these other tools. As such, tax exemptions would be given only in cases where it is necessary to attract a business or industry that would otherwise locate elsewhere and when the business or industry would be a major benefit to the local economy. To use the property tax exemption authority in this way requires a set of standards by which all applications can be reviewed. Alternatively, the tax exemption process can be structured to provide maximum flexibility to the Board in considering property tax exemption requests. As structured, the proposed ordinance provides this flexibility. In recommending the proposed ordinance to the Board, the EDC stated that flexibility was needed by the Board to react to economic development opportunities. With respect to the proposed ordinance, the Board has two principal alternatives. First, the Board can maintain maximum flexibility by approving the ordinance as drafted. Second, the Board could establish specific criteria for approval of economic development tax exemptions. These criteria should relate to the County's objectives with respect to economic development. While establishing such criteria reduces the Board's flexibility, it provides for more consistency in decision making and ensures that economic development objectives will be met. As to the referendum, the Board has the option to inform voters of the tax exemption issue through the proposed fact sheet or through other means. Already, EDC members are informing the community of the tax exemption issue through speaking engagements and personal contact. Unlike those methods, the direct mail option provides an opportunity to inform all voters, not just those that are members of various groups. 28 - M