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ORDINANCE NO. 2020- 014 <br />Section 2. Findings. <br />The Board finds that the above "Whereas" clauses are true and correct, and hereby <br />incorporates such clauses as findings of the Board. Additionally, the Board specifically <br />finds that PCP Tactical, LLC meets the requirements of Section 196.012(15), Florida <br />Statutes. <br />Section 3. Creation of Section 1100.15 of Chapter 1100 (Economic Development <br />Ad Valorem Tax Exemption). <br />Section 1100.15 of Chapter 1100 (Economic Development Ad Valorem Tax Exemption) <br />of the Code of Indian River County, Florida, is hereby created to read as follows: <br />CHAPTER 1100. - ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION <br />Section 1100.15 Economic Development Ad Valorem Tax Exemption Granted to PCP <br />Tactical, LLC ("Business"). <br />(1) An economic development ad valorem tax exemption is hereby granted to <br />Business whose address is 3895 39th Square Vero Beach FL 32960 The <br />exemption shall apply to its new improvements to real property and its new tangible <br />personal property related to its planned expansion of its existing business to be <br />located at 4155 49th Avenue, Vero Beach, Florida 32967 described as lots 2 3 <br />and 4, Indian River Industrial Center, according to the plat thereof recorded in Plat <br />Book 23, Page 9, of the Public Records of Indian River County Florida This <br />exemption shall apply only to the improvements to real property and the tangible <br />Personal property described in Business' Application for such exemption <br />(2) The exemption shall be for a term of 10 years commencing with the first year the <br />new improvements or new tangible personal property are added to the assessment <br />roll. The amount of the exemption shall be a specified percentage of county ad <br />valorem taxes for the General Fund Municipal Services Taxing Units and <br />Emergency Services District, which would otherwise be due with respect to the <br />new improvements or new tangible personal property in the absence of the <br />exemption The approved exemption percentages are as follows: <br />Year 1 <br />(January <br />1, <br />2023 tax roll) .......100% <br />Year 2 <br />(January <br />1, <br />2024 tax roll) .......100% <br />Year 3 <br />(January <br />1, <br />2025 tax roll) .......100% <br />Year 4 <br />(January <br />1, <br />2026 tax roll) .......90% <br />Year 5 <br />(January <br />1, <br />2027 tax roll) .......80% <br />Year 6 <br />(January <br />1, <br />2028 tax roll) .......70% <br />