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ORDINANCE NO. 2021 - Section 2. Findings. The Board finds that the above "Whereas" clauses are true and correct, and hereby incorporates such clauses as findings of the Board. Additionally, the Board specifically finds that Diamond Drinks of Florida, Inc. meets the requirements of Section 196.012(15), Florida Statutes. Section 3. Creation of Section 1100.16 of Chapter 1100 (Economic Development Ad Valorem Tax Exemption). New language indicated by underline, and deleted language indicated by stFikethFOU914. Section 1100.16 of Chapter 1100 (Economic Development Ad Valorem Tax Exemption) of the Code of Indian River County, Florida, is hereby created to read as follows: CHAPTER 1100. - ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION Section 1100.16 Economic Development Ad Valorem Tax Exemption Granted to Diamond Drinks of Florida, Inc. ("Business"). (1) An economic development ad valorem tax exemption is hereby granted to Business whose address is 7355 9th Street SW, Vero Beach, FL 32968. The exemption shall apply to its new tangible personal property related to its new business to be located at 7355 9th Street SW, Vero Beach, FL 32968, described as the west '/2 of Tract 4, Section 30, Township 33 South, Range 39 East, according to the last general plat of lands of Indian River Farms Company filed in the office of the Clerk of Circuit Court of St. Lucie County, Florida in Plat Book 2, Page 25, Public Records of St. Lucie County, Florida; said land now lying and being in Indian River County, Florida . This exemption shall apply only to new tangible personal property described in Business' Application for such exemption. (2) The exemption shall be for a term of 8 years commencing with the first year the new improvements or new tangible personal property are added to the assessment roll. The amount of the exemption shall be a specified percentage of county ad valorem taxes for the General Fund, Municipal Services Taxing Units, and Emergency Services District, which would otherwise be due with respect to the new improvements or new tangible personal property in the absence of the exemption. The approved exemption percentages are, as follows: Year 1 (January 1, 2022 tax roll) .......100% Year 2 (January 1, 2023 tax roll) .......100% Year 3 (January 1, 2024 tax roll) .......90% Attachment$