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INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Jason E. Brown; County Administrator THROUGH: Phillip J. Matson, AICP; Community Development Director FROM: Bill Schutt, AICP; Chief, Long Range Planning DATE: March 17, 2021 RE: Consideration of Diamond Drinks of Florida, Inc's Request For an Economic Development Ad Valorem Tax Exemption (Tax Abatement) [Legislative] It is requested that the following information be given formal consideration by the Board of County Commissioners (BCC) at its Special Call meeting of March 30, 2021. DESCRIPTION AND CONDITIONS On November 2, 2010, the voters of Indian River County approved a tax abatement referendum, and the tax abatement ordinance (Chapter 1100 of the Indian River County Code) then went into effect for a ten-year period. On November 3, 2020 the voters of Indian River County voted in favor of continuing such authority for another ten years. The ordinance, along with state statutes, establishes tax abatement requirements, sets tax abatement limitations, and governs the County's tax abatement process (see attachment #1). Recently, Diamond Drinks of Florida, Inc., applied for a County tax abatement to locate its operations within the County (see attachment #2). This request is being expedited for both Economic Development Council (EDC) and Board of County Commissioners (BCC) consideration so the Company can expeditiously secure the incentive to locate and begin operations in a previous fruit packing house and purchase new tangible personal property for its operation. Since the company will locate in an existing building and there are no planned expansions of the building, they are not eligible for abatement of taxes on real property. This is the reason section VI of the tax abatement has no real property improvements listed. The company is however, eligible for a tax abatement on new tangible personal property as listed in section V of the tax abatement application. As indicated in its tax abatement application, Diamond Drinks of Florida, Inc. proposes to locate at 7355 9th, Street SW, Vero Beach FL 32968 (a former citrus packing house). As of this time, Diamond Drinks of Florida, Inc. has purchased the property and is ramping up employment for operation of the facility. Since the Property Appraisers Office (PAO) assesses property on or around January 1 of every year, any approved tax abatements could start with calendar year 2022 (tax bill issue date: November 2022). 1 C:\Users\legistar\AppDataU,ocal\Temp\BCL Technologies\easyPDF 8\@BCL@880E2271\@BCL@880E2271.doc