03/30/2021 - Laserfiche WebLink

Home Browse Search

Safeguards" section above. If Diamond Drinks of Florida, Inc.'s performance would cause it to fall out of the 2nd tier tax abatement scoring category, the agreement allows the company to request the BCC consider a tax abatement reduction through an ordinance amendment. CONCLUSION Based on the analysis conducted, staff and the EDC have determined that the proposed Diamond Drinks of Florida, Inc. facility qualifies for the County's tax abatement program. In addition, staff's analysis indicates that the Diamond Drinks of Florida, Inc. tax abatement application scores in the 2nd award category (out of 3 categories) under the county's tax abatement scoring guidelines. Based on those guidelines, the proposed Diamond Drinks of Florida, Inc. facility qualifies for a 8 year tax abatement beginning in 2022. If an 8 year property tax abatement is granted as recommended, the maximum potential total tangible personal property tax abatement over the 8 year period in current dollars is roughly estimated to be $45,361. For the same 8 -year period, the maximum potential total tangible personal property taxes paid in current dollars is roughly estimated to be $69,312 for schools, bonds, and other districts and $18,035 for the general fund, MSTU, and emergency services fund. RECOMMENDATION Staff and the Economic Development Council (by consensus) recommend that the Board of County Commissioners approve the tax abatement application and: Find that the Diamond Drinks of Florida, Inc. facility qualifies as a "New Business" under the tax abatement ordinance; and 2. Find that the application scores in the 2nd tax abatement award category (out of 3 categories) under the adopted scoring guidelines; and 3. Grant a tax abatement using the schedule for up to the 2nd highest award category, with up to the 8 year abatement period to begin in 2022 (a lower award category may be applied if company's performance results in it meeting lower average wage and/or lower # of provided jobs); and 4. Approve the attached ordinance granting an economic development ad valorem tax exemption to Diamond Drinks of Florida, Inc.; and 5. Authorize the chairman to execute the Economic Development Tax Exemption Agreement for Diamond Drinks of Florida, Inc. ATTACHMENTS 1. Indian River County Tax Abatement Ordinance 2. Diamond Drinks of Florida, Inc. Tax Abatement Application (Confidential Information Withheld) 3. Economic Development Policy 2.5 4. Tax Abatement Scoring Guidelines 6 C:\Users\legistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@880E2271\@BCL@880E2271.doc 6