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Property taxes abated scenario expressed in current dollars: — Initial Assessed value (Year]): $3,810, 000 — Millage rate (3 affected tax funds) totals: 7.0512 mills — Depreciation applied to tangible personal property as described above — Highest abatement award category 10 year schedule applied , This scenario provides a rough estimate of the maximum potential tax abatement amount. The actual assessed value for any given year during the abatement period will be determined by the PAO on or around January 1St of the given year. Timing According to the PCP Tactical, LLC tax abatement application and recent correspondence with company representatives, the facility will be completed in the 2021— 2022 time frame. Based on that time frame for completion, the facility will first be assessed for tax purposes on or about January 1, 2023 for the 2023 tax year. Therefore, the application proposes that the tax abatement (Year 1) begin in 2023. Limitations & Safeguards As previously described in this report, the tax abatement- ordinance limits the tax abatement to new real property improvements and added tangible personal property associated with certain types of qualified businesses. Also, the tax abatement applies to a limited number of tax funds for a maximum of 10 years. In addition, the tax abatement ordinance requires tax abatement grantees to enter into a tax exemption (abatement) agreement with the county, meet all exemption (abatement) requirements on a continuing basis, file an annual compliance report with the county, and immediately advise the county of any failure of the business to meet exemption (abatement) requirements. Under the tax abatement ordinance, the BCC is authorized to revoke or revise the exemption if the BCC determines that the business no longer meets the exemption requirements or that the application or any annual report contains a materially false statement that would have affected granting or continuing the exemption (see page 6 of attachment #1). Those limitations and safeguards apply to the PCP Tactical, LLC application. 0 Ordinance & Agreement In order to approve the subject tax abatement application, the County must adopt an ordinance specifically for the PCP Tactical, LLC abatement and approve an agreement with PCP Tactical, LLC. The County Attorneys Office has prepared an ordinance and an agreement (see attachments8 and 9). As proposed, the ordinance provides findings and establishes up to a 10 year abatement beginning in 2023. Consistent with the County's tax abatement ordinance, the proposed agreement requires PCP Tactical, LLC to provide an annual status report to confirm compliance with tax abatement requirements and commitments as referenced in the "Limitations & Safeguards" section above. IfPCP Tactical, LLC's performance would cause it to fall out of the highest tier tax abatement scoring category, the agreement allows the company to request the BCC consider a tax abatement reduction through an ordinance amendment. FXommunity Development\Users\EDplannr\INCENTIVES & FUNDING\Tax Abateriments\Applications\Confidential - C\BCC Agenda Jr Item\BCC Item - PCP Tactical ad valorem report v2.doc