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r BG®K 98 mu 45 RESOLUTION NO. 96-56 WHEREAS, the Board of County Commissioners has made a determination that one of the ways to reduce the unemployment rate is to attract new businesses and industries to the county; and WHEREAS, the Board of County Commissioners has determined that providing incentives such as property tax exemption will enhance the county's prospects for attracting new businesses and industries; and WHEREAS, Section 196.1995, Florida Statutes, provides that the Board of County Commissioners may by referendum be authorized to grant economic development ad valorem tax exemptions pursuant to Section 3, Article VII of the State Constitution; and WHEREAS, Section 196.012 (15) or (16), Florida Statutes, defines "new business" and "expansion of an existing business", which are the type of businesses which may be offered tax. exemptions under section 196. 1995(2); and WHEREAS, the Board finds that granting certain ad valorem tax exemptions is in the best interest of the citizens of Indian River County, Florida, NOW, THEREFORE BE IT RESOLVED by the Board of County Commissioners of Indian River County, Florida that: SECTION 1 ADOPTION OF TAX EXEMPTION RESOLUTION Hereby, the county created an "Economic Development Ad Valorem Tax Exemptions Program," to read as follows: Section 1.01 Short Title This resolution shall be known as the "Economic Development Ad Valorem Tax Exemption resolution." Section 1.02 Enactment and Authority This resolution is adopted pursuant to Section 3, Article VII of the State Constitution and in accordance with Chapters 125 and 196, Florida Statutes. Section 1.03 Jurisdiction The area subject to this resolution shall be the total geographical area of Indian River County. Section 1.04 Purpose and Intent It is the purpose of this resolution to enhance the general welfare of the county citizens by providing incentives for the May 14, 1996 40