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ORDINANCE NO. 2024- 006 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, CREATING A NEW SECTION 1100.16 (ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION GRANTED TO MOD UNITS LLC. ("BUSINESS")) OF CHAPTER 1100 (ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION) OF TITLE XI (ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION) OF THE CODE OF INDIAN RIVER COUNTY GRANTING AN ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTION TO MOD UNITS LLC.; MAKING FINDINGS AND PROVIDING FOR SEVERABILITY, CODIFICATION AND AN EFFECTIVE DATE. WHEREAS, Title XI of the Code of Indian River County, entitled "Economic Development Ad Valorem Tax Exemption Ordinance," authorizes the Board of County Commissioners to grant economic development ad valorem tax exemptions ("Exemption") to certain new or expanding businesses and WHEREAS, Section 196.1995(11), Florida Statutes, requires that any action of the Board granting an Exemption to a new or expanding business be set forth in an ordinance; and WHEREAS, the Board has determined that all prerequisites to the granting of an Exemption to Mod Units LLC. have been met, and the granting of such Exemption will promote and strengthen the local economy and thereby enhance the health, welfare, and general well- being of the citizens of Indian River County, NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, THAT: Section 1. Enactment Authority. Section 3,Article VII of the Florida Constitution and Section 196.1995, Florida Statutes, authorize the Board of County Commissioners to grant economic development ad valorem tax exemptions to certain new and expanding businesses upon a majority vote in favor of such authority in a referendum called for such purpose. In a referendum held on November 2, 2010, a majority of voters in Indian River County voted in favor of such authority, and Title XI of the Code of Indian River County, entitled "Economic Development Ad Valorem Tax Exemption," became effective; and on November 3, 2020, a majority of voters in Indian River County voted in favor of continuing such authority.