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A7T'ACFIt 2 <br />RESOLUTION NO. 96- 56 <br />A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, CREATING <br />"ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTIONS" TO <br />ENCOURAGE ECONOMIC DEVELOPMENT IN THE COUNTY; <br />ESTABLISHING A PROCESS FOR OBTAINING AN EXEMPTION FROM <br />CERTAIN AD VALOREM TAXATION FOR CERTAIN NEW AND EXPANDING <br />BUSINESSES; PROVIDING DEFINITIONS; PROVIDING CONDITIONS; <br />PROVIDING PROCEDURES FOR APPLICATION FOR EXEMPTION; <br />PROVIDING ORDINANCE REQUIREMENTS; PROVIDING FOR <br />CONFLICTING PROVISIONS; SEVERABILITY AND APPLICABILITY; <br />EFFECTIVE DATE; AND ADOPTION <br />WHEREAS, Indian River County's average unemployment rate has <br />been consistently higher than the state's unemployment rate; and <br />WHEREAS, the Board of County Commissioners has made a <br />determination that one of the ways to reduce the unemployment rate <br />is to attract new businesses and industries to the county; and <br />WHEREAS, the Board of County Commissioners has determined that <br />providing incentives such as property tax exemption will enhance <br />the county's prospects for attracting new businesses and <br />industries; and <br />WHEREAS, Section 196.1995, Florida Statutes, provides that the <br />Board of County Commissioners may by referendum be authorized to <br />grant economic development ad valorem tax exemptions pursuant to <br />Section 3, Article VII of the State Constitution; and <br />WHEREAS, Section 196.012 (15) or (16), Florida Statutes, <br />defines "new business" and "expansion of an existing business", <br />which are the type of businesses which may be offered tax <br />exemptions under section 196. 1995(2); and <br />1 <br />