Agenda Item # 12.a.
City Commission Regular Meeting
- Meeting Date:
- 01/06/2025
- Re
- Economic Development Ad Valorem Tax Abatement Ordinance
- Submitted For:
- Shyanne Harnage
SUBJECT:
Legislative Hearing - Ordinance 25-001 - Economic Development Ad Valorem Tax Exemption. FIRST READING.
SUMMARY:
The Economic Development Ad Valorem Tax Exemption program was authorized by voters on August 23, 2022 to stimulate economic growth and attract new businesses to Fort Pierce. The Economic Development Ad Valorem Tax Exemption program aims to attract new investment, create jobs, and diversify the local economy by providing financial incentives to new and expanding businesses. This ordinance will formalize the existing incentive program, providing a clear framework for application, approval, and administration of tax exemptions for qualifying businesses.
RECOMMENDATION:
Approve Ordinance 25-001.
ALTERNATIVES:
Amend or deny Ordinance 25-001.
RESPONSIBLE STAFF:
Shyanne Harnage, CRA Administrator
COORDINATED WITH:
Linda Cox, Acting City Manager
Sara Hedges, City Attorney
Kev Freeman, Planning Director
Sara Hedges, City Attorney
Kev Freeman, Planning Director
Fiscal Impact
OTHER INFORMATION:
There is no fiscal impact at this time. Upon approval of an application for a tax exemption under this ordinance, the City Commission shall enter into a written tax exemption agreement.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Linda Cox | 12/19/2024 05:30 PM |
| City Manager | Linda Cox | 12/19/2024 05:30 PM |
- Form Started By:
- Shyanne Harnage
- Started On:
- 12/19/2024 01:24 PM
- Final Approval Date:
- 12/19/2024