§ 102-193. Economic development ad valorem tax exemption.

(a)

An economic development ad valorem tax exemption is hereby granted to GENO, LLC, 2941 and 2931 Oxbow Circle, Cocoa, Florida, for its new construction and new tangible personal property.

(b)

The total amount of revenue available to the county from ad valorem tax sources for the current fiscal year is $230,952,660.57. $192,840.67 is lost to the county for the current fiscal year by virtue of exemptions currently in effect from previous years.

(c)

The tax exemption hereby granted shall be for a term of ten years commencing with the first year the expanded facility and tangible personal property are added to the assessment roll, and lasting ten years thereafter, for 100 percent of county ad valorem taxes.

(d)

In accordance with the findings of the board of county commissioners and the property appraiser, the property hereby exempted from ad valorem tax exemption meets the definition of an expansion of an existing business, as defined by F.S. Ch. 196.012.

(e)

GENO, LLC, shall submit to the county manager at the beginning of each year an annual report providing evidence of continued compliance with the definition of an expansion of an existing business for each of the ten years during which GENO, LLC, is eligible to receive ad valorem tax exemption. If the annual report is not received, or if the annual report indicates GENO, LLC, no longer meets the criteria of F.S. Ch. 196.012, the county manager shall make a report to the board of county commissioners for consideration of revocation of this section granting the tax exemption.

(f)

If the board of county commissioners revokes this section, it shall be a requirement of the company to reimburse those county ad valorem taxes abated in favor of GENO, LLC for that period of time that it was determined that GENO, LLC no longer met the criteria of F.S. Ch. 196.012.

(Ord. No. 2009-02, § 1, 1-13-09)

Editor's note

Ord. No. 2009-02, § 1, adopted Jan. 13, 2009, did not specifically amend the Code therefore at the editor's discretion, these provisions have been included as 102-193.