§ 102-227. Ad valorem tax exemption—Project Landmark (Lockheed Martin).

(a)

An economic development ad valorem tax exemption is hereby granted to Project Landmark (Lockheed Martin), Spaceport Park, Titusville, Florida, for its new construction and tangible personal property.

(b)

The total amount of revenue available to the county from ad valorem tax sources for the current fiscal year is $194,413,375.05; $177,015.69 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 nine years commencing with the first year the expanded facility and tangible personal property are added to the assessment roll, and lasting nine years thereafter, for 90 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)

Project Landmark (Lockheed Martin) 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 nine years during which Project Landmark (Lockheed Martin) is eligible to receive ad valorem tax exemption. If the annual report is not received, or if the annual report indicates Project Landmark (Lockheed Martin) 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 county manager or designee receives written notice that the company qualifying for an ad valorem tax abatement under the authority of this section has decided not to undertake or complete the new business activity or expansion of an existing business activity, including construction or equipment purchases, giving rise to an ad valorem tax exemption granted under this section, the exemption granted shall be void, shall not take effect and shall not be implemented. If such a notice is received, the foregoing provision shall be selfexecuting and no further action of the board of county commissioners will be required to void the granted exemption. Upon the county's receipt of any such notice, the county manager or designee shall forward the notice to the property appraiser along with a copy of this subsection of the section.

(g)

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 Project Landmark (Lockheed Martin) for that period of time that it was determined that Project Landmark (Lockheed Martin) no longer met the criteria of F.S. ch. 196.012.

(Ord. No. 2015-17, § 1, 7-7-15)