§ 102-234. Wal-Mart Stores East, LP.

(a)

An economic development ad valorem tax exemption is hereby granted to Wal-Mart Stores East, LP (hereafter referred to as "the company"), for:

(1)

Eighty percent of the total of:

a.

The assessed value of all improvements to real property made by or for the use of a new business (not to exceed the amount identified in the company's application for exemption) as determined by the property appraiser; plus

b.

The assessed value of all tangible personal property of such new business in place during that first year (not to exceed the amount identified in the company's application for exemption); or

(2)

Eighty percent the total of:

a.

The assessed value of all added improvements to real property made to facilitate the expansion of an existing business (not to exceed the amount identified in the company's application for exemption); plus

b.

The assessed value of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business during that first year (not to exceed the amount identified in the Company's application for exemption).

(b)

The total amount of revenue available to the county from ad valorem tax sources for the current fiscal year is $201,341,291.88; $166,478.02 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 in the first year that any new or expanded facility and tangible personal property is added to the assessment roll and ending ten years after that commencement date.

(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 either a new business or expansion of an existing business, as defined by F.S. § 196.0125(14) or (15).

(e)

The company 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 the company is eligible to receive ad valorem tax exemption. If the annual report is not received, or if the annual report indicates the Company, no longer meets the criteria of F.S. § 196.012(14) or (15), 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 or expansion of an existing business, including improvements to real property or acquisition of taxable tangible personal property, or has not timely provided the number of jobs qualifying the new business or expansion of an existing business for the 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 self-executing 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.

(g)

If, upon discovery of the company's failure to qualify for the ad valorem tax exemption granted by this section, the board of county commissioners may revoke this section, and the company shall reimburse those county ad valorem taxes abated in favor of the company for that period of time that it was determined that the company no longer met the criteria of F.S. § 196.012(14) or (15), which ever was applicable to the exemption granted by this section.

(Ord. No. 2016-06, § 1, 5-17-16)