§ 2-29-165. Establishment of economic development ad valorem tax exemption program.

(1)

Pursuant to the authority granted to the board by the qualified electors of the county on June 18, 2013, the board hereby establishes an economic development ad valorem tax exemption program for ad valorem taxes levied by the county. In accordance with the act and this article, the board may grant economic development ad valorem tax exemptions to qualifying new businesses or expansions to existing businesses (an "exemption"), by ordinance. An exemption may be granted or refused at the sole discretion of the board.

(2)

An exemption shall not accrue to improvements to real property made by or for the use of a qualifying new business or expansion to an existing business when such improvements have been included on the tax rolls prior to the effective date of the ordinance specifically granting a business an exemption.

(3)

At the discretion of the board, an exemption may be granted for up to one hundred (100) per cent (or such lesser percentage as the board shall deem appropriate) of the assessed value of all improvements to real property made by or for the use of a qualifying new business and of all tangible personal property of such new business, or up to one hundred (100) per cent (or such lesser percentage as the board shall deem appropriate) of the assessed value of all added improvements to real property made to facilitate the qualifying expansion of an existing business and of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business, provided that the improvements to real property are made or the tangible personal property is added or increased on or after the day the ordinance granting the exemption is adopted. Property acquired to replace existing property shall not be considered to facilitate a business expansion.

(4)

No exemption shall be granted for the land upon which a new business or expansion of an existing business is to be located.

(5)

Any exemption granted for a new business or expansion of an existing business is nontransferable between businesses; provided, however, if the only change to the business is one of ownership and all other provisions of an original application for an exemption remain in effect, the exemption may be transferred, subject to compliance with subsection 2-29-169(1).

(6)

For those qualifying businesses located within that portion of the City of Bradenton comprising a tax increment financing district for which county ad valorem revenues have been pledged as payment for the debt service on bonds with a final payment date no later than ten (10) years from the completion of the exemption, the board shall consider applications for only a tangible personal property tax exemption until the bonds are paid or completion of the exemption period, whichever comes first. Thereafter, applications from qualifying businesses for an exemption for tangible personal property and/or improvements to real property will be considered, providing that such property and improvements meet the requirements of the act and this article.

(Ord. No. 14-31, § 3(Exh. A, § 2-29-155), 6-3-14)