§ 2-29-173. Allied New Technologies 2, Inc., tax year 2018 through tax year 2025.

(a)

Grant of Ad Valorem Tax Exemption.

(1)

After consideration of the application submitted to the county by Allied New Technologies 2, Inc. (the "Allied New Technologies 2, Inc. Application") requesting an ad valorem tax exemption for up to one hundred (100) per cent of the assessed value of the qualifying improvements to real property and qualifying tangible personal property specified for a period of eight (8) years, commencing with Tax Year 2018, the board hereby grants to Allied New Technologies 2, Inc. and establishes on behalf of Allied New Technologies 2, Inc. an economic development ad valorem tax exemption as follows:

Year 1(2018): 100%

Year 2(2019): 100%

Year 3(2020): 90%

Year 4(2021): 80%

Year 5(2022): 60%

Year 6(2023): 40%

Year 7(2024): 20%

Year 8(2025): 10%

of the assessed value of the net increase in qualifying improvements to real property and qualifying improvements to real property and qualifying tangible personal property as set forth in the Allied New Technologies 2, Inc. Application, to facilitate the expansion of its business (the Allied New Technologies 2, Inc. Ad Valorem Tax Exemption).

(2)

The Allied New Technologies 2, Inc. Ad Valorem Tax Exemption shall be effective for a period of eight tax years (the "exemption period"), commencing with tax year 2018 and remaining in effect through tax year 2025. Pursuant to section 2-29-166(3) of this Code, the Allied New Technologies 2, Inc. Ad Valorem Tax Exemption is conditioned upon entering into a performance agreement, in the form established by the board by resolution, with the county stating that it shall remain in compliance with article XV of chapter 2-29 of this Code throughout the exemption period as well as the business maintenance and continuing performance provision of the Allied New Technologies 2, Inc. Application. Should Allied New Technologies 2, Inc. fail to comply with article XV of chapter 2-29 of this Code, the maintenance and continuing performance provision of the Allied New Technologies 2, Inc. Application, or the requirements of the performance agreement, the board may revoke the Allied New Technologies 2, Inc. Ad Valorem Tax Exemption and recover any taxes exempted during the exemption period pursuant to section 2-29-170 of this Code.

(b)

Applicability. Pursuant to Florida Statute Section 196.1995 and section 2-29-171 of this Code, the county ad valorem tax exemption granted herein applies only to ad valorem taxes levied by Manatee County on the qualifying improvements to real property and qualifying tangible property specified in the Allied New Technologies 2, Inc. Application. The exemption does not apply to taxes levied by a municipality, school district, any special taxing district or any other governmental entity, or to taxes levied by the county for the payment of bonds or taxes authorized by a vote of the electors pursuant to Section 9 and Section 12, Article VII of the State Constitution.

(c)

Sunset date. The Allied New Technologies 2, Inc. Ad Valorem Tax Exemption shall be in effect through tax year 2025, at the conclusion of which it shall automatically sunset and no longer be in force and effect for any subsequent tax year.

(Ord. No. 17-11 , § 3(Exh. A), 1-10-17)