Subject:
Title
Resolution expressing support of Power Design as a Qualified Applicant for an Economic Development Ad Valorem Tax Exemption.
label
Recommended Action:
Recommended Action
Adopt a resolution expressing support of Power Design as a qualified applicant for an Economic Development Ad Valorem Tax Exemption pursuant to Section 196.1995, Florida Statutes, and authorizing Power Design to make improvements and/or tangible personal property additions before an Exemption Ordinance is adopted.
Power Design is an electrical contractor that would like to expand its corporate headquarters in Pinellas County. The company plans to invest an estimated $1.9 million in construction and equipment.
This resolution does not bind the Board of County Commissioners to adopting an Exemption Ordinance. The project will be brought back to the Board for consideration of an Exemption Ordinance and written agreement. The resolution allows the company to begin their project without losing the ability to receive an EDAVTE.
Body
Strategic Plan:
Foster continual economic growth and vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and the region.
Summary:
Power Design is an existing electrical contractor that would like to expand its corporate headquarters in Pinellas County, with both job creation and capital investment components. The company will be requesting an Economic Development Ad Valorem Tax Exemption.
Background Information:
The State of Florida has provided for the Economic Development Ad Valorem Tax Exemption (EDAVTE) program pursuant Section 196.1995, Florida Statutes, upon the successful passage of a referendum. On August 26, 2014 the electors of Pinellas County authorized the granting of ad valorem tax exemptions through such referendum. On December 16, 2014, the Pinellas County Board of County Commissioners (Board) adopted Ordinance 2014-56 codified in Chapter 118, Article VI of the Pinellas County Code authorizing the granting of such exemptions.
Power Design is an electrical contractor that would like to expand its corporate headquarters in Pinellas County. The company plans to invest an estimated $1.9 million in construction and equipment. The company has notified Pinellas County Economic Development of its intent to apply for an EDAVTE and is requesting to be allowed to move forward with the permitting process. The EDAVTE program provides for the approval of a resolution allowing a company to commence its project prior to adoption of an Exemption Ordinance under Section 196.1995, F.S. and Pinellas County Ordinance 2014-56.
Based on representations made by the company, the project meets the requirements of the EDAVTE program. This resolution does not bind the Board to adopting an Exemption Ordinance. The project will be brought back to the Board for consideration of an Exemption Ordinance and written agreement. The resolution allows the company to begin their project without losing the ability to receive an EDAVTE. The City of St. Petersburg is also considering the project for its EDAVTE program.
Fiscal Impact:
The total tax exemption will be based on final assessed value of real property improvements and additions to tangible personal property. An estimated fiscal impact will be determined by the Pinellas County Property Appraiser and will be included in the staff report brought to the Board during its consideration of an Exemption Ordinance.
Staff Member Responsible:
Michael Meidel, Director, Economic Development Department
Partners:
City of St. Petersburg