Ordinance on first reading - approving an exemption of ad valorem tax and recommending Fortitude Transit Inc., D/B/A Advanced Transit Manufacturing (ATM) to the state as a Qualified Target Industry (QTI) Business and Qualified Brownfield Business pursuant to S.288.106 and S.288.107 Florida Statutes; affirming the site of this project as a designated Brownfield Area; and providing the required Local Financial Support (LFS) for ATM to participate in the Florida Brownfield Refund Bonus Redevelopment State incentive program in the form of an exemption of ad valorem tax and cash. ATM is a manufacturing business currently located in Canisteo, New York that is considering a location at 1871 Mason Avenue within the City's Aeronautical Educational Redevelopment Opportunities (AERO) Research Park Brownfield. ATM plans to purchase a 33,000 square foot building; create 50 new target industry jobs with an annual average wage of $36,260 in its first three years; and set a City resident hiring goal of 50 percent. The LFS required by the State is $25,000, of which $10,540 shall be provided by an exemption of ad valorem tax and $14,460 in cash. ATM meets the criteria adopted by Resolution No. 02-271 to receive the exemption. The Economic Development Advisory Board at their December 14, 2011 meeting unanimously recommended approval of the ad valorem tax exception schedule: years 1-2 at 100%, years 3-4 at 75%, years 5-6 at 50%, and year 7 at 25% Funds available in the General Fund.
Emory Counts, Economic and Community Development Director, to report.
Recommendation: Economic and Community Development Director
recommends passing the Ordinance on first reading.
Action: Motion to pass the Ordinance on first reading.
Note: If passed, Public Hearing, February 1.