Ordinance on first reading - authorizing an exemption of ad valorem tax, for an estimated amount of $126,278, for Daytona Beverages, LLC, to facilitate a $2,000,000, thirty thousand square foot business facility expansion and the addition of 40 new jobs at an average annual wage of $39,333. The economic impact of the company payroll over the seven-year period of the exemption is estimated to be $44,367,624 using a factor of 1.2 times the cumulative payroll. Daytona Beverages is a distribution business employing 87 employees located at 2275 Mason Avenue within a Brownfield Area designated by the City and State for economic development. Resolution No. 02-271 adopted the criteria for the City to determine if a business is eligible to receive an exemption ad valorem tax and Daytona Beverages, LLC by virtue of its expansion and performance plan meets these criteria. On November 16, 2011, the Economic Development Advisory Board (EDAB) unanimously recommended approval of this exemption.
Emory Counts, Economic & Community Development Director, to report.
Recommendation: Economic & Community Development Director
recommends passing the Ordinance on first reading.
Action: Motion to pass the Ordinance on first reading.
Note: If passed, Public Hearing, December 21.