SUBJECT
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Public Hearing to consider adoption of an ordinance amending Ordinance 2024-015, the Economic Development Ad Valorem Tax Exemption for D.R. Horton, Inc.
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DESCRIPTION
On March 5, 2024, the Board adopted Ordinance No. 2024-015 establishing an exemption from certain ad valorem taxation for a new business, D.R. Horton, Inc., in Polk County. The County and the company also entered into a related Ad Valorem Tax Exemption Performance Agreement on the same date to ensure the company’s fulfillment of its obligations under the Ordinance. The Exemption Period, as defined in both the Ordinance and the Performance Agreement, was to run for eight (8) years, from Tax Year 2025 through Tax Year 2032.
On May 6, 2025, upon the request of D.R. Horton, Inc. and pursuant to Resolution 2022-128, the Board adopted Resolution 2025-049 to delay the start date of the Exemption Period by one year. As a result, the amended Exemption Period, also reflected in an executed First Amendment to the Performance Agreement, is currently Tax Year 2026 through 2033.
Due to continuing unforeseen construction delays, D.R. Horton has requested that its Exemption Period be further delayed by one (1) additional year, to commence in Tax Year 2027 and run through Tax Year 2034. A public hearing is required to consider adoption of an ordinance further amending Ordinance 2024-015 and the related Second Amendment to Performance Agreement.
RECOMMENDATION
(1) Adopt ordinance amending Ordinance 2024-015, the Economic Development Ad Valorem Tax Exemption for D.R. Horton, Inc.; and (2) approve, and authorize the Chair to execute, the related Second Amendment to Performance Agreement between the parties.
FISCAL IMPACT
None.
CONTACT INFORMATION
Sandra Howard
Deputy County Attorney
863-534-6437