SUBJECT
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Public Hearing to Consider Adoption of an Ordinance granting an Economic Development Ad Valorem Tax Exemption to an expanding business, Novaphos Development, LLC, and approval of a Performance Agreement with the company.
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DESCRIPTION
The Board is asked to consider adoption of an ordinance, the title of which is:
AN ORDINANCE OF POLK COUNTY, FLORIDA, ESTABLISHING AN EXEMPTION FROM CERTAIN AD VALOREM TAXATION FOR NOVAPHOS DEVELOPMENT, LLC, AN EXPANSION OF AN EXISTING BUSINESS; PROVIDING FINDINGS OF FACT; PROVIDING A TITLE; PROVIDING THE TOTAL AMOUNT OF REVENUE AVAILABLE TO THE COUNTY FROM AD VALOREM TAX SOURCES FOR THE CURRENT FISCAL YEAR, THE TOTAL AMOUNT OF REVENUE LOST TO THE COUNTY FOR THE CURRENT FISCAL YEAR BY VIRTUE OF ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTIONS CURRENTLY IN EFFECT, AND THE ESTIMATED REVENUE LOSS TO THE COUNTY FOR THE CURRENT FISCAL YEAR ATTRIBUTABLE TO THE EXEMPTION FOR NOVAPHOS DEVELOPMENT, LLC; PROVIDING FOR THE GRANT OF AN EXEMPTION FOR 6 YEARS AT 40 PERCENT; PROVIDING FOR A FINDING THAT THE COMPANY MEETS THE REQUIREMENTS OF SECTION 196.012 (15), FLORIDA STATUTES, (EXPANSION OF AN EXISTING BUSINESS); PROVIDING FOR CONTINUING PERFORMANCE; PROVIDING FOR APPLICABILITY; PROVIDING FOR REVIEW; PROVIDING FOR EXPIRATION; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
Pursuant to Polk County Ordinance 2022-069, the County received an application for an Economic Development Ad Valorem Tax Exemption from an existing business, Novaphos Development, LLC, seeking to expand its operations in Polk County. Along with that application was a letter of recommendation from the the Central Florida Development Council and other required documentation showing that the company intends to add 28 (but shall add no less than 10) new full-time jobs in Polk County paying an average wage of at least 115% of the County's 2023 average annual wage. The Company also intends to invest $32 million in the construction of a 40,000 square foo...
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