§ 82-195. Establishment of economic development ad valorem tax exemption.

(a)

Establishment . There is herein established an economic development ad valorem tax exemption (hereinafter the "exemption"). The exemption is a local option tax incentive for new or expanding businesses which may be granted or refused at the sole discretion of the city commission.

(b)

Eligibility .

(1)

New businesses locating in the city and expansions of existing businesses presently located in city are eligible for exemptions.

(2)

Individuals, firms or corporations are eligible for consideration for exemptions.

(3)

Land upon which new or expanded businesses are to be located; applicants who are in violation of any federal, state, or local law or regulation, including but not limited to, environmental matters; and property acquired to replace existing property are ineligible for exemptions.

(c)

Exemption period . The exemption may be for a period up to ten years from the date the city commission adopts an ordinance granting the exemption.

(d)

Taxes subject to exemption . The exemption applies only to taxes levied by the City of West Palm Beach. The exemption does not apply to the following:

(1)

Taxes levied by a school district, or water management district; or

(2)

Taxes levied for the payment of bonds or taxes authorized by a vote of the electors pursuant to Section 9 and Section 12, Article VII of the State Constitution; or

(3)

Tax increment finance funds pledged to the payment of debt service on bonds.

(e)

Percentage of exemption .

(1)

New businesses . The city may exempt up to 100 percent of the assessed value of all improvements to real property made by or for the use of a new business and of all tangible personal property of such new business; and/or

(2)

Existing businesses . The city may exempt up to 100 percent of the assessed value of all added improvements to real property made to facilitate the expansion of an existing business and of the net increase in all tangible personal property acquired to facilitate such expansion of an existing business.

(Ord. No. 4686-16, § 5, 2-27-2016)