11-30-2020 BOC Special Meeting - Laserfiche WebLink

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NOW BE IT FURTHER RESOLVED, that the guidelines listed above are not intended to be entitlements for businesses to receive economic incentives from Lee County. The County reserves to the right to review all proposals and recommendations for or against incentive offers by the Sanford Area Growth Alliance. The Commissioners will the make the final decision on incentive awards on the basis of what is in the best interest for the citizens of Lee County. All economic incentives are subject to Public Hearing, to be followed by a vote of the County Commissioners, as required by law. IT IS ALSO RESOLVED by the Lee County Board of County Commissioners, that it is their intent to allocate 50 percent of the net property tax revenue increase in the first year of the incentive to lowering the County's Ad Valorem tax rate by an equivalent amount (Net is defined as the increase in property taxes paid by the company less the grant amount paid by the County to the Company). The County will place up to 50 percent of the remaining net increase in revenue in the County's Capital Reserve Fund to be used for future pay as you go capital projects (defined as projects in excess of $500,000). After the first year of taxes paid on the project by the Company, the County will continue to review the tax payments made by the Company. If over the life of the incentive grant, and as the grant amount goes down over time, the total net revenue received by the county exceeds the first year's net amount of revenue received from the Company, the County will apply the formula above to the new additional revenue. The Board of Commissioners instructs the County Attorney to review the county's standard agreement formats for economic incentives and change them to reflect the new guidelines of the Board of Commissioners. Once a new agreement format is approved, the Board requests that the County Manager forward a copy of these guidelines and standard agreement documents to the Sanford Area Growth Alliance, the City of Sanford and the Town of Broadway. Adopted this 7th day of December, 2020. .* cr By:Q c f ' 1/(-0a1671,474-- f� �r; Amy M. Dal mple, Chair s �� . �y ��, } ��,..1 Lee County Board of Commissioners4 yI� C �/� 'I .s1 }."1\"" , kt.: ,'s,,,::1)) t: i/ // % _ -nnifere mble Deputy ounty Attorney/Clerk to the Board