TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Discussion and Possible Action Regarding North Port’s Economic Development Ad Valorem Tax Exemption
Recommended Action
Discussion and possible action regarding Economic Development North Port’s Ad Valorem Tax Exemption.
Background Information
On December 11, 2019, the Sarasota County Board of Commissioners passed Ordinance #2019-048 calling for a county-wide voter referendum, on November 3, 2020, to extend the ad valorem tax exemption. Florida State Statute 196.1955 permits municipalities to offer the same economic development incentive.
On July 26, 2010, North Port Commissioners approved Ordinance #2010-24 and a referendum was approved by the North Port voters in August 2010. Ordinance #2010-24 sunsets on August 24, 2020; unless re-approved by North Port voters. This Ordinance allows economic incentives for a new business or expansion of an existing business through application for an exemption to ad valorem taxes levied by the City on real or tangible property. The application is approved by City Commission.
Mayor McDowell has requested this discussion in an attempt to give the City Attorney’s office time to prepare the necessary documents required for Commission approval and meet the necessary deadlines for a voter referendum. The primary election is August 18, 2020. The General Election is November 3, 2020.
Strategic Plan
Efficient and Effective Government, Economic Development & Job Creation
Financial Impact
Procurement
Attachments:
1. North Port Ordinance No. 2010-24
2. Sarasota County Ordinance No. 2010-048
3. Florida State Statute No. 196.1995
Prepared by: Peter Lear, CPA, CGMA, City Manager, for Mayor Debbie McDowell
Department Director: Peter Lear, CPA, CGMA, City Manager