CITY COUNCIL AGENDA ITEM
Memo Date: July 3, 2024
Agenda Date: July 23, 2024
Prepared By: Samantha Senger, Director of Communication and Economic Development
Through: Stockton Whitten, City Manager
Requested Action:
title
Approve the first reading of Ordinance 10-2024 providing for the Cocoa Ad Valorem Tax Abatement Program Extension to appear on the referendum ballot extending the program for an additional ten (10) years...End
body
BACKGROUND:
Consistent with Section 196.1995, Florida Statutes, on November 8, 1995, Cocoa voters authorized an Economic Development Ad Valorem Tax Abatement Program. An Economic Development Ad Valorem Tax Abatement Program is designed to allow communities to offer tax incentives, in the form of abatements, to induce relocating companies, of certain qualified industries, to locate within the City of Cocoa. Following the authorization by Cocoa voters, City Council approved Resolution No. 96-24, providing a general procedure for granting Economic Development Ad Valorem Tax Abatements. On November 8, 2005, Cocoa voters subsequently authorized City Council to extend the program for another ten (10) years. Then in November 2014, Cocoa Voters once again authorized City Council to extend the program for another ten (10) years.
STRATEGIC PLAN CONNECTION:
Economic and Community Development - Maintain and attract new industry, jobs and investment through targeted marketing efforts, data collection and maintenance.
BUDGETARY IMPACT:
There is no direct budgetary impact at this time. Each request for the program would need to make application, qualify, and be brought back before City Council for approval.
PREVIOUS ACTION:
Referendum ballot was held on November 8, 1995, whereby the citizens of Cocoa by majority vote authorized the City Council of the City of Cocoa to consider granting economic development ad valorem tax abatements to new businesses and expansions of existing businesses.
A duly authorized referendum ballot was ...
Click here for full text