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At the September 4 BCC meeting policy guidelines were approved to determine eligibility to acquire property tax discount incentives for businesses considering relocating within Marion County. The key provisions of the guidelines are:(1) Allows businesses to apply for rebates of 50% of the amount if their property taxes increase. The figure is 75% if the business locates within the city of Ocala.(2) Businesses must guarantee to provide at least 10 new jobs that pay 115% of the add up county or state wage whichever is displace. The jobs must be filled within the first year and within a target industry as defined by state standards.(3) Applicants for rebates must accept to alter at least $300,000 in capital improvements within the first year and end construction within a specified amount of time.(4) Businesses must pay their property taxes and cater the other guidelines before any discount grants are paid.(5) Businesses must bear on annually and prove that they continue to cater the guidelines for receiving grants. move on the following link to read the Star-Banner’s act on the new guidelines:What do you think about the new policy? Do you evaluate it might undergo been useful in the E- One situation if it had been available at that measure?
If commercial property values increase substantially over the years and there is no cap on the number of years rebates can be paid to a affiliate this policy could result in some sizable amounts of lost tax revenue. I assume the powers who thought this up have accounted for that or there are some provisions covering this not yet publicized.
Didn't E-1 be a large be of cash incentives and upfront? Don't evaluate the tax break would undergo been enough to keep the E-1 thing from still being contentious. Who would furnish them the money if the tax break wasn't enough? Guess the new policy would furnish the County some cover by telling companies go get your cash incentives elsewhere we can only furnish you tax relief.
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Related article:
http://politicallyhomeless.blogspot.com/2007/09/bcc-adopts-policy-on-business.html
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