§ 16-31. Economic development incentive program; eligible ad valorem real property tax rebate amounts.

(a)

In general. The economic development incentive program established pursuant to this chapter is a partial ad valorem tax rebate available to qualifying business enterprises on an annual basis for a period of up to ten years. The amount of the incentive is a function of both the number of new jobs created and the value of new investment in capital improvements made by such business enterprises that begin new operations in Citrus County, relocate to Citrus County, or expand an existing operation within Citrus County. The Citrus County Board of County Commissioners shall award economic development incentive funds based upon the qualifications and requirements provided in this chapter. However, the satisfaction of such qualifications and requirements results only in eligibility for economic development incentive funds and does not create an entitlement to economic development incentive funds. In the event that the Citrus County Board of County Commissioners determines, in its sole discretion, that there is a lack of sufficient public funds to continue the economic development incentive program, the board of county commissioners may withhold economic development incentive funds from qualifying business enterprises.

(b)

The board of county commissioners shall allocate to the economic development agency an amount of public funds it deems appropriate and advisable to fund the economic development incentive program. The economic development agency shall establish an economic development incentive account, and shall keep such program account separate from all other agency funds. The economic development agency shall report to the board of county commissioners on an annual basis the balance of the program account and a detailed accounting of all monies distributed by the agency to qualifying target industry business. Funds in the economic development incentive program account shall be used solely to provide economic development incentive payments to qualifying target industry businesses, and shall not be used to compensate the economic development agency or its personnel for the time and effort required for the operation of the economic development incentive program. The funding of the economic development incentive program is authorized as direct financial assistance pursuant to F.S. § 125.045(5)(a).

(c)

There shall be allowed, from the account, economic development incentive program payments to a qualified target industry business equal to a proportionate amount of eligible ad valorem property taxes certified by the director of the department of development services that were paid by the business. Upon approval by the economic development agency, a qualified target industry business shall be allowed annual program payments equal to the difference between the improved ad valorem property tax value of the project and the base ad valorem property tax value of the project.

(d)

In addition to the economic development incentive provided in subsection (c), a qualified target industry business shall be allowed an annual program payment equal to $1,000.00 multiplied by the number of jobs specified in the economic development incentive program payment agreement that pay an annual wage of at least 150 percent of the average private sector wage in the area.

(e)

The amount of any program payment for such business approved under this chapter must be reduced by the amount of any tax abatement granted.

(f)

In addition, a qualified target industry business may not receive a refund under this section for the amount of taxes subsequently adjusted by the application of any credit, refund, or exemption granted to the qualified target industry business other than as provided in this section. If a qualified target industry business receives an economic development incentive payment based upon ad valorem property taxes subsequently adjusted by the application of any credit, refund, or exemption other than as provided in this section, the business shall reimburse the account for the amount of that credit, refund, or exemption. Such qualified target industry business shall notify the economic development agency and director of the department of development services, and shall tender the reimbursement to the economic development agency, within 20 days after receiving any credit, refund, or exemption other than one provided in this chapter. The economic development agency shall deposit all such reimbursed funds into the account as soon as practicable.

(g)

The period of time that a qualified target industry business shall be eligible to receive allowed annual program payments pursuant to this chapter shall not exceed ten years.

(h)

Program payments made under this section may not be expended in connection with the relocation of a business or part operations thereof outside of Citrus County.

(i)

A qualified target industry business that submits false or inaccurate information upon which an economic development incentive program payment is obtained is liable for full repayment of the amount of the refund, plus statutory interest for such period of time that the repayment remains outstanding. Such business shall tender the repayment plus interest to the economic development agency. The economic development agency shall deposit all such reimbursed funds into the account as soon as practicable.

(Ord. No. 2011-01, § 1, 1-25-11)