PLACEMENT: Departmental
TITLE:
title
CONSIDERATION OF A RESOLUTION ENCOURAGING POWER SYSTEMS MANUFACTURING TO SUBMIT AN APPLICATION FOR AN AD VALOREM TAX EXEMPTION IN ACCORDANCE WITH STATE AND COUNTY LAW
end
EXECUTIVE SUMMARY:
executive summary
Staff will present a resolution for the Board of County Commissioner's consideration that if approved would encourage Power Systems Manufacturing to apply for an economic development ad valorem exemption in accordance with Chapter 71, Article 13, General Ordinances, Martin County Code and Section 196.1995 Fla, Stat.
body
DEPARTMENT: Administration
PREPARED BY: Name: George Stokus
Title: Assistant County Administrator
REQUESTED BY:
PRESET: 2:00 PM
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Power Systems Manufacturing is a gas turbine manufacturing, repair and field service business currently located outside of Martin County. In addition to a generous benefit package, Power Systems Manufacturing earnings per worker is 136% of the average earnings for Martin County. Power Systems Manufacturing has identified a vacant building to occupy to house their new turbine manufacturing line in Martin County. The project will occupy approximately 185,000 square feet of manufacturing space located on Kanner Highway in the South Florida Gateway Industrial Park.
Power Systems Manufacturing was established in 1998 and desires to create a new turbine manufacturing line in Martin County. The new manufacturing facility will include a capital investment of $1,445,000 in real property and approximately $11,521,750 in tangible personal property by December 31, 2026. The new manufacturing line will create 101 new jobs in Martin County at 136% of the County's average wage.
This resolution does not obligate the Board of County Commissioners to approve or in any way guarantee an ad valorem tax exemption will be granted. Power Systems Manufacturing must apply between January 1 and March 1 of the year the exe...
Click here for full text