PLACEMENT: Departmental
TITLE:
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MARTIN COUNTY TANGIBLE PERSONAL PROPERTY GRANT PROGRAM
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EXECUTIVE SUMMARY:
executive summary
In 2014, Martin County developed a Tangible Personal Property Grant Program which was then used in 2015 to incentivize Florida Power & Light's (FPL) utilization of their property in Indiantown as a major storage facility for one year. The program was revised later in 2015 and a five year agreement approved. With the incorporation of Indiantown, the program and agreement currently in place must be revised to be valid. The County Attorney is revising the Grant Program and Grant Agreement. Staff is proposing an agreement with FPL which authorizes a rebate of 50% of the County-wide millage rate.
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DEPARTMENT: Administration
PREPARED BY: Name: Taryn G. Kryzda
Title: County Administrator
REQUESTED BY: Taryn G. Kryzda
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Florida Power & Light (FPL) owns warehouse property in western Martin County (County), which is located within the newly incorporated boundary of the Village of Indiantown (Village) and the County's Indiantown Community Redevelopment Area (CRA) boundary, where they have a storage area for major tangible personal property. Tangible Personal Property (TPP) is any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. TPP is subject to having taxes levied on the reported value. The taxes that are paid are based upon the value times all taxing authorities adopted millage rate(s).FPL utilizes this site as a storage facility for their large spare parts that are deemed to be TPP. Late in 2014, FPL approached the County to determine if there was any ability for the County to provide a discounted millage rate to FPL as they had researched other counties that could be considered to house their TPP. In their research, they discovered their other property in Collier County has a lower millage...
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