PLACEMENT: Departmental
TITLE:
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TANGIBLE PERSONAL PROPERTY GRANT PROGRAM
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EXECUTIVE SUMMARY:
executive summary
On June 19, 2018 the Board of County Commissioners approved a one-year Tangible Personal Grant program agreement with Florida Power & Light with the direction to return with a multiple-year agreement. Staff and Florida Power & Light have been working on such an agreement and are proposing a five-year agreement for the Board of County Commissioners to approve.
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DEPARTMENT: Administration
PREPARED BY: Name: Taryn G. Kryzda
Title: County Administrator
REQUESTED BY: Board of County Commissioners
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Agreement drafted by: Martin County Attorney's Office and Florida Power & Light
2. Parties to the Agreement: Martin County Board of County Commissioners and Florida
Power & Light, site specific
3. Purpose of the Agreement: To provide an incentive for the retention and attraction of
tangible personal property in the form of a grant
4. This is a New Agreement: The prior agreement was for one year
5. Duration: Five (5) years, expires on December 31, 2023
6. Benefits to Martin County: The retention and attraction of tangible personal property
Investment by Florida Power & Light as well as increasing
Tax revenues for Martin County and the Village of Indiantown
7. Cost to Martin County: The cost is dependent upon the total value of tangible
personal property retained.
Martin County (County) developed a Tangible Personal Property (TPP) Grant Program (Program) in 2015 to provide a tax-reduction incentive on a site that contained a large amount of inventory for Florida Power & Light (FPL). At the time, the Program was focused on economic development within the boundary of the Community Redevelopment Area (CRA) in Indiantown. Earlier this year, when Indiantown incorporated into the Village of Indiantown (Village), the Program had to be amended. The Co...
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