Business Tax Exemption Plan to Go Before Council

Nearly 70 percent of Temple Terrace in January to give .

According to the July 3 City Council meeting agenda, council members will begin the process of approving this majority decision. They’re scheduled to hear a presentation on an ad valorem tax exemption, which city officials have said would draw in business and, in turn, stimulate economic development and create new jobs.

The amount of the exemption would vary from business to business, officials said in January. Qualifying new businesses could claim an exemption of 50 percent to 75 percent of the value of property improvements and tangible personal property. Expanding businesses also would be eligible for the exemption based on added improvements and increased tangible property value.

The amount of exemption is based on the amount of a business’ investment, the number of employees and other factors, officials have said. A business could be exempt for 5 to 10 years based on these factors.

If accepted, the measure would last for a period of 10 years, expiring on Jan. 31, 2022.

Also during the meeting, the council is scheduled to:

• Consider amendments to the Rental Housing Program and to police officers’ “cost-of-living-adjustment;”
• Designate a delegate to the Florida League of Cities 86th annual conference; and
• Make appointments to the School Support Committee, Board of Adjustment, Municipal Code Enforcement Board, Metropolitan Planning Organization Citizens Advisory Council, and Marine Law Enforcement Citizens Advisory Committee.

The meeting will begin at 6 p.m. at . It will be  live on Verizon channel 39 and Bright House channel 950 and rebroadcast on Mondays and Thursdays at 7 p.m. and Wednesdays and Fridays at 2 p.m.