On July 26, the North
Port Area Chamber of Commerce attended the City Commission meeting and spoke in support of the property tax exemption ordinance for businesses to be considered by voters on Aug. 24. To better
explain why the chamber took this stand and to help the community better understand this ordinance, I would like to provide a brief explanation on the issue.
The Economic Development Ad Valorem Tax Exemption will help attract new businesses to North Port and will help to encourage existing businesses to expand. The new or expanded businesses will bring additional jobs to the city. The approval of individual businesses to receive the exemption will be considered by the City Commission at a public meeting. The exemption will be for a designated period of time, up to 10 years, and for businesses establishing 10 or more jobs (or full-time equivalent jobs). The exemption applies only to the North Port property (building and tangible) taxes, not property taxes on land or other taxing entities such as the school district. Businesses will need to meet certain criteria to receive and to continue to receive the exemption.
By encouraging companies and businesses that fall under the city’s list of target industries to come to North Port, the economic makeup of the city will be diversified. This will strengthen our economic base.
By having more businesses relocate to the city, additional revenue from sales tax, personal property taxes, school taxes, and other assessments will be realized. This will help to reduce the tax burden on existing residents and businesses. Additional jobs also bring in more indirect jobs, resulting in further sources of revenue.
The ability to grant tangible property tax exemption to
companies utilizing high-end and sophisticated equipment will make North Port a much more viable business destination.
The city exemption aligns with the Sarasota County exemption also being considered, which adds additional benefits to businesses relocating or expanding in North Port. The county exemption further increases the competitive advantage of businesses relocating or expanding to the city.
The timeframe for the waiver allows expanding or relocating businesses sufficient time to recoup some of their costs.
The program is designed to carefully select target business to qualify and perform within the guidelines. The exemption is granted by city commissioners upon careful review of the business application, and continued annual compliance is required.
• • •
I would like to remind everyone of North Port Newcomer Day, set for 10 a.m. to noon Saturday at the North Port Library. This event, free and open to the public, is a great opportunity for anyone who is new to the North Port community or who would like to learn what North Port has to offer.
If any government or nonprofit is interested in participating as a vendor, contact the library at 941-861-1307 or City Hall at 941-429-7000. A chamber business partner who would like to participate as a vendor should call us at 941-564-3040. There are only 20 vendor booths available for chamber business partners, and booths will be assigned on a first-come, first-served basis. There is no fee to be a vendor.
Bill Gunnin is executive
director of the North Port Area Chamber of Commerce.
You are currently not logged in
By logging in you can see the full story.