§ 2-285. Criteria for establishing economic development incentive for shopping center development.

This economic development incentive is to provide an incentive to retail shopping center developments that are locating to Santa Rosa County.

This economic development incentive will be based on the amount of capital investment, and will be paid at the end of each year and extend to eight consecutive years. There will be a development agreement between the developer and Santa Rosa County outlining the commitments of the county and the developer. If vertical construction has not commenced within 18 months of the effective date of the development agreement, then the development agreement will terminate and if the minimum amount of capital investment is not met within 36 months of the effective date of the development agreement, then the development agreement will also terminate.

Beginning after at least 50 percent of the shopping center has opened for business to the public and continuing for a full tax year, the county shall provide an annual grant payment to the developer equal to the incremental amount of taxes collected based upon the county millage rate (school millage and northwest Florida water rates shall not be included) on the property over a 12-month calendar period as compared to the taxes collected for a base tax year prior to commencement of construction of the shopping center. The grant payment will be a payment to incentivize shopping center development on the property that is based on actual tax receipts from the property collected by the county.

If the project has a capital investment of at least $10,000,000.00 up to $20,000,000.00 and contains at least two national retailers of at least 20,000 square feet combined, then payments shall be for a period of five years totaling five grant payments. The development agreement shall terminate after the fifth grant payment made by the county to the developer.

If the project has a capital investment over $20,000,000.00 and contains at least four national retailers of at least 40,000 square feet combined, then payments shall be for a period of eight years totaling eight grant payments. The development agreement shall terminate after the eighth grant payment made by the county to the developer.

( Ord. No. 2016-24 , § 6, 12-8-16)