Cocoa Tax Abatement To Appear On Nov. 4 Referendum
By Space Coast Daily // August 3, 2014
abatement fosters new job opportunities
BREVARD COUNTY • COCOA, FLORIDA — The Cocoa City Council approved the second reading of Ordinance 17-2014 providing for a question to appear on the Nov. 4 referendum allowing for an extension of the Cocoa Ad Valorem Tax (AVT) Abatement program for an additional 10 years.
This program is designed to allow communities to offer tax incentives, in the form of abatements, to induce certain qualified businesses to locate or expand within that community.
Residents of the City of Cocoa have continued to support the Cocoa AVT Abatement program, which has fostered new job opportunities through businesses locating or expanding in Cocoa since its inception in 1995.
To date, Cocoa City Council has authorized 8 ad valorem tax abatements to new and expanding businesses such as Paragon Plastics, Inc which has added 12 employees and completed a 9,500sf expansion of their facility valued at $540,000 and Diamondback CNC, LLC which has added 23 employees and has made over $10,000 in leasehold improvements as well as nearly $1million in new machinery and equipment.
COMPETING ON A LOCAL LEVEL
If supported by Cocoa voters for another ten years, this program will enable the City to continue support of existing businesses in the City and be more competitive on a local level in attracting new business and job opportunities for Cocoa residents.
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