Ordinance 2025-73 Ad Valorem Tax

AN ORDINANCE OF THE CITY OF NEWBERRY, FLORIDA, GRANTING AN EXEMPTION FROM CERTAIN AD VALOREM TAXATION FOR PROJECT HYDRO, A NEW BUSINESS; PROVIDING A SHORT TITLE; PROVIDING FOR DEFINITIONS OF TERMS; PROVIDING FOR A FINDING THAT ALL OF THE REQUIREMENTS APPLICABLE TO THE GRANTING OF SUCH EXEMPTION HAVE BEEN MET; PROVIDING FOR THE AMOUNT OF REVENUE AVAILABLE FROM AD VALOREM TAX SOURCES FOR THE CURRENT FISCAL YEAR; PROVIDING FOR THE AMOUNT OF REVENUE LOST BY VIRTUE OF THE ECONOMIC DEVELOPMENT AD VALOREM TAX EXEMPTIONS CURRENTLY IN EFFECT; PROVIDING FOR THE ESTIMATED REVENUE LOSS ATTRIBUTABLE TO THE EXEMPTION GRANTED TO PROJECT HYDRO; PROVIDING FOR THE PERIOD OF TIME FOR WHICH THE EXEMPTION WILL REMAIN IN EFFECT AND THE EXPIRATION DATE OF THE EXEMPTION; PROVIDING FOR REQUIREMENTS ASSOCIATED WITH GRANTING AND CONTINUATION OF SUCH EXEMPTION; PROVIDING FOR APPLICABILITY; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.