City moves forward with tax incentive program
With a 6-0 vote Monday night, city leaders in Destin have moved forward with the concept of offering tax incentives to business looking to relocate to Destin, or expand their current operations.
As part of the economic development ad valorem tax exemption program, the city can offer a tax break to a company that fits a very specific list of targeted industries, such as small manufacturing, health sciences and others. These tax incentives could be a tax break from 1-100 percent and for a duration of 1-10 years.
The city’s proposed EDATE program would almost mirror that of Okaloosa County, which recently renewed its program.
The city has been working with the Okaloosa County Economic Development Council and four area chambers of commerce on this initiative, which is poised to make the city more competitive when it comes to attracting businesses.
The next step is for the city to put the item up to vote via a referendum in August. This will be no cost to the city as they piggyback off of the primary election.
Councilman Jim Wood was absent from Monday’s meeting.
Destin Log Editor Matt Algarin was at Monday night's City Council meeting and provided a live play-by-play of what was discussed.
To read what happned, CLICK HERE.