WPB Tax referendum passed by voters

West Palm Beach voters have passed a tax exemption proposal that will create local jobs, help local businesses expand and attract new companies to the City of West Palm Beach that will create new, full time jobs.

By providing tax exemptions to companies who will create jobs, West Palm Beach will now be able to compete with other cities in Palm Beach County and Florida who are offering the same opportunity.

Through property tax exemptions, West Palm Beach will now enjoy the benefits including:

• Increased job growth by new and expanding businesses. These are local jobs for residents.

• A new tool to help our City and our local chamber and business groups attract new businesses to West Palm Beach.

• New revenues from growing businesses that can pay for essential services and community projects.

• Give West Palm Beach a competitive edge against other cities who offer this same program.

• Additional commercial and industrial space and the creation of economic hubs that increase job opportunities.

• Support for West Palm Beach’s new Flagler Financial District and Arts and Entertainment District by attracting new businesses.

Now that voters have approved the referendum, creating a process to use it will begin. That process will include:

1. Safeguards will be put in place to ensure accountability, promises on new jobs are kept and taxpayers are protected.

2. Internal review: There will be a comprehensive internal review process by City staff to ensure the application guideline process is followed and all thresholds set by the City Commission are met.

3. External review: The Palm Beach County Property Appraiser will review the application. The Property Appraiser will provide:

4. Total revenue available to the City from ad valorem taxes. :Revenues that will not be collected due to the tax exemption. Assurance the property is being used for a new business or expansion.

5. City Commission approval: The City Commission will have to approve any application that passes the internal review process. The City Commission will make the final decision if the company or business should receive the tax exemption.

6. Accountability: If approved by the City Commission, an exemption agreement will be created by staff that will include measures to ensure accountability and ensure the applicant is holding up their end of the agreement. If the company does not meet the guidelines of the agreement they lose their tax exemption status.