Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 NOTE 17. TAX ABATEMENT Sarasota County has entered into certain agreements that involve tax abatements authorized by Article VII, Section 3 of the Constitution of the State of Florida, and, Section 196.1995 Florida Statutes. The following table outlines the key information regarding the entities involved and the type and amount of taxes abated during the fiscal year ended September 30, 2020. Abatement Type of Amount of Commitment By Contracted Entity Program Tax Abated Tax Abated Contracted Entity Adams Bros. Cabinetry, Inc. d/b/a Adams Group Exemption Ad Valorem $ 351 Facility Expansion Codeware, Inc. Exemption Ad Valorem $ 768 Facility Expansion King Plastic Corporation Exemption Ad Valorem $ 3,610 Facility Expansion Millennium Coatings, LLC Exemption Ad Valorem $ 4,282 Construction Of A New Facility PGT Industries, Inc. Exemption Ad Valorem $ 28,536 Construction Of A New Facility PGT Industries, Inc. Exemption Ad Valorem $ 12,867 Facility Expansion Sarasota Medical Products, Inc. Exemption Ad Valorem $ 733 Facility Expansion Tervis Tumbler Company Exemption Ad Valorem $ 16,315 Facility Expansion NOTE 18. SPECIAL ITEMS In April 2020, in response to the Coronavirus Disease (COVID-19), the County authorized the issuance of Small Business Resiliency Loans (SBL) that would provide loans up to $25,000 per borrower; loans with 0% interest until May 15, 2021 and no payments for the first year, until June 15, 2021. After this time, the SBL is to be paid in full, on a monthly basis, over the next three years with 3.5% interest. The funds for the SBL were identified as $4.3 million in the Economic Development Fund. The special item lines in the financial statements show the revenue received from re-payments and the amount disbursed as part of the SBL. 144