Lynn Haven City leaders give tax break to new business
The City of Lynn Haven is looking to boost the local economy by giving one new business a tax break.
Lynn Haven city commissioners say the tax abatement or tax break exempts AMCT South from paying about $65,000 in property taxes each year for 10 years.
The aerospace manufacturing company will take over the old Honeywell building at the Lynn Haven Industrial Park and build a new facility, which officials say would raise the property value.
AMCT South also pledged to bring in more than 100 jobs to the area within the next three years with the average salary of $45,000.
The tax appraisers office will evaluate the company every year to keep the tax break intact.
"There is no tax abatement until they reach a certain threshold of the jobs they create," said Bay County Economic Development Alliance President Becca Hardin. "It's an annual audit to make sure they met those threshold before they're offered that incentive."
During Tuesday's city commission meeting, some locals supported the tax break while others questioned if potential workers would even move to the city with the lack of housing and high rent prices. Some also wondered how the city would make up for the thousand of dollars they would lose, but city leaders say the ends justify the means.
"You're going to be employing people who are going to be shopping here, who are going to be paying taxes here. Who are going to be living paying property taxes. The residents and the workers are going to be picking that up as they live and work and play as, we hope, they stay here forever," said Lynn Haven Mayor Margo Anderson.
City leaders say Bay County also gave AMCT South a tax break in last year Possibly worth $70,000 a year for 10 years.