Lynn Haven City Leaders working to lure a new business with tax abatement
Lynn Haven City Commissioners are considering giving a possible $65,000 dollar tax exemption to a new business that plans on moving to the city and providing jobs.
Lynn Haven Commissioners say if approved, the tax abatement would exempt the aerospace manufacturing company ACMT South from paying that estimated amount in property taxes each year for ten years.
They say the company would take over the old Honeywell building at Lynn Haven Industrial Park, which currently costs around $5,000 a year in taxes, but officials say if the company relocates to the area and builds a new facility, it would raise the property value.
They say AMCT South pledged to bring more than a hundred jobs to the area with an average salary of $40,000 a year.
"We want that business here in Lynn Haven," said Commissioner Brandon Aldridge. "We want those jobs here in Lynn Haven. We wanna make sure that the taxes that were gonna generate for 20, 30, 40 years, that's our return."
During the commission meeting Wednesday, some locals questioned if potential workers would even move to the city with the lack of housing in the area and high rent prices. Officials say Lynn Haven would still get tax money as long as workers live in Bay County.
The commission will vote on the tax abatement for AMCT South during their next meeting.
City leaders also approved to keep the millage rate, 3.9, the same as last year.
"Even though it might not be that much cash outlet as far as raising it a little bit. We just felt like for the morale of everyone here, everyone trying to rebuild, that the right thing to do was to leave it where it was," said Mayor Margo Anderson.
Officials say at that rate, with property values projected to drop, they may bring in less money than they did last year.