Triumph Gulf Coast will provide $15 million for tax relief
Triumph Gulf Coast will provide a total of $15 million to be dispersed among Bay, Franklin, Gulf and Wakulla Counties for post Hurricane Michael property tax relief.
Each of the four counties will need to submit a proposal based on the total amount of Ad Valorem tax they lost as a result of the storm. Based on that, the board can award up to 50 percent back to help assist the costs.
In addition, each county is still guaranteed $15 million for economic development projects; however, the board wants to make sure it will help the economy recover for the storm.
"I think that's a big step in helping our counties. Of course the biggest step has to come from the Federal Government through FEMA and the legislator," Triumph Gulf Coast Chairman Don Gaetz said.
"We only have a finite amount of money. If we don't have a balance budget the only place to go to is to raise mileage on the general public and that's the last thing we want to do. This is just a nice grant of type of gift from Triumph to help the four effective counties that were heavily affected by Hurricane Michael," Bay County Commissioner Griff Griffitts said.
Griffitts said Bay County lost a little more than $3.8 million, so if they are given 50 percent of that, Bay County could receive about $1.8 million of Triumph money to help off-set costs.