Since 1992, EDATE, or the Economic Development Ad Valorem Tax Exemption, has been helping create jobs in Pensacola and Escambia County. Its purpose is to incentivize businesses to relocate to Escambia County and encourage local businesses to expand.
In just the last 3 years, Escambia County has had eight active EDATE ordinances that have helped create 5,400 new jobs and $1.2 billion in capital investments.
Two success stories stand out in the history of the program: Navy Federal Credit Union and Ascend Performance Materials. Combined, these companies created nearly 6,000 new jobs and drive more than $380 million in investments in Escambia County.
“Renewing this ballot measure is very important to continue the economic development successes we’ve had in Escambia County,” said Bruce Vredenburg, Chairman of the Elevate Escambia campaign committee. “EDATE has been in place for 30 years and is a measure we want to keep to help drive growth in Escambia County.”
Florida Statute 196.1995 authorizes the EDATE incentive, which grants a property tax exemption for up to 10 years when businesses expand or create jobs. Companies must gain approval from the county before taking advantage of the incentives.
It’s been 10 years since voters last renewed the measure, which passed by a sizeable margin — 61 percent. Executive director of the Home Builders Association of West Florida, David Peaden said it is crucial voters understand why it’s important to renew the EDATE program.
“In terms of economic development and creating new job opportunities for the citizens of Escambia County, the EDATE program has a proven track record of success,” said Peaden. “EDATEs help diversify our existing business base, and they entice companies with higher-than-average salaries to relocate to Escambia County. It’s vitally important to renew the EDATE program for another 10 years.”
Other Florida counties that take advantage of the state’s EDATE program include Orange, Miami-Dade, Polk, Sarasota, Palm Beach, St. Lucie, Pinellas, Bay, Walton, Okaloosa, Santa Rosa, Brevard, Lee and others.
Scott Luth, CEO of FloridaWest Economic Development Alliance, said EDATE is a valuable tool in a competitive environment and that there are no other incentives that are similar.
“We a need proven tool like EDATE so we can be competitive for higher paying jobs and investment,” said Luth. “EDATE allows local governments to waive a portion of a company’s property taxes for up to 10 years as an incentive to build or expand facilities and add new jobs for our citizens. It will be one of the most important things on the ballot this year.”
More information here: ElevateEscambia.org.