The availability and amount of grants from the economic development fund shall be
decided on a case-by-case basis by the board in its legislative capacity, based on
the economic development fund balance, any consideration deemed appropriate by the
board, and, if applicable, an application and any staff or consultant reports and
the application review criteria regarding such application. Amounts of grant awards
for location of a new business or industry in the county, expansion of an existing
business already located in the county, and speculative construction in the county
shall be derived from a formula based on the amount of ad valorem real property taxes
paid by for the real property that is the subject of the application in the year immediately
preceding submittal of the application, and other factors for award as set forth in
this division. Amounts of grant awards for investment or job creation in an agricultural
operation or business in the county shall be derived from a formula based on the amount
of ad valorem tangible personal property taxes paid for the personal property located
on the real property where the proposed expansion is located in the year immediately
preceding submittal of the application, and other factors for award as set forth in
this division.
