1. Lockheed Martin Corporation Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners March 25, 2014

2.  Lockheed Martin Mission Systems & Training, Training and Logistics Solutions – Lake Underhill  1,700 total jobs in Orange County  MS&T Industry has $4.3B impact on Florida’s gross state product  $4B in procurement contracts through CFRP  Local Military Commands threatened by defense budget cuts and BRAC Project Overview

3.  Flight Simulator Engineering & Fabrication Consolidation  120 New Jobs  200% of the Average Wage in Orange County  $82M + Capital lnvestment  Job Functions Include; Engineering & Production Project Overview

4. 10+ jobs : New full-time jobs with wages higher than area average in manufacturing or “Target industry business” 25 +Jobs:New full time jobs with more than 50% sales outside of Fla. and net increase in employment/output/sales of at least 10%; or Enterprise/ Brownfield:Increases operations on site located within the same zone co-located with a commercial or industrial operation owned by the same business Eligible Expansions of Existing Business

5. Property Tax Exemption Board Guidelines *Lowest number is determining factor LevelYearsAbatement % Jobs (Manufactu ring or QTI) Jobs (Business that sells more than 50% of goods outside of MSA) Jobs (New Business owning new office space) Capital InvesmentAvg. Wage Brownfield or Enterprise Zone Avg. Wage 1550%102550$200,000115%100% 2750%40100200$500,000150%100% 3775%80200400$1,000,000150%100% 41075%3208001600$10,000,000200%100% 55 50010001800$25,000,000200%100% 610100%100015002000$50,000,000200%100%

6. 75% Exemption for 7 Years  Total Revenue Available to County for Current Fiscal Year - $374,409,907  Estimate of Revenue Lost During Current Fiscal Year if Exemption is Granted - $62,305  Estimate of Taxable Value Lost - $14,049,525  Total estimate of Revenue Lost Over 7 years - $1,057,099 Staff Recommendation

7. Requested Action  Approval of an Ordinance of Orange County, FL relating to taxation; granting an economic development exemption from certain ad valorem taxation for Lockheed Martin Corporation  Approval of Economic Development Ad Valorem Tax Exemption Agreement between Orange County and Lockheed Martin Corporation

8. Lockheed Martin Corporation Economic Development Ad Valorem Tax Exemption Ordinance Public Hearing: Orange County Board of County Commissioners March 25, 2014