Tech Data Corp. is the first company to take advantage of a new economic development initiative by the city of Largo.
Tech Data (NASDAQ: TECD) will get a property tax break each year for the next 10 years, under the city’s ad valorem tax exemption, an economic development tool approved by voters in Largo in 2012. This year’s tax exemption, including both real estate and personal property taxes, is about $19,000, said Teresa Brydon, economic development manager for Largo.
Largo is among a number of local communities that have ramped up economic incentives to attract new businesses or encourage existing businesses to expand and add high-paying jobs. Those moves followed approval of a measure by the Florida Legislature in 2011 allowing cities and counties to grant property tax exemptions to businesses that meet job creation guidelines, the Tampa Bay Timesreported.