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Sumter County council approves Nova Molecular expansion and amended tax-incentive agreement
Summary
Sumter County Council voted 5–2 on Jan. 23 to amend a fee-in-lieu-of-taxes agreement to accommodate a proposed $17 million expansion by Nova Molecular, a company that has already invested about $29.6 million in the county. Opponents at the public hearing argued the special-source revenue credits are excessive relative to jobs created.
Sumter County Council on Jan. 23 approved third reading of Ordinance 23-991, amending a fiscal incentive agreement to allow an expansion and adjusted special-source revenue credits for Nova Molecular’s Racetrack Road facility.
County Attorney Johnathan Bryan told the council the original agreement required at least $14,742,000 in investment and 25 jobs; the company has since invested about $29,600,000 and reported 23 of the required 25 jobs as of June 30, 2023. Nova Molecular proposes an additional $17,000,000 in new real property and equipment and expects to create 10 more jobs. Under the amendment presented, the…
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