TAMPA - The city council gave a tentative nod today to a proposal to offer property tax breaks to new and existing businesses to jump-start the city's stagnant economy.

The tax breaks, which were proposed by former Tampa Mayor Pam Iorio and supported by her successor, Mayor Bob Buckhorn, were approved by voters in the March 1 election.

Council members voted unanimously to approve the proposal, which would require a second vote to become law. Council Chairman Charlie Miranda was absent.

Under the economic recovery program, qualifying new businesses would be eligible to claim a 50 percent to 75 percent exemption on property taxes. Expanding businesses would be eligible for the tax breaks based on improvements and increased tangible property.

City officials said the exemptions would be allowed for five to 10 years, depending on the number and types of jobs created, average wages and location of the business.

The exemptions would be capped at $2 million a year, or an estimated $350 million in assessed value, city officials said.

"This is another tool that will allow us to boost local businesses and create jobs as the economy rebounds," said Mark Huey, the city's economic development manager.

Huey said the program would add money to the tax rolls, not take it away, because new or expanding businesses would be boosting the city's commercial property values.

To qualify for the tax breaks, city officials said, a business must meet the definition of a "High Value Business" that has a significant economic impact or is a "Target Industry."

Target industries include high- and bio-tech research, information technology, financial services, cyber security and defense industry, and manufacturing, among others.

Each agreement with a participating business would have to be approved by the council, and businesses would be required to submit regular reports showing they are meeting the terms of the program by creating new jobs or expanding operations.

"If they don't that, the incentive will be revoked," Huey said.

Businesses relocating to the city would be able to apply for exemptions on county and city taxes. The exemptions wouldn't apply to school taxes or other taxing authorities.

Hillsborough County voters approved a similar recovery plan in the Nov. 2 elections.

A second and final vote of the ordinance will be held at council's May 5 meeting.