A referendum to create a property tax exemption for qualifying businesses in Cape Coral will appear on the general election ballot in November following a unanimous vote by City Council. The Economic Development Ad Valorem Tax Exemption grants up to $2 million each year in property tax exemptions to incentivize developers of projects determined to bring the creation of business in the city. Qualified new or existing businesses include manufacturing, light industry, technology and corporate offices. If approved, the exemption would be phased out after 10 years.