Laserfiche WebLink
Possible New Incentives for the Enterprise Zone <br /> Analysis of Potential Costs for Previous Local Jobs Grant Recipients <br /> INEOS New Comments/Notes <br /> �mpany Name Planet <br /> Estimated New Jobs (full-time) 55 <br /> Current Incentives Available/Previously Provided <br /> Existing Incentive/ Funding Agency Estimated Cost Comments/Notes <br /> Local Jobs Grant(County) $310,000 <br /> QTI Tax Refund Program (State) $132,000 <br /> The QTI program requires a 20% match, which was provided by <br /> the local jobs grant. <br /> Staff estimate based upon fy 11/12 tax rates and $33 million <br /> Tax Abatement(County) $955,885 assessed value. Total incentive is over 10-year period. The <br /> est.first year abatement is $193,951. <br /> Total Current Incentives $1,397,885 <br /> Available/Previously Provided <br /> Possible New Incentives-Estimated Impact <br /> Item Description Estimated Cost Comments/Notes <br /> Traffic and other facility impact fee credits on the property <br /> 1 Subsidize County Impact Fees $17,484 were more than the fees to be paid, therefore no fees were <br /> due. Total amount is water&sewer fees. <br /> 10 - year cost of interest at 5.7S% on $17,484 impact fees. <br /> Finance Impact Fees on More $4,714 This assumes 0% interest. 3% interest would provide savings <br /> 2 Favorable Terms <br /> of$2,299 <br /> Waive/Subsidize Building Building permit fee of $86,361 and development review fees <br /> 3 $94,141 of$7,780 <br /> Permit & Development Fees <br /> Subsidize Water&Sewer Line extension fees of $12,931 (sewer) and $9,225 (water) for <br /> 4 $23,353 Connection Charges 820 feet, Meter install fee of$1,147 and $50 inspection fee. <br /> -- Turn lane from Oslo Road required as part of permit. County <br /> Infrastructure improvement 5 Irovement $150,000 coordinated resurfacing project to help reduce costs slightly. <br /> Program Cost is a rough estimate only. <br /> Increase Bonus in Local Jobs Grant Program for Enterprise This is based upon a 50% bonus for the EZ compared to the <br /> 6 $124,000 current 10%. A 20% bonus would cost$31,000. <br /> Waive Local Business Tax for This estimated assumes a 5-year period. A 3-year waiver <br /> 7 $200 Limited Period would equal $120($40/yr.) <br /> ---- — - This facility will produce electricity with heat from the process. <br /> This electricity can be used to supply the facility or sell back to <br /> Waive Franchise Fees in the grid. The net usage of electricity is unknown. Usage is <br /> 8 Enterprise Zone <br /> expected to be relatively low due to the electric generation <br /> capacity. <br /> Total Possible New Incentives $413,892 <br /> Dr 21/211 <br /> F:\Budget\Jason\Economic Development\Enterprise Zone Additional Incentiv rral I xlsx <br />