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2011 Scoring and Hypothetical INEOS Tax Abatement Scenario
<br /> �- Under the scoring guidelines,a project scores more points for a higher number of jobs,higher average wages,
<br /> higher local capital investment, and for having special economic development attributes. For projects that
<br /> score higher point totals, the guidelines establish higher tax abatement levels and longer tax abatement
<br /> timeframes (tax years). In this case, staff has scored the INEOS application as follows:
<br /> 1. Number of new full-time jobs created(53 manufacturing jobs)...............................30 points
<br /> 2. Level of average annual wages ($58,981/year or 169% of county average)..................3 0 points
<br /> 3. Level of local capital investment($54,337,677)................................................20 points
<br /> 4 Special economic development attributes (meeting Policy 2.5, Objective 6)...............10 points
<br /> Total Application Score 90 points
<br /> Based upon a total score of 90 points, the INEOS application qualifies for the highest category of tax
<br /> abatement (81 or more points). That category provides for a 10 year tax abatement with the following
<br /> schedule:
<br /> Year 1...........100° Year 6.............70%
<br /> Year 2...........100% Year 7.............60%
<br /> Year 3...........100% Year 8.............50%
<br /> Year 4............90% Year 9.............40%
<br /> Year 5............80% Year 10............30%
<br /> Based on information provided by the applicant,the Property Appraiser's Office has estimated the potential
<br /> assessed value of INEOS's taxable real property improvements at$1,500,000 and tangible personal property
<br /> at $31,500,000 for a total assessed value of$33,000,000. A taxes abated scenario for the INEOS facility,
<br /> based on certain assumptions stated below, is as follows:
<br /> Property Taxes Abated Property Taxes Paid Property Taxes Paid
<br /> GF, MSTU, ES Dist. GF, MSTU, ES Dist. Schools, Bonds, Other
<br /> At 5.8773 Mills At 5.8773 Mills At 10.3126 Mills
<br /> Year 1 $193,951 0 $340,316
<br /> Year 2 $175,437 0 $307,831
<br /> Year 3 $156,924 0 $275,346
<br /> Year 4 $124,599 $13,870 $242,965
<br /> Year 5 $95,918 $23,979 $210,377
<br /> Year 6 $70,998 $30,444 $177,995
<br /> Year 7 $49,722 $33,148 $145,408
<br /> Year 8 $36,792 $36,792 $129,218
<br /> Year 9 $29,445 $44,198 $129,218
<br /> Year 10 $22,099 $51,544 $129,218
<br /> $955,885 abated $234,034 aid $2,087,892 aid
<br /> Assumptions:
<br /> (a) No additional real property or tangible personal property improvements are made during the
<br /> abatement period.
<br /> ATTAeHMEW 7 146
<br /> FACommunity Deve1opment\CurDev\BCC\2013 BCC\INEOSscoring.doc
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