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Corning Inc., 2002 Industrial Incenti, <br />Initial Year of Grant, (2001-2005) <br />Documents reviewed: Q-aire, Tax B <br />Date: 5/29/03 <br /> <br />e Grant <br /> <br />Ils, RE cards, Abstract, CIP biling summaries <br /> <br />Personal Property: <br /> <br />Personal Property, 2002 value <br />Timely Taxes - collected (Bill #s 11~9,26050) $ 1,523,796 <br /> <br />Grant Level ] 85% <br />Grant, w/respect to PP { $ 1,295,227 <br /> <br />PIN, 5543 57 8068 & PIN 5543.44.1B15, Assessed Value $ 185,346,280 <br />Tot. Land Value both PIN #'s (237.0~ac.) Bill #s 26048,26049 <br /> 5~61 <br /> 7r730 <br />Qualifying Grant Tax Value --~ $ 179~728r550 <br />Tax Rate i $ 0.560 <br />Grant Level I 85% <br />Grant, w/respect to Real Property I $ 855,508 <br /> <br />Original Grant, Total <br /> i 2,150,734 <br /> <br />ClP discovery I~vy personal <br />property claimed to be realty - uncollected $ 191,028 <br /> <br />Grant Level 85% <br />Grant, w/respect to uncollected CIP~iscovery $ 162,373.42 <br />Total Grant Due <br /> <br />Statutory penalty on discovery / <br />ineligible for grant consideration J $ <br /> <br />19,103 $ 1,876 <br /> <br />Midland Fire <br /> <br />$ 149,659 <br /> <br /> 85% <br />$ 127,210 <br /> <br />$ 185,346,280 <br /> 5r617~730 <br />$ 179~728,550 <br /> <br /> 0.055 <br /> <br /> 85% <br /> <br /> 84,023 <br />211,233 <br /> <br />$ 18,762 <br /> <br /> 85% <br /> <br />$ 15,947 <br /> <br /> ! <br />Basically, Corning would r,~ceive 85% of taxes paid in grant, except for the value of <br />the land. During our revieW/of the grant information submitted by the taxpayer we <br />noted that CIP was under,ported (personal items were coded as real property <br />items). We discovered th~ additional CIP and worked with the taxpayer to determine <br />the value. This calculation~hows the total grant due the taxpayer if a discovery bill <br />(for underrported CIP) is g~nerated and forwarded to the taxpayer. <br /> 1 <br /> <br /> <br />