|
IX,'. EXA~,~IPLES OF APPLICATION OF THE GRA~T PROGRAm!
<br />
<br />Industry XYZ buys a property that is currently paying annual property taxes to the ¢oua. ty in the
<br />amount ors 5,000 per year.
<br />
<br />Level I grant (based on a $ 5,000,000 qualifying investment at a 75% grant)
<br />
<br />Year I - property taxes
<br />Year 2 - property taxes
<br />Year 3 - property taxes
<br />Year 4 - property taxes
<br />Year 5 - property taxes
<br />Year 6 - property taxes
<br />
<br />paid--$ 5,000
<br />paid -- 5; 33,250
<br />paid -- $ 33.250
<br />paid = $ 33,250
<br />paid = $ 33,250
<br />paid -- $ 33,250
<br />
<br />with an IDI Grant ors; 21,188
<br />with an ID[ Grant ors 21,188
<br />with an [D[ Grant ors 21,188
<br />with an IDI Grant ors 21,188
<br />with an IDI Grant ors 21,188
<br />
<br />Year 7 - property taxes paid -- $ 33,250 IDI Grant ceases
<br />The IDI Grant would equal $105,940 at the current tax rate of $ .565/$I00.
<br />Effective annual property tax payments equal $ 5,000 year I and $12,062 in years 2-6.
<br />
<br />· Level [I grant (based on $ 20,000,000 qualifying investment at a 80% ~ant)
<br />
<br />Year I - property taxes
<br />Year 2 - property taxes
<br />Year 3 - property taxes
<br />Year 4 - property taxes
<br />Year 5 - property taxes
<br />Year 6 - property taxes
<br />
<br />paid=$ 5,000
<br />paid = $ 118,000 with an IDI Grant ors 90,400
<br />paid = $118,000 with an IDI Grant ors 90,400
<br />paid = $118,000 with an IDI Grant ors 90,400
<br />paid = $ ! 18,000 with an IDI Grant ors 90,400
<br />paid = $ 118,000 with an IDI Grant ors 90,400
<br />
<br />Year 7 - property taxes paid = $ I 18,000 ID[ Grant ceases
<br />The ID[ Grant would equal $ 452.000 at the current tax rate ors .565/$I00.
<br />Effective acmual proper'cy equal $ 5,000 year 1 and $ 27,600 in years 2-6.
<br />
<br />· Level III grant (based on $ I00,000,000 qualifying investment at a 85% grant).
<br />
<br />Year I - property taxes paid = $ 5,000
<br />Year 2 - property taxes paid = $ 570,000
<br />Year 3 - property taxes paid = $ 570,000
<br />Year 4 - property taxes paid = $ 570,000
<br />Year 5 - property taxes paid = $ 570,000
<br />
<br />with an IDI Grant of $ 480,250
<br />with an IDI Grant ors 480,250
<br />with an IDI Grant ors 480,250
<br />with an IDI Grant 0rs 480,250
<br />
<br />Year 6 - property taxes paid = $ 570,000 with an ID[ Grant ors 480,250
<br />Year 7 - property taxes paid = $ 570,000 ID[ Grant ceases
<br />The D[ Grant would equal $ 2,401,250 at the current tax rate ors .565/$I00.
<br />Effective annual property tax payments equal $ 5,000 year 1 and $ 89,750 in years 2-6.
<br />
<br />
<br />
|