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IV. EXAMPLES OF APPLICATION OF THE GRANT P~OGRAM
<br />
<br />Industry XYZ buys a property that is currently paying annual property taxes to the county 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 1 - property taxes paid --
<br />Year 2 - property taxes paid =
<br />Year 3 - property taxes paid --
<br />Year 4 - property taxes paid --
<br />Year 5 - property taxes paid =
<br />Year 6 - property taxes paid --
<br />
<br />$ 5,000
<br />$ 33,250 with an IDI Grant of $ 21,188
<br />$ 33,250 with an IDI Grant of $ 21,188
<br />$ 33,250 with an IDI Grant of $ 21,188
<br />$ 33,250 with an IDI Grant ors 21,188
<br />$ 33,250 with an [DI Grant orS 21,188
<br />
<br />Year 7 - property taxes paid = $ 33,250 IDI Grant ceases
<br />The IDI Grant would eq-al $105,940 at the current tax rate of $ .565/$I00.
<br />Effective annual property tax payments eq, ml$ 5,000 year 1 and $12,062 in yea~s 2-6.
<br />
<br />· Level 1I grant (based on $ 20,000,000 qualifying investment at a 80% grant)
<br />
<br />Year 1 - property taxes paid
<br />Year 2 - property taxes paid
<br />Year 3 - property taxes paid
<br />Year 4 - property taxes paid
<br />Year 5 - property taxes paid
<br />Year 6 - propervy taxes paid
<br />
<br /> 5,000
<br />1t8,000
<br />118,000
<br />118,000
<br />118,000
<br />1t8,000
<br />
<br />with an IDI Grant of $ 90,400
<br />with an IDI Grant ors 90,400
<br />with an IDI Grant ors 90,400
<br />with an IDI Grant orS 90,400
<br />with an IDI Grant ors 90,400
<br />
<br />Year 7 - property taxes paid = $ 118,000 IDI Grant ceases
<br />The [DI Grant would equal $ 452,000 at the current tax rate ors .565/$100.
<br />Effective annual property equal $ 5,000 year I and $ 27,600 in years 2-6.
<br />
<br />· Level III grant (based on $ 100,009,000 qualifying investment at a 85% grant)
<br />
<br />Year 1 - property taxes paid
<br />Year 2 - property taxes iSaid
<br />Year 3 - propert.y, taxes paid
<br />Year 4 - property taxes paid
<br />Yeas 5 - property taxes paid
<br />Year 6 - property taxes paid
<br />
<br /> 5,000
<br />570,000 with an IDI Grant of $ 480,250
<br />570,000 with an IDI Grant ors 480,250
<br />570,000 with an IDI Grant ors 480,250
<br />570,000 with an IDI Grant ors 480,250
<br />570,000 with an IDI Grant orS 480,250
<br />
<br />Year 7 - property taxes paid = $ 570,000 IDI Grant ceases
<br />The ID[ 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 />V. PROGtL,-kM ADOPTION AND EFFECTIVE DATE
<br />
<br />These industrial development incentive grant program guidelines were endorsed by the Greater
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