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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 of $ 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 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 IDI Grant ors 21,188
<br />
<br />Year 7 - property taxes paid = $ 33,250 DI 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 l and $12,062 in yea~s 2-6.
<br />
<br />· Level Il grant (based on $ 20,000,000 qualifying investment at a 80% grant)
<br />
<br />Year I - 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 />118,000
<br />118,000
<br />118,000
<br />118,000
<br />118,000
<br />
<br />with an IDI Grant of $ 90,400
<br />with an IDI Grant of $ 90,400
<br />with an ID[ Grant of $ 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 = $ I 18,000 IDI Grant ceases
<br />The ID[ Grant would equal $ 452,000 at the current tax rate of $ .565/5100.
<br />Effective annual property equal $ 5,000 year 1 and $ 27,600 in years 2-6.
<br />
<br />Level III grant (based on $ 100,000.000 qualifying investment at a 85% 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 />= $ 570,000
<br />= $ 570,000
<br />= $ 570,000
<br />= $ 570,O00
<br />= $ 570,000
<br />
<br />with an IDI Grant of $ 480,250
<br />xvith an IDI Grant of $ 480,250
<br />with an ID[ Grant ors 480,250
<br />with an IDI Grant orS 480,250
<br />with an ID[ Grant ors 480,250
<br />
<br />Year 7 - property taxes paid = $ 570,000 IDI Grant ceases
<br />The I D I Grant wo ul d eq ual $ 2,401,250 at the current tax rate o f $. 565/$100.
<br />Effective annual property tax payments equal $ 5,000 year 1 and $ 89,750 in years 2-6.
<br />
<br />V. PROGIL4.M ADOPTION AND EFFECTIVE DATE
<br />
<br />These industrial development incentive grant program guidelines were endorsed by the Greater
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