Title
Resolution approving a PILOT for expansion at StonePeak Ceramics, Inc.
Body
SUMMARY:
StonePeak Ceramics, Inc. is planning an additional expansion with an investment of $17,000,000 in real property and $48,000,000 in personal property. They have requested that a Payment-in-Lieu-of-Tax schedule be approved. The schedule is for 15 years with payment in full at year 16. Their previous PILOT was 15 years due to the fact that they had not requested any assistance through grants or PILOTs for other expansions. In order to qualify for the tax incentives, the property will be deeded to the Industrial Development Board and leased back.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution