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Does ORC still meet enterprize zone tax exemption conditions

Does ORC still meet enterprize zone tax exemption conditions
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The chromite strip mining firm, ORC, was gifted with up to $3 million of taxpayer funded subsidy in the form of property tax exemptions. The company built a multimillion dollar plant in an enterprise zone and the tax exemptions were given in exchange for maintaining a specified number of jobs paying at least 150% of the average local wage. Now that the company has laid off all but 15 of its 91 employees, does it still qualify for the tax incentive?

Today’s BOC meeting ought to be interesting considering the board approved an assignable/transferable surface use lease with the company last week presumably to save the company’s remaining jobs. The lease effectively invests more taxpayer resources into the ailing company which is now looking to restructure. Don’t be surprised if part of the restructuring sees the processing plant dismantled and shipped off to a new location.

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About magix

Profile photo of magix When my oldest son, a Marine, left for war and crossed the border from Kuwait into Iraq in March 2003 I started writing my conscience. After two tours that young combat veteran’s mother is now an ardent peace activist and advocate for social, environmental and economic justice. MGx has matured since those early vents and ramblings and now covers relevant and important local and regional matters in addition to national and global affairs.

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