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.