By any measure, the economic effects of a 200-megawatt, 86-turbine wind energy project on Wells County will be substantial. The $336 million Wells County Wind project offers the community more benefits than other projects that have been recruited to locate in Wells County.
In February 2011, Wells County commissioned Umbaugh & Associates to evaluate the project’s tax effect. Umbaugh found it would generate $17.1 million in property taxes over its 25-year lifetime and add $4.6 million to Southern Wells School Corporation, $133,351 to the Chester Township Fire Fund and $98,681 to the Liberty Township Fire Fund.
Farmers, homeowners and businesses would see their tax liability decline because a greater share of the property taxes that can be collected by the county will be paid by the wind project itself. Depending upon the township, the tax liability for a business valued at $100,000 would be reduced by $125 to $133 per year; for a farmer with 200 acres of land, it would be reduced by $400 per year.
In addition, Wells County Wind will negotiate an economic development agreement with the county that could add as much as $2.4 million in direct economic development payments to the county in the first three years of operation.
For the lifetime of the project, local landowners will receive direct payments from the project. Combined, these landowner payments begin at $1.4 million per year and total $50 million over 25 years.
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See the full editorial here:
http://www.journalgazette.net/article/20130402/EDIT05/304029985/0/SEARCH
In February 2011, Wells County commissioned Umbaugh & Associates to evaluate the project’s tax effect. Umbaugh found it would generate $17.1 million in property taxes over its 25-year lifetime and add $4.6 million to Southern Wells School Corporation, $133,351 to the Chester Township Fire Fund and $98,681 to the Liberty Township Fire Fund.
Farmers, homeowners and businesses would see their tax liability decline because a greater share of the property taxes that can be collected by the county will be paid by the wind project itself. Depending upon the township, the tax liability for a business valued at $100,000 would be reduced by $125 to $133 per year; for a farmer with 200 acres of land, it would be reduced by $400 per year.
In addition, Wells County Wind will negotiate an economic development agreement with the county that could add as much as $2.4 million in direct economic development payments to the county in the first three years of operation.
For the lifetime of the project, local landowners will receive direct payments from the project. Combined, these landowner payments begin at $1.4 million per year and total $50 million over 25 years.
...
See the full editorial here:
http://www.journalgazette.net/article/20130402/EDIT05/304029985/0/SEARCH
