Cives Steel Company presents application for property tax exemption
Updated On: Sep 11 2013 11:16:51 AM CDT
Cives Steel Company made its case for a property tax exemption before Bonneville County commissioners Tuesday afternoon.
An Idaho statute adopted in 2008, grants certain businesses that meet six requirements to be exempt from property taxes over a five-year period. Cives is seeking a 100 percent exemption, which is estimated to be about $792,000 over five years.
Tuesday's meeting drew only supporters. Representatives from both the city of Ucon and Bonneville School District 93 attended the meeting, in favor of a 50 percent property tax exemption.
Director of the Idaho Department of Commerce Jeffery Sayer spoke in favor of the exemption, saying it would be a step forward for Bonneville County. He applauded its commissioners for hearing Cives out at the meeting.
"For them to embrace opportunity and begin using this tool opens the door for other companies to come in and make the investment in Bonneville County," said Sayer. "I salute the commissioners for what they're doing."
Cives' application for the exemption details how they meet all six requirements of the statute. The six requirements for the requests:
1. Must be for a period of up to five years.
2. Must be a defined project.
3. Must be ased on an investment in new plant and building facilities.
4. Must be based on qualified investments or buildings or structural components of buildings.
5. There must be at least a $3 million capital investment in a new plant.
6) Demonstrate to the county that significant economic benefits will accrue to the county.
The Bonneville County commissioners will consider the application and determine what, if any, property tax exceptions Cives will receive.
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