HomeMy WebLinkAbout07-24-2023 DCIDepartment of Community Investment
July 24, 2023
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Agenda:
Bill No. 23-49 Confirming Resolution: Ten-Year (10) Real Property Tax Abatement for Five Corners LLC
Bill No. 23-50 Confirming Resolution: Five-Year (5) Personal Property Tax Abatement for Crossroads Solar
Enterprises LLC
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5 Corners
1144 Corby Boulevard
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Confirming Resolution: Bill No. 23-49
5 Corners
1144 Corby Boulevard
Five Corners LLC is partnering with HP Irish Corners LLC (a Holladay Properties entity) to develop a mixed-use development at the northeast corner of Eddy Street/State Route 23 and Campeau
Street (between Campeau and Corby).
Mixed-Use Development Real Property Tax Abatement (10 years)
2 buildings – 173,000 sq ft
108 residential apartments, 5,000 sq ft of retail space, 4 for-sale condos (not part of the abatement)
Total Private Investment: $31.5 million
Hire 9 new full-time employees by end of 2025
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Confirming Resolution: Bill No. 23-49
5 Corners
1144 Corby Boulevard
Mixed-Use Development Real Property Tax Abatement
(10 years)
Tax Summary
Current estimated annual taxes: $12,800
Estimated annual taxes after project: $486,300
During the 10-year abatement
Total estimated taxes: $4,862,900
Taxes abated: $1,526,100
Taxes paid: $3,336,800
Estimated taxes paid
After 15 years: $5,768,300 ($192,100 w/o the project)
After 20 years: $8,199,700 ($256,100 w/o the project)
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Confirming Resolution: Bill No. 23-49
Real Property Tax Abatement – Five Corners LLC
ESTIMATED* Taxes During Abatement Period
* Assumes constant tax rates and no changes in assessed value.
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Crossroads Solar Enterprises LLC
1901 N. Bendix Drive
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Confirming Resolution: Bill No. 23-50
Crossroads Solar Enterprises LLC
1901 N. Bendix Drive
New manufacturing equipment will result in 15 new full-time jobs and will quadruple production.
Incorporated July 2019, Crossroads Solar began solar panel production in Q4 2021.
The product is sold to residential, commercial, agricultural, and recreational markets.
The company’s employees are released felons who have served their time and earned the opportunity to reenter the workforce with dignity.
Production is at capacity, necessitating the need to move to a larger space, which they have recently.
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Confirming Resolution: Bill No. 23-50
Crossroads Solar Enterprises LLC
1901 N. Bendix Drive
Personal Property Tax Abatement (5 years)
New Manufacturing Equipment: $1 million
Tax Summary
Current 2022/2023 personal property taxes: $6,123
NEW equipment during the 5-year abatement
Total estimated taxes: $80,570
Taxes abated: $68,650
Taxes paid: $11,920
NEW equipment, Years 6-10
Total estimated taxes: $35,020
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Confirming Resolution: Bill No. 23-50
Personal Property Tax Abatement – Crossroads Solar Enterprises LLC
1901 N. Bendix Drive
ESTIMATED* Taxes During Abatement Period
* Assumes constant tax rates. Estimates based on depreciation schedule associated with Asset Pool #3 (9-12 years) and used to determine true tax value for depreciable personal property
by percentage of original cost.
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