Job seekers want Gestamp work State Secretary of Commerce Keith Burdette releases incentives the employer will receive
Since the state will hold title to the equipment, Gestamp won't have to pay property tax on it. However, Gestamp probably won't be off the hook. The state typically waits to sign off on such a deal until a company comes to an agreement with the local county commission. On the subject of pr...
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| Published in | The Charleston daily mail (Charleston, W. Va. : 1920) |
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| Main Author | |
| Format | Newspaper Article |
| Language | English |
| Published |
Charleston, W.V
Charleston Newspapers
20.04.2012
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| Subjects | |
| Online Access | Get full text |
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| Summary: | Since the state will hold title to the equipment, Gestamp won't have to pay property tax on it. However, Gestamp probably won't be off the hook. The state typically waits to sign off on such a deal until a company comes to an agreement with the local county commission. On the subject of property tax, the state outline says that based on the current appraisal, the real property taxes on the plant are estimated to be $285,000 to $300,000. "There are no direct real property tax off-sets," the state said. "Those taxes would be part of their (Gestamp's) lease under a triple-net lease." In a triple-net lease, the tenant pays all operating expenses; the landlord receives a net rent. Gestamp is leasing the factory from the owner, the Park Corp. So Gestamp will make lease payments to Park that include an amount for the real property tax and Park will ultimately be responsible for paying the tax. |
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