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GeneX Solar tells Decatur County it will guarantee a 30% tax valuation floor for proposed project
Summary
Company representatives presented a draft economic-development offer to commissioners and said the proposal includes a voluntary 30% valuation floor to protect county tax revenue if state rules on equipment depreciation change.
GeneX Solar representatives told Decatur County commissioners on July 7 that the company’s proposed solar project would include an economic-development offer that voluntarily preserves a 30% valuation floor for property taxes, a measure the company said would protect county revenues if state depreciation rules change.
The company’s vice president of development, Richard Bellin, said the 30% floor in the proposed agreement is “very purposeful” and intentionally higher than the floor the company could be subject to under recent and anticipated state legislation. “With our economic development agreement, we very purposely maintain a 30% floor, which is above what the law requires because we’re here to pay our fair share as a corporate citizen of this county,” Bellin said.
Why it matters: state changes to depreciation rules for solar equipment could reduce assessed values for taxable property, shrinking local property-tax revenue that supports schools and county services. GeneX Solar told commissioners it has been reviewing draft documents with county staff and that the company will present a formal economic-development agreement for county review at a future meeting.
County follow-up: Commissioners said the draft agreement will need to be updated to reflect recent legal changes and reviewed by county counsel before a formal hearing. No vote was taken on the agreement at the July 7 meeting; staff said they expect to bring the updated document forward at a later meeting for formal consideration.
Background: The developers told the board they have been working with county reviewers for several months on an offer and accompanying documents. The presentation included a brief explanation of the possible effects of recent state legislative action on equipment valuation and depreciation schedules.
What’s next: County staff and the developer will coordinate updates to the draft economic-development agreement and return to the board for formal consideration and any necessary public hearing.
