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Committee backs forwarding no-penalty request for Gulf Island LLC’s industrial tax exemption despite missed job targets
Summary
The finance committee recommended the full board approve a resolution to waive penalties for Gulf Island LLC’s ITEP project 20200178-ITE after officials said the company missed job and payroll targets in 2021–22 but showed recovery by 2024 and was later sold to IES.
The finance committee recommended that the full school board approve a resolution to grant Gulf Island LLC’s request for no penalty on industrial tax exemption project number 20200178-ITE.
An unidentified presenter told the committee Gulf Island applied for the ITEP in 2021 for $3,200,000 and reported it had not met the requirement of adding two jobs and $80,000 in payroll during the 2021–22 reporting period, citing the effects of the COVID-19 pandemic and subsequent hurricanes. The presenter…
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