Nearly two years after giving preliminary approval for a 10-year, 20-percent tax abatement for Wind River Grain to construct a nearly $3.29 million grain storage bin, the Finney County Commission on Monday gave the project final approval.
In August 2017, the commission gave the preliminary go-ahead for the abatement so that Wind River could begin construction of the storage bin. With the $3,286,860 bin now complete, the company came to the commission at its most recent meeting to get final approval of the tax abatement.
The commission held a brief public hearing, at which time no one from the public spoke, before unanimously approving the tax abatement for the storage bin, which is capable of holding 1 million bushels of grain.
A cost-benefit analysis conducted in September 2018 estimated that the taxes abated over 10 years would include the following: $77,471 for Finney County, with a two-year payback period; $44,225 for Garden City USD 457, with a three-year payback period; $40,021 for Garden City Community College, with a three-year payback period; $40,976 for the State of Kansas, with a payback period during construction; and the abatement would not affect City of Garden City tax revenue.
Tax abatements, such as this one, are not final until construction of the facility is complete and the Kansas Board of Tax Appeals finds the project to be in compliance.