Vincent Hills Quarry Will Generate Over $10 Million In New Taxes
Practically every town, city and county in America is struggling to maintain its tax base. Unfortunately, Vincent and Shelby County are not immune, making it harder for both to find the revenue needed in today’s tough economy.
In fact, the Town of Vincent recently reported that it expects to see a shortfall in revenue of approximately $50,000 to $60,000 for this fiscal year, or about 10% of its budget.
But if the Vincent Hills quarry is approved, White Rock’s $114 million investment will generate new tax revenue for the benefit of both Vincent and Shelby County.
In fact, in the next 10 years, the quarry will pay at least $10,061,070 in taxes at the prevailing rates. This does not include taxes on the replacement of manufacturing equipment or the indirect impact of the Vincent Hills Quarry.
In the first year to eighteen months alone, as the quarry ramps up operations and after receiving operational permits, Vincent Hills will generate an estimated $3.4 million in sales tax revenues for the Town of Vincent. Even with no additional revenue, that’s enough to fund Vincent’s current budget for almost seven years.
And every one of those 3.4 million dollars helps ensure that Vincent can maintain services without raising the taxes of every citizen.
Here is a breakdown of the estimated tax based on current rates of property taxation [Vincent (5 mills), Shelby County (37.5 mills)] and sales tax:
- Sales Tax Revenue – Purchase of Manufacturing Equipment – Town of Vincent – First year to 18 months of operations = $3,400,000
- Sales Tax Revenue – Purchase of Manufacturing Equipment – Shelby County – First year to 18 months = $318,750
- Sales Tax Revenue – Purchase of Construction Materials & Non-Manufacturing Equipment, Vincent = $193,000
- Sales Tax Revenue – Purchase of Construction Materials & Non-Manufacturing Equipment, Shelby County = $48,250
- 10 Year Property Taxes – Vincent = $689,385
- 10 Year Property Taxes – Shelby County = $5,170,388
- TOTAL TAX REVENUES, First 10 Years of Operations = $10,061,070
Consider, too, that taxes are only one element of the economic impact Vincent Hills will have. Other economic benefits include:
- The $7.4 million annual payroll, covering over 120 well-paying jobs.
- The economic impacts that will flow from all of the expenditures White Rock Quarries incurs in creating a world-class, state-of-the-art quarry.
Jobs. Tax Revenues. Economic Impact. When you consider the facts, it’s easy to see why the Vincent Hills Quarry makes sense for Vincent.