Property taxes to be paid
Re: Joint powers board
Sheridan Economic and Educational Development Authority was organized in 2007. Since its creation, SEEDA has, according to Sen. Dave Kinskey in an address to the Chamber of Commerce on Sept. 12, millions in assets. The first asset was a 2009 build on a day care center. This property was contracted to the private sector in 2012.
SEEDA owns three lots in the Hi-Tech Park, two of those lots have buildings under construction. These buildings will service Vacutech and Weatherby, and a possible commercial building for Kennon. Additional assets are a lot at 29 Decker Road and a lot at Sheridan Commercial Park. For the purpose of tax valuation, the SEEDA lots have an assessed value of $1,003,046, with the addition of a building of $12.5 million for Weatherby and $4 million for Vacutech, and $6 million for Kennon, this property value will increase.
Beginning in 2019, all these properties will be on the tax rolls, non-exempt. Local government has the opportunity to recover the millions in taxpayer investment in these developments. This obligation to taxation on its property is a new calculation for SEEDA. Between 2009 and 2019, SEEDA’s property was not taxed. Now it will be. As Martha Stewart would say, “That’s a good thing.”