County Approves Tax Break for Great Salt Lake Minerals Corp.
Posted on: Thursday, 1 December 2005, 21:00 CST
By Jordan Muhlestein, Standard-Examiner, Ogden, Utah
Dec. 1--OGDEN -- Great Salt Lake Minerals Corp. is set to receive a tax break on new growth after the Redevelopment Agency of Weber County approved a new economic development project area this week.
The RDA, made up of the county commissioners, now only has to approve the budget for the project, and that will probably happen in January.
Ron Kusina, executive director of the Weber Economic Development Corp., said he doesn't anticipate any changes in the budget and expects it to be approved.
Kusina said the economic development area will affect improvements and increases GSL Minerals makes after Jan. 1.
About 70 percent of taxes on those improvements will go back to the company, and the rest will be split between the county and the Olene Walker Public Housing Trust, Kusina said.
The company, which is based near the Great Salt Lake in western Weber County, plans to spend $16.5 million on improvements during the five-year deal, he said.
"By investing the money on the front end," Kusina said, "we're giving them the incentive to make the investment in our community."
Corey Milne, general manager of GSL Minerals, said the money will be used for improvements into the production of magnesium chloride.
GSL Minerals also produces Sulfate of Potash, which is used for plant fertilizer.
Milne said some of the company's growth may include retention ponds in Box Elder County, but he assured the members of the RDA all production, and money, would go through Weber County.
Kusina said GSL Minerals is in a very competitive world market and would need to look outside Utah for future growth if the county didn't offer the incentives.
"The company is making an investment in the county," he said.
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Source: Standard-Examiner
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