DURANT TIF Founded in 1962 5500 Employees 27 Manufacturing Locations Corporate Headquarters Eden Prairie Minnesota DURANT CARDINAL FG APRIL 2003 CARDINAL FG CONSTRUCTION PHASE CITY PLANNING amp ZONING ID: 460530
Download Presentation The PPT/PDF document "CARDINAL GLASS INDUSTRIES" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
CARDINAL GLASS INDUSTRIESDURANT TIF
Founded in 1962
5500+ Employees27 Manufacturing Locations
Corporate HeadquartersEden Prairie, MinnesotaSlide2
DURANT CARDINAL FG
APRIL 2003Slide3
CARDINAL FG CONSTRUCTION PHASESlide4Slide5
CITY PLANNING & ZONING
CHAIRMAN
DURANT INDUSTRIAL AUTHORITY CHAIRMAN
BRYAN COUNTY COMMISSIONERS
CHAIRMAN
DURANT SCHOOL DISTRICT BOARD CHAIRMAN
DURANT KIAMICHI TECHNOLOGY CENTER
SUPERINTENDENT
BRYAN COUNTY EMERGENCY MEDICAL SERVICES BOARD PRESIDENT
BRYAN COUNTY HEALTH DEPARTMENT DIRECTOR
2 COMMITTEE MEMBERS
AT LARGE
TAX INCREMENT FINANCING COMMITTEE
MAYOR JERRY TOMLINSON – CHAIRMAN TIF Slide6
CARDINAL FG INVESTMENT
LAND/BUILDING: $26,000,000
EQUIPMENT: $74,600,000
ROBOTIC STACKERS: $3,745,790DURANT INFRASTRUCTURE: $7,809,131
TOTAL INVESTMENT:
$112,154,921 Slide7
FUNDING REVENUES:
TAX INCREMENT FINANCING
$5,200,000
TIF TRUST INVESTMENT EARNINGS
$ 29,967
CARDINAL CONTRIBUTION
* $1,525,454
CARDINAL LAND INVESTMENT
* $ 356,710
ODOT GRANT
$ 100,000
CDBG GRANT
$ 100,000
CDBG LOAN
* $ 400,000
TOTAL PROJECT REVENUES
$ 7,809,131
CITY OF DURANT
TIF FUNDING
REVENUESSlide8
MAIN PLANT ENTRANCESlide9
A/C COLD END PACKINGSlide10
2900 DEGREE FURNACESlide11
RAIL SPUR
BATCH HOUSESlide12
PRODUCTION START DATEJULY 4, 2004
WORKFORCE PAYROLL
7/4/2004 – 10/31/2011
$66,830,476(7 YEARS 3 MONTHS)
NUMBER OF EMPLOYEES
270
2011 PROJECTED PAYROLL
$9,298,073
LOCAL EMPLOYEE TRAINING THROUGH
KIAMICHI TECHNOLOGY CENTER
$710,000Slide13
PRODUCTION FAQJULY 4,
2004 – OCTOBER 31, 2011
LOCAL SAND USED
870,000+
TONS
NATURAL GAS PURCHASED
$57,926,951
GLASS PRODUCED
1,470,747 TONSSlide14
TAX INCREMENT FINANCING CARDINAL FG PROPERTY TAX
TAX RECEIPTS:
7/13/2006 – 11/02/2011
(5 YEARS, 3 MONTHS)
$6,191,539.95
INTEREST EARNINGS
THROUGH 11/14/2011
$6,168.68
TOTAL PROPERTY TAX RECEIPTS
$6,197,708.63Slide15
TAX INCREMENT FINANCING CARDINAL FG PROPERTY TAX
7/17/2006 – 12/01/2011
(5 YEARS, 4 MONTHS)
$5,000,000.00
INTEREST PAID
THORUGH 12/01/2011
$1,196,001.33
TOTAL PAID
$6,196,001.33
PAYMENT BALANCE
$973,266.67
TAX INCREMENT FINANCING BONDS CALLED:Slide16
BRYAN COUNTY TREASURERVALUATIONS – TAXES COLLECTED
TAX YEAR
VALUATION
TAX AMT TO BE COLLECTED
1998
$93,871,436.00
$7,732,615.40
1999
$100,445,650.00
$8,202,143.20
2000
$109,866,153.00
$8,898,342.28
2001
$118,670,260.00
$10,121,833.92
2002
$126,263,987.00
$10,813,303.60
2003
$137,605,693.00
$11,646,516.32
2004
$152,551,178.00
$12,365,781.20
2005
$179,425,806.00
$15,252,231.76
2006
$189,471,429.00
$16,165,285.56
2007
$198,871,102.00
$16,736,427.98
2008
$210,956,317.00
$17,819,969.00
2009
$238,822,840.00
$20,320,364.00
2010
$265,261,093.00
$22,424,843.00Slide17
Mayor Jerry L. Tomlinson
City of DurantP.O. Box 578
Durant, OK 74702Phone: 580-931-6605JTomlinson@durant.orgwww.durant.org
Tommy Kramer, Executive Director
Durant Industrial Authority
215 North Fourth AvenueDurant, OK 74701Phone: 580-924-4570
tkramer@durant.orgwww.ok-durant.org