HomeMy WebLinkAbout20093317.tiff‘atit.\
Wilk
COLORADO
December 14, 2009
OFFICE OF BOARD OF COMMISSIONERS
PHONE: 970-336-7204
FAX: 970-352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
Eastman Kodak Company
Attn: Goldwyn Ling, Director, State Tax Audits and Planning
343 State Street
Rochester, NY 14650
Dear Mr. Ling:
As you are aware, Weld County and Kodak of Colorado have a number of active tax incentive agreements that allow
for the refunding of a portion of the personal property taxes paid each year. These agreements were entered into with
Kodak and other companies as economic incentives for the companies to invest in personal property and to create
and/or retain jobs for Weld County citizens. In each of the tax incentive agreements there has always been a
provision that states in bold type:
"PAYMENT TO TAXPAYER SHALL ONLY BE MADE TO THE EXTENT REVENUES ARE AVAILABLE
AND APPROPRIATED IN EACH OF THE TEN YEARS OF THE TERM OF THIS AGREEMENT."
Due to the economy and the budget challenges Weld County is facing in the foreseeable future, the Board of Weld
County Commissioners has done a thorough examination of all county expenditures and programs to prioritize them
to best meet the needs of the citizens of Weld County. In light of Kodak of Colorado's continued decline in its
employment base in Weld County and Weld County's need to prioritize which tax incentive agreements can be paid
in 2010, the decision has been made to not appropriate funds to pay the Kodak tax incentives in the 2010 budget. In
addition, the Board of Weld County Commissioners has decided to suspend doing any more tax incentive agreements
with any firm until the county's assessed value and property tax revenues stabilize. Once this occurs the Board will
re-evaluate from year to year whether it will do the tax incentive agreement and under what terms.
The Board of Weld County Commissioners regrets having to take this action, but in light of the budgetary challenges
faced by Weld County and our fiduciary responsible to all Weld County taxpayers, we feel that we do not have a
choice. We trust that you will understand our position on this matter.
Sincerely,
BOARD OF COUNTY COMMISSIONERS
7
William Garcia, Chair
cc: Don Warden
2009-3317
I (fi t, w�..rvv„rA I V1/4Ls-xv-)
PH Lc>ycl
Hello