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Lyondellbasell Supervisory Board of Directors for Final Approval (A Necessary Internal B

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Lyondellbasell Supervisory Board of Directors for Final Approval (A Necessary Internal B August 18, 2017 Greg Ollis Superintendent Channelview Independent School District 828 Sheldon Road Channelview, Texas 77530 Re: Certificate for Limitation on Appraised Value of Property for School District Maintenance and Operations Taxes by and between Channelview Independent School District and Lyondell Chemical Company, Application 1199 Dear Superintendent Ollis: On July 20, 2017, the Comptroller issued written notice that Lyondell Chemical Company (applicant) submitted a completed application (Application 1199) for a limitation on appraised value under the provisions of Tax Code Chapter 313.1 This application was originally submitted on June 20, 2017, to the Channelview Independent School District (school district) by the applicant. This presents the results of the Comptroller’s review of the application and determinations required: 1) under Section 313.025(h) to determine if the property meets the requirements of Section 313.024 for eligibility for a limitation on appraised value under Chapter 313, Subchapter B; and 2) under Section 313.025(d), to issue a certificate for a limitation on appraised value of the property and provide the certificate to the governing body of the school district or provide the governing body a written explanation of the Comptroller’s decision not to issue a certificate, using the criteria set out in Section 313.026. Determination required by 313.025(h) Sec. 313.024(a) Applicant is subject to tax imposed by Chapter 171. Sec. 313.024(b) Applicant is proposing to use the property for an eligible project. Sec. 313.024(d) Applicant has committed to create the required number of new qualifying jobs and pay all jobs created that are not qualifying jobs a wage that exceeds the county average weekly wage for all jobs in the county where the jobs are located. Sec. 313.024(d-2) Not applicable to Application 1199. ________________________ 1 All Statutory references are to the Texas Tax Code, unless otherwise noted. Based on the information provided by the applicant, the Comptroller has that the property meets the requirements of Section 313.024 for eligibility for a limitation on appraised value under Chapter 313, Subchapter B. Certificate decision required by 313.025(d) Determination required by 313.026(c)(1) The Comptroller has determined that the project proposed by the applicant is reasonably likely to generate tax revenue in an amount sufficient to offset the school district’s maintenance and operations ad valorem tax revenue lost as a result of the agreement before the 25th anniversary of the beginning of the limitation period, see Attachment B. Determination required by 313.026(c)(2) The Comptroller has determined that the limitation on appraised value is a determining factor in the applicant's decision to invest capital and construct the project in this state, see Attachment C. Based on these determinations, the Comptroller issues a certificate for a limitation on appraised value. This certificate is contingent on the school district’s receipt and acceptance of the Texas Education Agency’s determination per 313.025(b-1). The Comptroller’s review of the application assumes the accuracy and completeness of the statements in the application. If the application is approved by the school district, the applicant shall perform according to the provisions of the Texas Economic Development Act Agreement (Form 50-826) executed with the school district. The school district shall comply with and enforce the stipulations, provisions, terms, and conditions of the agreement, applicable Texas Administrative Code and Chapter 313, per TAC 9.1054(i)(3). This certificate is no longer valid if the application is modified, the information presented in the application changes, or the limitation agreement does not conform to the application. Additionally, this certificate is contingent on the school district approving and executing the agreement within a year from the date of this letter. Note that any building or improvement existing as of the application review start date of July 20, 2017, or any tangible personal property placed in service prior to that date may not become “Qualified Property” as defined by 313.021(2) and the Texas Administrative Code. Attachment A – Economic Impact Analysis The following tables summarize the Comptroller’s economic impact analysis of Lyondell Chemical Company (project) applying to Channelview Independent School District (district), as required by Tax Code, 313.026 and Texas Administrative Code 9.1055(d)(2). Table 1 is a summary of investment, employment and tax impact of Lyondell Chemical Company. Applicant Lyondell Chemical Company Tax Code, 313.024 Eligibility Category Manufacturing School District Channelview ISD 2015-2016 Average Daily Attendance 8,743 County Harris Proposed Total Investment in District $1,488,000,000 Proposed Qualified Investment $1,253,053,000 Limitation Amount $80,000,000 Qualifying Time Period (Full Years) 2019-2020 Number of new qualifying jobs committed to by applicant 80 Number of new non-qualifying jobs estimated by applicant 0 Average weekly wage of qualifying jobs committed to by applicant $1,250 Minimum weekly wage required for each qualifying job by Tax Code, 313.021(5)(B) $1,163.14 Minimum annual wage committed to by applicant for qualified jobs $65,000 Minimum weekly wage required for non-qualifying jobs $1,326.25 Minimum annual wage required for non-qualifying jobs $68,965 Investment per Qualifying Job $18,600,000 Estimated M&O levy without any limit (15 years) $184,273,364 Estimated M&O levy with Limitation (15 years) $65,870,515 Estimated gross M&O tax benefit (15 years) $118,402,849 Table 2 is the estimated statewide economic impact of Lyondell Chemical Company (modeled). Employment Personal Income Year Direct Indirect + Induced Total Direct Indirect + Induced Total 2018 100 143 243 $6,960,000 $11,040,000 $18,000,000 2019 200 303 503 $14,740,000 $25,260,000 $40,000,000 2020 360 565 925 $27,740,000 $49,260,000 $77,000,000 2021 375 671 1046 $28,715,000 $62,285,000 $91,000,000 2022 25 235 260 $1,625,000 $28,375,000 $30,000,000 2023 25 167 192 $1,625,000 $23,375,000 $25,000,000 2024 25 122 147 $1,625,000 $19,375,000 $21,000,000 2025 25 101 126 $1,625,000 $17,375,000 $19,000,000 2026 25 96 121 $1,625,000 $16,375,000 $18,000,000 2027 25 100 125 $1,625,000 $16,375,000 $18,000,000 2028 25 109 134 $1,625,000 $17,375,000 $19,000,000 2029 25 120 145 $1,625,000 $18,375,000 $20,000,000 2030 25 129 154 $1,625,000 $20,375,000 $22,000,000 2031 25 111 136 $1,625,000 $19,375,000 $21,000,000 2032 25 109 134 $1,625,000 $19,375,000 $21,000,000 Source: CPA REMI, Lyondell Chemical Company Table 3 examines the estimated direct impact on ad valorem taxes to the region if all taxes are assessed. Harris County Estimated Estimated Harris County Port of Education San Jacinto Taxable Value Taxable Value ISD I&S Tax ISD M&O Tax M&O and I&S Harris County Hospital Tax Houston Tax District Tax College Tax HC ESD #50 Estimated Total Year for I&S for M&O Levy Levy Tax Levies Tax Levy Levy Levy Levy Levy Tax Levy Property Taxes Tax Rate* 0.3560 1.0400 0.4166 0.1718 0.0133 0.0052 0.1824 0.0497 2018 $1,401,462 $1,401,462 $4,989 $14,575 $19,564 $5,838 $2,408 $187 $73 $2,556 $697 $30,626 2019 $148,635,562 $148,635,562 $529,143 $1,545,810 $2,074,952 $619,156 $255,341 $19,828 $7,729 $271,082 $73,872 $3,248,088 2020 $369,485,762 $369,485,762 $1,315,369 $3,842,652 $5,158,021 $1,539,130 $634,740 $49,289 $19,213 $673,868 $183,634 $8,074,262 2021 $993,291,362 $993,291,362 $3,536,117 $10,330,230 $13,866,347 $4,137,654 $1,706,375 $132,505 $51,651 $1,811,565 $493,666 $21,706,098 2022 $1,400,121,462 $1,400,121,462 $4,984,432 $14,561,263 $19,545,696 $5,832,346 $2,405,269 $186,776 $72,806 $2,553,542 $695,860 $30,596,434 2023 $1,358,159,862 $1,358,159,862 $4,835,049 $14,124,863 $18,959,912 $5,657,551 $2,333,183 $181,179 $70,624 $2,477,012 $675,005 $29,679,460 2024 $1,317,456,962 $1,317,456,962 $4,690,147 $13,701,552 $18,391,699 $5,487,999 $2,263,259 $175,749 $68,508 $2,402,778 $654,776 $28,789,992 2025 $1,277,975,062 $1,277,975,062 $4,549,591 $13,290,941 $17,840,532 $5,323,533 $2,195,433 $170,482 $66,455 $2,330,771 $635,154 $27,927,206 2026 $1,239,677,562 $1,239,677,562 $4,413,252 $12,892,647 $17,305,899 $5,164,001 $2,129,642 $165,373 $64,463 $2,260,924 $616,120 $27,090,302 2027 $1,202,529,662 $1,202,529,662 $4,281,006 $12,506,308 $16,787,314 $5,009,258 $2,065,826 $160,417 $62,532 $2,193,174 $597,657 $26,278,520 2028 $1,166,495,762 $1,166,495,762 $4,152,725 $12,131,556 $16,284,281 $4,859,155 $2,003,923 $155,611 $60,658 $2,127,455 $579,748 $25,491,082 2029 $1,131,542,762 $1,131,542,762 $4,028,292 $11,768,045 $15,796,337 $4,713,555 $1,943,877 $150,948 $58,840 $2,063,708 $562,377 $24,727,265 2030 $1,097,638,862 $1,097,638,862 $3,907,594 $11,415,444 $15,323,039 $4,572,324 $1,885,634 $146,425 $57,077 $2,001,874 $545,527 $23,986,373 2031 $1,064,752,062 $1,064,752,062 $3,790,517 $11,073,421 $14,863,939 $4,435,331 $1,829,138 $142,038 $55,367 $1,941,895 $529,182 $23,267,707 2032 $1,032,851,262 $1,032,851,262 $3,676,950 $10,741,653 $14,418,604 $4,302,445 $1,774,335 $137,782 $53,708 $1,883,714 $513,327 $22,570,589 2033 $1,001,907,362 $1,001,907,362 $3,566,790 $10,419,837 $13,986,627 $4,173,545 $1,721,177 $133,654 $52,099 $1,827,279 $497,948 $21,894,381 2034 $971,892,262 $971,892,262 $3,459,936 $10,107,680 $13,567,616 $4,048,514 $1,669,614 $129,650 $50,538 $1,772,537 $483,030 $21,238,470 2035 $942,777,662 $942,777,662 $3,356,288 $9,804,888 $13,161,176 $3,927,235 $1,619,598 $125,767 $49,024 $1,719,438 $468,560 $20,602,237 Total $63,078,190 $184,273,364 $247,351,554 $73,808,570 $30,438,770 $2,363,660 $921,367 $32,315,169 $8,806,141 $387,199,091 Source: CPA, Lyondell Chemical Company *Tax Rate per $100 Valuation Table 4 examines the estimated direct impact on ad valorem taxes to the school district, with all property tax incentives sought being granted using estimated market value from the application.
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