City Council approved a proposed ordinance authorizes an Industrial District Agreement with Borusan Mannesmann Pipe U.S., Inc., for tax years 2020 through 2026 with the following base values:
| Year | Base Value |
|---|---|
| 2020 | $80,000,000.00 |
| 2021 | $80,000,000.00 |
| 2022 | $129,263,041.00 |
| 2023 | $129,263,041.00 |
| 2024 | $129,263,041.00 |
| 2025 | $129,263,041.00 |
| 2026 | $129,263,041.00 |
The first payment pursuant to this agreement will be for the tax year 2020 based upon a yearly payment rate of .727822, which rate will increase to a rate of .786749 for tax years 2024-2026.
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