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2%;thus for year 6 this is $73,348. <br />Property Taxes <br />Using the assessmentrate for Cie Elum of 8.34390 per thousanddollars of valuation, <br />the $5 million of land plus approximately$20 million of constructed improvements <br />would generate an annual property tax of $225,285.The potential impact of adding this <br />level of taxes to the analysis of horse park economíc feasibility is critical.Using the <br />projections of the most likely scenario,the payment of property taxes would add this <br />same amount to losses.Hence,even the most optimistic Scenarios,2 and 4,would be <br />kept in the red.Essentially,payment of propedy taxeswould render the project <br />infeasible under the most likely scenario. <br />Other Benefits: <br />Economic developmentis the business of attracting,creating and retaining businesses <br />in the State.An important elementfor any state in this battle is the ability to offer a <br />desirable quality of life.Any improvementin the quality of life makes a state more <br />attractiveto people,and therefore more attractive to the companies which need those <br />people. <br />The addition of a first-class,nationally-knownhorse park would be an enhancement to <br />the quality of life in Washington as well as an important means for promoting the State's <br />image. <br />This type of facility,which brings thousandsof people into the state from all over the <br />country,serves as a marketing tool.It brings people here,exposes them to the benefits <br />of the area and perhaps stimulatestheir interest in Washington as a place to do <br />business --while at the same time pouring millions of dollars into the State's tourist <br />45