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2%; thus for year 6 this is $73,348. <br />Property Taxes <br />Using the assessment rate for Cie Elum of 8.34390 per thousand dollars 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 economic 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 property taxes would render the project <br />infeasible under the most likely scenario. <br />Other Benefits: <br />Economic development is the business of attracting, creating and retaining businesses <br />in the State. An important element for any state in this battle is the ability to offer a <br />desirable quality of life. Any improvement In the quality of life makes a state more <br />attractive to people, and therefore more attractive to the companies which need those <br />people. <br />The addition of a first-class, nationally -known horse 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 thousands of 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 stimulates their 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 <br />