Study Shows Excelsior Mine Would Provide Millions For Cochise County Schools And Tax Relief To Local Residents
(Cochise County, Ariz.) At a time when local school districts are strapped for cash, schools in Cochise County could see as much as $21.2 million in revenues as the result of the Gunnison Mine project located just off Interstate 10 between Benson and Wilcox.
A respected Arizona research firm, Elliott D. Pollack & Company, has just completed a detailed study on the financial impact the Gunnison Mine would have on local schools.
The study concludes that from 2018 through 2028, Excelsior is projected to contribute nearly $21.2 million to Cochise County Schools and Cochise College through future property tax payments and other contributions. Over that same period of time, Excelsior is expected to become responsible for approximately 2/3rds of the district’s annual property tax revenue.
The study says this additional revenue could cause a considerable decline in property taxes for others in the district. “This will create property tax savings for homeowners, businesses, and other property owners in the district. A lower tax burden helps families and businesses save, invest, and spend additional money in their local economy,” said study author Dan Court, Principal & Senior Economist, Elliott D. Pollack & Company.
In fact, local schools are already benefiting.
When Excelsior bought the Johnson Camp Mine in 2015, it made a large payment of back taxes previously owed by the former property owners. The Cochise Elementary School District received about $1 million. That extra money caused the Cochise Elementary School District property tax rate to go down by a 45% in 2016. As a result, homeowners saved an average of $145.
An investment of this magnitude will help the local school district raise sufficient funds while maintaining lower property tax rates. In reaching that conclusion, Pollack & Company looked at property tax and school district rates of the Safford Unified School District in Graham County. One of the newest copper mines in Arizona is within that district. The Safford Mine began construction and preparations in 2006 and started copper production late in 2007. The overall valuation the Safford Unified School District went up dramatically in 2008 and 2009 as a result. Court said, “Thanks to the Safford Mine, the total net assessed value in the Safford Unified School District actually peaked in 2014 and 2015 at a time when home values were at their lowest point following the recession.”
For a copy of the study please contact Michael Anthony Scerbo at MScerbo@RoseMoserAllynPR.com
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. www.excelsiormining.com.
Elliott D. Pollack & Company (EDPCo) offers a broad range of economic and real estate consulting services backed by one of the most comprehensive databases found in the nation. www.ArizonaEconomy.com.
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