HomeMy WebLinkAboutPO 6767: AMENDING THE PROJECT PLAN AND FINANCING PLAN FOR THE DOWNTOWN TAX INCREMENT REINVESTMENT ZONE TIRZ NO. 1 P.O. No. 6767
04/30/19 gt
ORDINANCE NO.
AN ORDINANCE AMENDING THE PROJECT PLAN AND
FINANCING PLAN FOR THE DOWNTOWN TAX
INCREMENT REINVESTMENT ZONE TIRZ NO. 1 , CITY
OF PORT ARTHUR, TEXAS
WHEREAS, pursuant to Ordinance No. 12-75, adopted by the City Council of the
City of Port Arthur, Texas (the "City") on November 9, 2012, the City created Tax
Increment Reinvestment Zone Number One, TIRZ No. 1 (Downtown TIF), City of Port
Arthur, Texas as authorized by the Tax Increment Financing Act, Chapter 311 of the
Texas Tax Code (Downtown TIF) (the "TIRZ No. 1 (Downtown TIF)"); and,
WHEREAS, pursuant to Ordinance No. 13-10, adopted by the City on March 6,
2013, the City adopted the Final Project Plan and Reinvestment Zone Financing Plan for
the Port Arthur Downtown Reinvestment Zone #1, an Area designated as a Reinvestment
Zone for Tax Increment Financing Purposes; and,
WHEREAS, pursuant to Ordinance No. 15-55, adopted by the City on December
8, 2015, and Section 311.007 of the Texas Tax Code (the "Tax Code"), the City Council
reduced the boundaries of an existing reinvestment TIRZ No. 1 (Downtown TIF), subject
to the limitations provided by Section 311.006 of the Tax Code; and,
WHEREAS, on April 30, 2019, the Board of Directors of the Downtown TIRZ #1
held a meeting to consider whether to amend the existing Project Plan and Financing
Plan as follows:
"A Motion To Approve Proposed Amendments To The Project & Finance Plan Of
Downtown TIRZ Zone #1. This Proposed Amendment Authorizes The Sale Of The Sabine
Hotel Consistent With This Newly Amended Project Plan & Finance Plan, Contingent Upon
Final Approval By The City Of Port Arthur City Council."
; and,
WHEREAS, the Board of Directors approved the Amended Project Plan and
Financing Plan as delineated herein as Exhibit "A"; and,
WHEREAS, the City wishes to Amend the existing Project Plan and Financing Plan,
as attached hereto as Exhibit "A" and hereby made a part of this Ordinance for all
purposes.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR, TEXAS:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That the City Council of the City of Port Arthur hereby authorizes the
Amended Project Plan and Financing Plan for the Downtown Tax Increment Reinvestment
Zone TIRZ #1, attached hereto in substantially the same form as Exhibit "A".
Section 3. That if any portion, section or part of a section of this Ordinance is
subsequently declared invalid, inoperative or void for any reason by a court of competent
jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall
be and remain in full force and effect and shall not in any way be impaired or affected by
such decision, opinion or judgment.
Section 4. That this Ordinance shall take effect and be in full force and effect
from and after its adoption.
READ, ADOPTED AND APPROVED on this day of A.D.,
2019, at a Regular Meeting of the City Council of the City of Port Arthur, Texas, by the
following vote: AYES:
Mayor:
Councilmembers. ,
NOES:
Derrick Ford Freeman, Mayor
ATTEST:
Sherri Bellard
City Secretary
APPROVED AS TO FORM:
Valecia R. Tizeno
City Attorney
APPROVED FOR ADMINISTRATION:
Rebecca Underhill
Interim City Manager
Section 4. That this Ordinance shall take effect and be in full force and effect
from and after its adoption.
READ, ADOPTED AND APPROVED on this day of A.D.,
2019, at a Regular Meeting of the City Council of the City of Port Arthur, Texas, by the
following vote: AYES:
Mayor:
Councilmembers:
NOES:
Derrick Ford Freeman, Mayor
ATTEST:
Sherri Bellard
City Secretary
APPROVED AS TO FORM:
A 4(Ori0
al-7 . Tiz- o
City Attorne
APPROVED FOR ADMINISTRATION:
Rebecca Underhill
Interim City Manager
EXHIBIT "A"
Amended Project Plan and Financing Plan (May 7,2019)
Project Plan
A. Overview
This amended project plan supersedes and replaces the Project Plan
approved by the Zone Board on February 7, 2013 and approved and
adopted by the City Council by Ordnance Number 13-10 enacted March 6,
2013. The amendments incorporate new changes in proposed private
development and investment In the Zone by MOTIVA, (the "Developer")
that materially expand and change the scope and extent of future
development of the Project (the "New Development"). This Amended
Project Plan was reviewed and approved by the Zone Board of Directors
on April 30, 2019 and approved by the City Council by Ordinance
Number , May 7, 2019 following a public hearing on April 30,2019.
The amendments described below detail the revised and additional
improvements to be funded by the Zone to implement the New
Development, as well as the methods of financing and the sources of
funding available to the Zone, including the participation levels of the
taxing entities levying ad valorem taxes in the Zone.
As amended, the Zone will facilitate the revitalization and redevelopment
of approximately 309 acres located in downtown Port Arthur as shown in
the boundary attached as Exhibit A.
The Project Plan is consistent with the City's adopted Downtown
Development Plan which seeks to revitalize downtown Port Arthur. The
Zone will be one of the primary implementation tools for the Downtown
Development Plan through this Zone Project Plan and Financing Plan. By
these focused planning and financing vehicles, the City will be able to
promote, jumpstart and monitor the critical revitalization effort to the
benefit of all of the citizens of Port Arthur, individual and corporate, as well
as all taxing jurisdictions.
1
Most significant among the proposed public improvements are utility and
roadway improvements, environmental remediation, streetscapes,
gateways, parks, cultural facilities and real property assembly and
redevelopment. The estimated budget for the Zone is approximately
$16,685,100.00 as detailed in the Financing Plan.
In summary, as amended the Project Plan will permit the Zone to focus,
enhance and accelerate the redevelopment of downtown Port Arthur. But
for the Zone and the earlier creation in 2012 of the Zone, the participation
of the City of Port Arthur, Jefferson County, the Sabine-Neches Navigation
District and Drainage District #7, this area would not likely have
experienced the magnitude of private investment now proposed in the
New Development necessary to stimulate revitalization in the foreseeable
future.
B. Existing Conditions and Proposed Uses 311.011(b)(1)
The Zone continues to have a large number of vacant and decaying
structures and environmentally impacted properties. The Zone continues
to lack basic retail service and this lack of service hinders effort to attract
additional residents and services to the city and the downtown area
included in the Zone. These existing conditions will be substantially
changed with the redevelopment, remediation and reconstruction of
existing, vacant and underutilized properties and structures included in the
proposed New Development.
These Proposed Uses included in the New Development include new
office, business, commercial and residential uses of existing structures in
the Zone that will cause increased economic activity in the Zone. A
secondary, induced effect of such activity, the New Development will
attract new and additional commercial retail private investment to the city
and the Zone to serve and support such new proposed uses. Together,
the New Development and the supporting retail services will increase the
taxable ad valorem values in the Zone, increase sales tax and Temporary
residency occupancy and related taxes. Additionally, the New
Development will enhance and facilitate the commercial and industrial
activity in the City by providing administrative and office facilities to
support for the expansion of the industrial and petrochemical refinery
capacity of the City's economic base.
2
C. Municipal Ordinances 311.011(b)(2)
The new Proposed Uses are not anticipated to require any changes to
existing City ordinances.
D. Non-Project Costs 311.011(b)(3)
Non-project costs represent costs and expenditures for projected private
and public investments that will not be funded or reimbursed by the Zone.
Non-Project Costs also include non-reimbursable private investment that
is anticipated by the Financing Plan and used for forecasting the future
value and incremental revenue of the Zone. For example, the cumulative
cost of acquisition, remediation and reconstruction of the former Federal
Building, former World Trade Building, Sabine Hotel and additional public
buildings has been preliminarily estimated as $150,000,000.00 all of which
are Non-Project Costs and potentially represent the incremental revenue
of the Zone.
E. Relocation 311.011(b)(4)
The Zone does not contemplate any condemnation to accomplish
relocation, but if necessary the cost of such relocation is eligible for
reimbursement as project cost under Section 311.002(f).
II. Financing Plan
The Zone was created to provide funding for public improvements, infrastructure
and facilities to avert blight, business base decline and to attract new
development. The implementation of this plan will result in in an increase in the
tax increment of the Zone and surrounding areas to the benefit of the City and
the other taxing jurisdictions and taxpayers.
A. Estimated Project Cost Descriptions 311.011(c)
The project costs below follow the categories set forth in Section 311.002
and Section 311.010(b) related to an agreement between the Zone and
the City the term of the agreement dedicate, pledge, or otherwise provide
for the use of revenue in the tax increment fund to pay any project costs
that benefit the reinvestment zone.
3
Capital Projects
Utilities/Infrastructure
Costs include but are not limited to reimbursement for utility expansion for
water, sewer, drainage and paving improvement.
$4,550,700.00
Streetscape, Gateways, Parks, and Community Facilities
These enhancements are proposed to properly serve existing and future
development, and will include but are not limited to lighting, walks,
landscaping and related street furniture, automobile parking facilities,
traffic control devices, greenbelts, open space improvements, fountains,
open space improvements, ponds, walking paths, bicycle paths, parks and
park facilities. In conjunction with the City's Downtown Revitalization Plan,
eligible activities may include: a convention center, auditorium, concert
hall, museum, or exhibition facility, with related store, restaurant,
concession and automobile parking facilities are also facilities that when
constructed within the zone will enhance the zone. The City of Port Arthur
Downtown Revitalization Plan, pages 63 through 112, approved by the
Port Arthur City Council pursuant to Resolution No. 16-145 on May 31,
2016 are adopted as part of this plan and are incorporated herein as
though set forth in their entirety in this paragraph. Also, included are
outdoor pavilions, community and arts space, recreation and sports
facilities.
$5,604,400.00
Demolition/Environmental Abatement
Zone funds may be used to assist financially the demolition and
environmental abatement to serve public purpose including the
preparation of sites and existing structures for new use.
$500,000.00
Professional Services
These costs include but are not limited to architectural, planning, legal,
landscape architecture, financial marketing, public relation, management,
leasing bookkeeping, tax roll verification
$200,000.00 annually
4
Financing Costs
This category of cost includes all interest, legal fees, brokerage charges,
transfer or placement charges, premiums and fees paid for loans, credit
enhancement fees, notes bond and other instruments of credit issued to
pay project costs. The total cost in this category of costs will be no more
that one-fourth of Project of total project costs.
$2,530,000.00
Zone Operation
This category is the anticipated cost of operation and administration of the
Zone over its life.
$4,000,000.00
TOTAL ESTIMATED ZONE EXPENDITURES
$16,685,100.00
B. Kind, Number and Location Zone Improvements 311.011(c)2)
The Zone will fund the above referenced capital projects, real property
costs, financing costs, professional and administrative service for the Zone
at the discretion and approval of the Zone Board and City Council.
C. Economic Feasibility Study 311.011(c)(3)
The amended plan has been reviewed by the City of Port Arthur, its
financial advisors and bond counsel. The City Council of the City of Port
Arthur finds that the plan is economically feasible.
D. Estimate of Bonded Indebtedness 311.011(c)(4)
The City may issue bonds secured by the tax increment revenues to repay
or reimburse the Project Costs. The costs include the public improvement,
capitalized interest, professional fees, developer interest and issuance
costs for the bonds, which would be based on the total project costs of
$10,155,100.00. Bonds may be issued at such times that the tax
increment revenues are sufficient to pay principal and interest on such
bonds. Alternatively, the Zone may elect to reimburse project cost directly
from the tax increment proceeds or bonds.
5
E. Estimate of Time When Monetary Obligations are Incurred.
311.011(c)(6)
The Zone will incur monetary obligation as detailed in Developer or other
reimbursement agreements to be executed between the Zone and
Developers or the Zone and the City. Administrative costs and
creation/organization Zone costs may be paid from tax increment bonds or
directly from tax increment revenues.
F. Methods of Financing and Sources of Revenue 311.011(c)(6)
The Zone may use both bonded indebtedness, pay as you go, and other
reimbursement methods to finance the project costs. The methods include
the following:
Private Financing
Grants /Other Public Funds
Reimbursement Agreements — both public and private agreements with
developers
Tax Increment Bonds
Short term tax increment notes
The primary source of revenue is ad valorem taxes generated on the
annual value above the base year value. The other taxing units may elect
to participate with all or a portion of the ad valorem taxes.
G. Current Appraised Value 311.011c (7)
The total assessed value in 2012 within the Zone was at $5,773,987.00.
(See Exhibit B)
H. Expected Sources of Revenue
The total estimate captured appraised value is approximately
$5,260,000,000.
6
I. Tax Rates of Participating Tax Entities
City of Port Arthur 0.792000 per $100
Jefferson County 0.364977 per $100
Drainage District #7 0.239850 per $100
Sabine Neches Navigation District 0.092067 per $100
J. Duration of the Zone
The Zone was created with a duration of 30 years. The City may extend
the term, or shorten the term when all obligation payable from the tax
increment are paid.
Exhibit "A"
y
-,-. = , .4-11) 1.?-.1
1-4 ca N n
5-, 1-, th,ln- - ;,-. . -v
O x
4.1 H
U a
-CC'- == =� LJ- I W /
S31NVH0 3)IVl
t . I —l_
I
:
, N
.... _
o
= a Mon
NM Nil
Z
_SITEll —II
Oil
CM
.0 I
SIHdW3111 ® ■
WVHIII`J \�I,,u.I 1
Eig
—
1 \
Y�
/rnu 113M,113
L� '
/[)] • I I
3llIAHSVNup .
kt...._11
I
r
ii,
I I I I 7
NOJ S3121tlHO
I I I I I -_
MIMI
F /
VI
I —N VS i I
I II r �gill
visnonv
I I I I L I
• rc
•
x x g
3118011ro N a /
I it I 11
I II II`
' /.. '
L
:x —NM
0
7 Q 0 I C ■
0 2I I
• f=�
SM=.
‘ --\
II I I I ��
W miii
MIN C
Mil II 1 --I I 1
tl3ld 3N11SV31d
I I I IIA NI1S0V I III /
li
H1bOM L Od _I
I I II I
-:
I I I r- I MIS_
ra
II I II II— III I I
1 ' III I
I ® 1 r ®
II L - 1
171-1-T7-1 f -I I I 11 I I I
l� 1 I
Exhibit "B"
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 ARS Approved Totals 4/8/2019 8:38:13AM
LLand Value
HonleSite: 93,520
Non Homealte: 1,485,130
Ag Market: 0
Timber Market: 0 Total Land (+) 1,578,650
Improvement Value
Homesite: 2,807,380
Non Homesite: 19,144,120 Total Improvements (+) 21,951,500
Non Real Count Value
Personal Property: 0 0
Mineral Property: 0 0
Autos: 0 0 Total Non Real (+) 0
Market Value 23,530,150
Ag Non Exempt Exempt I
Total Productivity Market: 0 0
Ag Use: 0 0 Productivity Loss (-) 0
Timber Use: 0 0 Appraised Value = 23,530,150
Productivity Loss: 0 0
Homestead Cap (-) 30,680
Assessed Value = 23,499,470
Total Exemptions Amount (-) 17,725,483
(Breakdown on Next Page)
Net Taxable = 5,773,987
Freeze Assessed Taxable Actual Tax Ceiling Count
DP 700,130 169,480 452,67 563.19 19
OV65 665,194 128,019 463.92 575.42 19
Total 1,365,324 297,499 916.59 1,138.61 38 Freeze Taxable (-) 297,499
Tax Rate 0.792000
Freeze Adjusted Taxable 5,476,488
APPROXIMATE LEVY=(FREEZE ADJUSTED TAXABLE (TAX RATE/100))+ACTUAL TAX
44,290.37=5,478,488'(0.792000/100)+916.59
Tax Increment Finance Value: 0
Tax Increment Finance Levy: 0.00
235/235 Page 1 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 ARB Approved Totals 4/812019 8:38:14AM
Exemption Breakdown
IExemption CountLocal tate p69
DP 22 475,970 0 475,970
DV1 1 0 5,000 5,000
EX 222 0 16,232,750 18,232,750
EX(Prorated) 5 0 22,263 22,263 •
HS 75 499,850 0 499,850
OV65 21 489,650 0 489,650
Totals 1,465,470 16,260,013 17,725,483
235/235 2 of 9 " True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 Grand Totals 4/8/2019 8:38:13AM
Land Value
Homesite: 93,520
Non Homesite: 1,485,130
Ag Market: 0
Timber Market: 0 Total Land +
( ) 1,578,650
Iimprovement Value
Homesite: 2,807,380
Non Homesite: 19,144,120 Total Improvements (+) 21,951,500
I Non Deal Count Value I
Personal Property: 0 0
Mineral Property: 0 0
Autos: 0 0 Total Non Real (+) 0
Market Value = 23,530,150
I Ag Non Exempt Exempt I
Total Productivity Market: 0 0
Ag Use: 0 0 Productivity Loss (-) 0
Timber Use: 0 0 Appraised Value = 23,530,150
Productivity Loss: 0 0
Homestead Cap (-) 30,680
Assessed Value = 23,499,470
Total Exemptions Amount (-) 17,725,483
(Breakdown on Next Page)
Net Taxable = 5,773,987
Freeze Assessed Taxable Actual Tax Ceiling Count
DP 700,130 169,480 452.67 563.19 19
OV65 665,194 128,019 463.92 575.42 19
Total 1,365,324 297,499 916.59 1,138.61 38 Freeze Taxable (-) 297,499
Tax Rate 0.792000
Freeze Adjusted Taxable 5,476,488
APPROXIMATE LEVY=(FREEZE ADJUSTED TAXABLE"(TAX RATE/100))+ACTUAL TAX
44,290.37=5,476,488'(0.792000/1 00)+916.59
Tax Increment Finance Value: 0
Tax Increment Finance Levy: 0.00
235/235 Page 3 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 Grand Totals 4/8/2019 8:38;14AM
Exemption Breakdown
I Exemption Count Coca! State Total I
DP 22 475,970 _ 0 475,970
DV1 1 0 5,000 5,000
EX 222 0 16,232,750 16,232,750
EX(Prorated) 5 0 22,263 22,263
HS 75 499,850 0 499,850
OV65 21 489,650 0 489,650
Totals 1,465,470 16,260,013 17,725,483
a
235/235 Page 4 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 ARB Approved Totals 4/8/2019 8:38:14AM
State Category Breakdown
State Code Description Count Acres New Value Market Value Taxable Value I
A SINGLE FAMILY RESIDENCE 132 $383,890 $4,017,210 $2,583,827
8 MULTIFAMILY RESIDENCE 5 $0 $186,150 $122,624
C VACANT LOT 284 $0 $307,950 $307,238
F1 COMMERCIAL REAL PROPERTY 86 $161,630 $2,714,519 $2,694,426
F2 INDUSTRIAL REAL PROPERTY 1 $0 $49,890 $49,890
X TOTALLY EXEMPT PROPERTY 225 $318,160 $16,254,431 $16,011
Totals 0,0000 $863,680 $23,530,150 $5,774,016
235/235 Page 5 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 Grand Totals 4/8/2019 8:38:14AM
State Category Breakdown
State Code Description Count Acres New Value Market Value Taxable Value
A SINGLE FAMILY RESIDENCE 132 $383,890 $4,017,210 $2,583,827
B MULTIFAMILY RESIDENCE 5 $0 $186,150 $122,624
C VACANT LOT 284 $0 $307,950 $307,238
F1 COMMERCIAL REAL PROPERTY 86 $161,630 $2,714,519 $2,694,426
F2 INDUSTRIAL REAL PROPERTY 1 $0 $49,890 $49,890
X TOTALLY EXEMPT PROPERTY 225 $318,160 $16,254,431 $16,011
Totals 0.0000 $863,680 $23,530,150 $5,774,016
235/235 Page 6 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235 -CITY OF PORT ARTHUR
Property Count:730 ARB Approved Totals 4/8/2019 8:38:14AM
CAD State Category Breakdown
IState Code Description Count Acres New Value Market Value Taxable Value I
Al REAL,RESIDENTIAL,SINGLE-FAMIL 132 $383,890 $4,017,210 $2,583,827
B2 REAL, RESIDENTIAL,APARTMENTS 5 $0 $186,150 $122,624
Cl REAL,VACANT PLATTED RESIDENTI 117 $0 $120,990 $120,990
C2 REAL,VACANT PLATTED COMMERCI, 164 $0 $185,410 $185,410
CC VACANT CITY PROPERTY 2 $0 $910 $356
CJ REAL VACANT JEFFERSON COUNTY 1 $0 $640 $482
DC ACRES CITY PROPERTY 1 $0 $223,280 $0
Fl REAL,Commercial 86 $161,630 $2,714,519 $2,694,426
F2 REAL, Industrial 1 $0 $49,890 $49,890
X 224 $318,160 $18,031,151 $16,011
Totals 0.0000 $883,680 $23,530,150 $6,774,016
235/235 Page 7 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 Grand Totals 4/8/2019 8:38:14AM
CAD State Category Breakdown
I State Code Description Count Acres New Value Market Value Taxable Value
Al REAL,RESIDENTIAL,SINGLE-FAMIL 132 $383,890 $4,017,210 $2,583,827
B2 REAL,RESIDENTIAL,APARTMENTS 5 $0 $186,150 $122,624
Cl REAL,VACANT PLATTED RESIDENT' 117 $0 $120,990 $120,990
C2 REAL,VACANT PLATTED COMMERCI. 164 $0 $185,410 $185,410
CC VACANT CITY PROPERTY 2 $0 $910 $356
CJ REAL VACANT JEFFERSON COUNTY 1 $0 $640 $482
DC ACRES CITY PROPERTY 1 $0 $223,280 $0
Fl REAL,Commercial 86 $161,630 $2,714,519 $2,694,426
F2 REAL, Industrial 1 $0 $49,890 $49,890
X 224 $318,160 $16,031,151 $16,011
Totals 0.0000 $863,680 $23,530,150 $5,774,016
235/235 Page 8 of 9 True Automation,Inc.
Jefferson County County 2012 CERTIFIED TOTALS As of Supplement 54
235-CITY OF PORT ARTHUR
Property Count:730 Effective Rate Assumption 4/8/2019 8:38:14AM
New Value
TOTAL NEW VALUE MARKET: $863,680
TOTAL NEW VALUE TAXABLE: $374,732
New Exemptions
Exemption Description Count
EX Exempt 6 2011 Market Value $154,860
ABSOLUTE EXEMPTIONS VALUE LOSS $154,860
Exemption Description Count Exemption Amount
DP Disability 1 $18,940
HS Homestead 2 $20,466
OV65 Over 65 1 $25,000
PARTIAL EXEMPTIONS VALUE LOSS 4 $64,406
NEW EXEMPTIONS VALUE LOSS $219,266
Increased Exemptions
Exemption Description Count Increased Exemption Amount
INCREASED EXEMPTIONS VALUE LOSS
TOTAL EXEMPTIONS VALUE LOSS $219,268
New Ag/Timber Exemptions
New Annexations
New Deannexations
Average Homestead Value
Category A and E
Count of HS Residences Average Market Average HS Exemption Average Taxable
72 $37,025 $7,181 $29,844
Category A Only
Count of HS Residences Average Market Average HS Exemption Average Taxable
72 $37,025 $7,181 $29,844
Lower Value Used
Dunt o Proteste rope es Total Market Value Total Value Used
235/235 Page 9 of 9 True Automation,Inc.