Cassopolis estimates $150M Hydro plant to bring $350K in yearly tax revenue
Published 5:54 pm Thursday, April 14, 2022
CASSOPOLIS — With the groundbreaking of a $150M facility next week, a local municipality has projected a significant increase in annual tax revenue from the business’ operations.
The Cassopolis Village Council on Monday approved an Industrial Facilities Tax Exemption for Hydro Aluminum, a Norway-based corporation set to break ground on its aluminum recycling plant at the MEC SMART Park on April 20. The exemption will reduce the company’s tax liability by 50 percent for 12 years.
Additionally, the village estimates tax revenue from the facility to be about $357,565 per year once the plant begins its operations. Village Manager Emilie LaGrow said she expects the buildout to take 18 months, so the village would not see tax revenue for about two years.
“That’s a significant increase in our tax base, which allows us to continue doing the type of projects we’re doing,” LaGrow said. “Any time you have an increase in your general fund, it gives a little more movement, a little more flexibility to have match dollars to continue to go after grants, and do more and better things in the community.”
The village also announced Monday that it missed out on funding for the Rowland Street Water Infrastructure project in the latest round of grand awards. The $2.5 million project is seeking $2 million in grant funds with a $500,000 village match.
“We missed out on the funding of the last round of this grant by less than one point,” LaGrow said. “This is still a great project, and since they have opened this back up for a new funding round, we will be submitting this project again.”
Additional projects the village announced at the meeting included “mill and fill” road pavement projects on the following roads, in collaboration with the Cass County Road Commission:
- Prospect Hill Cemetery Roads – .78 miles
- Lakeshore Drive – .37 miles
- Stone Lake Street (W. State Street to Private Road) – .11 miles
- East York Street (2nd Street to Private Road) – .10 miles
- Lakeview Court (W. State Street to Private Road) – .07 miles