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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionCushing Independent School District
Jurisdiction type: School district
Fiscal year ending In2019
Program nameValue Limitation Agreement
Program purpose: General Economic Development
Statutory authority: Texas Economic Development Act (Tax Code 313)
Abating jurisdiction(s): Cushing ISD
Applicable taxesProperty Tax Tax
Method of abatement: (not specified)
Provisions for recapture: In the event that an entity terminates the agreement without the consent of the District, or in the event that the company or its successor-in-interest fails to comply in any material respect with the terms of the agreement or to meet any material obligation under the agreement, then the District shall be entitled to the recapture of all Property Tax tax revenue lost as a result of the agreement together with the payment of penalty and interest on that recaptured Property Tax tax revenue.
Gross revenue loss: $2,292,021
Reimbursement / offset: $0
Net revenue loss: $2,292,021
Type of loss: Active
Additional notes on dislosureAs of the date of this report, the Company has sold the plant to the City of Austin, Texas. This sale has removed the property from the tax roll as the City is a tax exempt entity. The District is negotiating a settlement with the City related to the exemption of the property and the previously abated taxes. Agreement made with Nacogdoches Power, LLC.