Belmont County, OH (WTRF)- If PTTGC America (PTTGCA) and Daelim Chemical USA go forward with a world-scale petrochemical complex in the Ohio Valley, significant revenue is guaranteed to flow to schools and local government services.
As part of an economic development deal between PTTGCA and local governments, the project would invest $47.5 million over 15 years in education and other community needs while also generating more than $20 million in sales tax revenue during construction.
Belmont County, Mead Township and Shadyside Schools approved Ohio Enterprise Zone Program agreements for PTTGCA today that will result in payments of $38 million to the school district over the 15-year life of the agreement.
Mead Township would receive $9.5 million during the same period.
Meanwhile, Belmont County is estimated to receive between $20 million and $24 million in sales tax revenue from the purchase of goods and equipment during the construction phase.
The Ohio Department of Development’s Ohio Enterprise Zone Program would provide the project with a 15-year property tax exemption.
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