A large company in Columbia will now be paying its full amount of real property taxes after a 10-year period.
ABC Laboratories, Inc., now known as Eurofins, paid 50 percent in real estate property taxes as part of a chapter 100 bond.
Several representatives from Regional Economic Development, Inc. updated the Columbia Public Schools finance board on the end of the abatement period.
Both members of REDI and the finance board said the chapter 100 bond would have positive impacts for CPS and economic development in Columbia.
As a result of the cut in taxes, CPS made around $131,000 less from real estate property taxes from Eurofins each year.
CPS Chief Economic Officer Heather McArthur said this cut was not significant to the district.
“Our overall revenue budget is $230 a year, about over half of that is from property taxes” she said.
She said the money that CPS will get from the increase in money now that the abatement period is over will primarily be used for staff salary and benefits.
McArthur also said the long-term impacts of the bond are beneficial to CPS, despite the cut in money for a period.
“The larger impact of that is to bring those companies into our community and to build the workforce and bring additional students into our community and into our school districts and for people to want to live here,” she said.
Dave Griggs, chair of the subcommittee of REDI, said the bond also got the ball rolling on the development of Discovery Parkway in south Columbia.
“It was also the catalyst that got us to be able to go to the state and the federal government to get the money to do the overpass at Discovery Ridge, which has led to literally all the development in that section of town,” Griggs said.
REDI members said the bond will serve as a good model for bringing other large businesses to the area.