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CEDCO offers property value update for payments in lieu
of taxes
March 22, 2006 |
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North Bend, OR – Just as taxpayers across the nation
are gathering financial information for their tax returns,
the Coquille Economic Development Corporation prepared information
for its annual contribution to the city of North Bend.
Each year CEDCO reports capital improvements to The Mill Casino • Hotel
to be used in calculating the facility’s Payment in Lieu
of Taxes (PILOT). This year CEDCO reported a 7.6 percent increase
in the property value of the casino and a 2.7 percent increase
for the hotel.
Under federal law, the Coquille Indian Tribe is exempt from
paying local taxes on tribally-owned businesses that operate
on property held in trust by the Bureau of Indian Affairs.
However, the tribe made a voluntary agreement with the city
to pay an amount that is equivalent to the taxes a non-tribal
businesses would pay.
“As a member of the North Bend business community we
are proud to contribute our fair share to support city services
to the entire population,” said CEDCO CEO Brady Scott. “Our
PILOT payments go beyond the services that The Mill receives.
They are a recognition of the services our employees, our guests
and their families enjoy every day.”
Under the PILOT agreement, North Bend administrators will calculate
a payment based on current property values. The new payment
agreement will be effective July 1. Under the current agreement,
The Mill Casino • Hotel contributes an annual amount of
$210,407. In addition, The Mill Hotel voluntarily participates
in the local hotel tax, which provided over $156,000 to the
city in 2005.
As the business arm of the Coquille Indian Tribe, CEDCO is
committed to taking a proactive, positive role in the well-being
of the communities of Oregon’s South Coast. In addition
to The Mill Casino • Hotel, the company manages business
ventures in assisted living, organic cranberry farming and
broadband communications, and soon will open a 102-space RV
Park. |
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