As we began the budget planning process this year, I said although the 2019 plan would be difficult and require curtailment of some county services as well as a tax rate increase, that I was optimistic that these harsh measures would be only temporary and that we could look forward to better times.
Little did I know that I would be able to start talking about these better times so soon.
Doesn’t mean that we won’t have to deal with next year, but the arrival of Bit-main and a brighter future makes it a whole lot easier.
They are arriving on the scene in a hurry. In fact, they are already here. They won’t go on the tax rolls until 2019/20 and as you’ve probably already read, Commissioners Court has approved them for our County Tax Phase In (Tax Abatement) Program.
This is a program that I proposed when I became county judge that was adopted by commissioner’s and the city councils of Rock-dale, Cameron, and Thorn-dale.
I discussed this with Bit-main in my first meeting with them several weeks ago.
Bitmain coming to Milam County didn’t happen by accident. I’m not trying to take credit for what’s happened here, Alcoa management and the Rockdale Municipal Development District folks along with the help of a number of others are the heroes.
These are truly exciting times for Milam County. One of Bitmain’s key executives told me that they expect to have some 50 of their 350 to 400 employees on board by the end of the month.
They will invest some $450 million beginning right away and some $1.2 billion within the first eight years.
By the next county budgeting cycle (2019/20) I estimate we will be able to count on about a quarter of a million dollars in additional ad valorem tax revenue, even with the tax abatement.
I expect the county’s portion of sales tax to begin increasing significantly as well with the construction and renovation that is underway which will also help the budget situation.
Bitmain’s management related that they are encouraging their employees to live here locally.
We expect to see a significant boost in local housing and retail as their operation gets into full swing in the months ahead.
You can expect more. I am told that there are more industries coming to the site, that Bitmain is not even the largest. In addition there will be contractors and support services and the like resulting in ancillary employment estimated to be hundreds more.
I would be remiss if I did not conclude by saying that most of the credit for what is happening needs to go to Tommy Hodges and Alcoa for marketing the Alcoa property with the interests of the citizens of Milam County in mind.
I say this because if they had, for example, chosen to sell or lease the property to a long term tax exempt entity and /or to a ranching operation with ag exemption with little or no economic benefit to the community, none of this would be happening.
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