3 M Mining Project Proposal Essay

1351 words - 5 pages

Executive Summary
Summary and Conclusions
The proposed 3M mining project would provide measurable benefits to the Shasta County economy. It would also provide much needed revenue to Shasta County, as well as its incorporated cities, and schools. Economic activity would be enhanced through expenditures for construction, maintenance, fees, taxes, capital expenditures, and general day to day operations. Spending by the mine during construction will give a large one time boost to the Shasta County economy, and annual operation costs will provided economic and fiscal impact far into the future.
Introduction
The 3M Company out of Minnesota has proposed the construction of a mine on property that the company owns in Shasta County California near the City of Shasta Lake. The property that would be containing the mine is approximately 1900 acres. The focus of the mine would be on sand and gravel but permitting and mine construction could take as long as three years. It is assumed that the mine will be capable of working at full capacity for XXXX years after it becomes fully operational.
Total Economic Impact (Capital, Operational, and Employee Compensation)
The construction of 3M’s mine would provide a significant one time boost to Shasta County’s economy. Employee Compensation and other operation expenses are annual and continue into the foreseeable future. The total economic impact examined in this report is the impact of the mine construction (capital expenses) and one year of operating costs and employee compensation. The results of the IMPLAN input-output model indicate that total county business revenues would increase by $57.7 million, with nearly $23 million of that added revenue generated in the construction sector. Labor income (the sum of employee compensation and proprietor income) increased by nearly $23 million, with the majority, $9.5 million, accruing to business owners and employees in the construction sector. It is believed that the construction phase and first year of mine operation would directly or indirectly account for approximately 447 additional part- or full-time jobs in Shasta County, 50 of those jobs will be full-time direct employees of the mine.
Total Fiscal Impact
The largest portion of the fiscal impact comes from the increase in property tax that 3M will be required to pay as a result of mine construction. Property taxes are paid annual, so this is a continual benefit to Shasta County. The total continual fiscal impact to programs within the county is $595,000. Since a majority of property tax revenue does not go directly to the counties but to programs within in it (schools, cities etc.), the fiscal impact on the county directly is much less. The total continual fiscal impact directly to the county is nearly $100,000. The onetime impact from a boost in sales tax revenue during the construction phase goes directly to the county and is around $103,000.
Costs not Quantified
While there may be costs to Shasta...

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