Chocowinity Planning Board plays along with the solar | Eastern North Carolina Now

    Publisher's Note: This article originally appeared in the Beaufort Observer.

    We have the video of the September 15, 2014 Chocowinity Planning Board meeting at which the board approved recommending the permitting of a solar farm on a tract of land zoned Residential off of Bragaw Lane in Chocowinity. You can review the application and maps by clicking here.

    In the video you can also observe the board approving a US Cellular cell phone tower to be constructed behind the Food Pride on N. C. 33 west of town.



    The next video is a short clip of an interview with Joe Olson, President of O2 Energies, the developer of the proposed solar farm:



    You will note in the interview that he re-affirms what the Planning Board was told about the impact of the project on the tax base of Chocowinity and Beaufort County. He says it will be approximately three million dollars. What he failed to explain to the board was that the actual value of the project will be fifteen million dollars. But only 20% of the value is taxable under state law. The taxpayers are subsidizing the project to the tune of twelve million dollars of abated taxable base.

    After the interview concluded we asked Joy McRoy, Town Clerk, and Mr. Olson what depreciation schedule would apply to the taxable personal property (the equipment). McRoy was not aware of any depreciation. Olson indicated he "assumed" it would be 20-25 years at straight line depreciation.

    In checking with Beaufort Tax Assessor Bobby Parker we learned that the depreciation is an 18 year schedule down to 25% where it stops unless upgrades or additions are made. This is regardless of subsequent revaluations. So after 18 years they will pay taxes on only 25% of 20% of the actual value. Not a bad gig if you can get it.

    Now, if that peeks your interest in how much the taxpayers are subsidizing such projects, and their impact on your electric bills, you will likely be interested in reading this article from the Carolina Journal.

    You can't really blame the taxpayers of Chocowinity and Beaufort County if they feel like they are being played as The Sucker in this scam.