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Tax Increment Financing

6 Months Ended

Jun. 30, 2011

Tax Increment Financing [Abstract]

Tax Increment Financing [Text Block]

6. Tax Increment Financing

In February 2007, the subsidiary of the LLC that constructed the Wood River plant received $6.0 million from the proceeds of a tax increment revenue note issued by the City of Wood River, Nebraska. The proceeds funded improvements to property owned by the subsidiary. The City of Wood River will pay the principal and interest of the note from the incremental increase in the property taxes related to the improvements made to the property. The interest rate on the note is 7.85%. The proceeds have been recorded as a liability which is reduced as the subsidiary of the LLC remits property taxes to the City of Wood River, which began in 2008 and will continue through 2021. The LLC has guaranteed the principal and interest of the tax increment revenue note if, for any reason, the City of Wood River fails to make the required payments to the holder of the note or the subsidiary of the LLC fails to make the required payments to the City of Wood River. Due to lower than anticipated assessed property values, the subsidiary of the LLC was required to pay $93,000 in 2010 and $33,000 in the first half of 2011 as a portion of the note payments.

The following table summarizes the aggregate maturities of the tax increment financing debt as of June 30, 2011 (in thousands):

Remainder of 2011		$	174
2012			370
2013			399
2014			431
2015			464
Thereafter			3,581
Total		$	5,419

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Tax Increment Financing.

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Tax increment financing is a method to use future gains in taxes to finance current improvements. When a development or public project is carried out, there is often an increase in the value of surrounding real estate, and perhaps new investment (new or rehabilitated buildings, for example). This increased site value and investment sometimes generates increased tax revenues. The increased tax revenues are the "tax increment." Tax Increment Financing dedicates tax increments within a certain defined district to finance debt issued to pay for the project.

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