TAX DEAL Who gets what

An explanation of the payment-in-lieu-of-taxes deal among Corrections Corporation of America, the city and the board of education:
The payments will be based on the prison's property valuation set at $67 million. That figure had been as low as $55 million previously, the city said. The school board had been seeking up to a $144 million value, the city said.
CCA pays about $1.4 million a year in property taxes based on the $67 million valuation, Mahoning County records show.
CCA will pay 50 percent of what it otherwise would owe in property taxes for tax years 2003 through 2008. In 2003, that translates into about $700,000. The schools and the city will divide that sum with 70 percent going to the schools, and the city gets the rest.
CCA will pay 100 percent of what it would owe in property taxes for tax years 2009 to 2014, which the schools and the city again share 70 percent to 30 percent.
The deal says the city keeps all income tax that the prison generates. That could reach about $450,000 a year if the prison reopens with staffing similar to when it was operating, said Jeffrey L. Chagnot, city development director.
Source: City of Youngstown