Barbers Hill approves Oneok 313 tax deal
January 31, 2018
Barbers Hill ISD has entered into an agreement with Oneok Hydrocarbon LP to build another fractionation manufacturing facility, the third Chapter 313 agreement the district has approved with the company.
Oneok applied for the 313 Agreement with BHISD for the construction of a fourth fractionation manufacturing facility. It will process raw natural gas into reusable products. The BHISD board accepted Oneok’s application Monday night.
The facility is expected to be built within BHISD, with an estimated project value of $265 Million.
“We have enjoyed our past partnership with Oneok, and it was evident from the interaction that they plan on continuing to be contributors to our community,” said Superintendent Dr. Greg Poole.
Construction begins in 2018, and the facility will bring 15 permanent jobs once it is complete, the district said.
Poole said during the meeting that with the 313 agreements they have coming in, the district has a chance to have the biggest fund balance ever.
“It is a significant amount,” Poole said. “There are so many things you can do with (bond money). How much money am I talking about? $20 million by 2021. That is what we are projecting, and the latest 313 helps.”
Poole said there are three things they could do with the money: lower tax rate, spend down borrowed money or obtain a $20 million bond and pay it off in one year without raising taxes.
“It is good to have these issues, and we are in sound financial shape, and the 313 that we got enhances this,” he said.
Poole also said it was the board’s intention to “hold the line” on tax increases, and to continue giving “significant raises.”