December 6, 2006 – Georgetown, KY - Toyota Motor Manufacturing Kentucky,
Inc. (TMMK) presented a check for $1,213,532.00 to Scott County Schools, representing
TMMK's nineteenth annual in-lieu-of-tax payment to the school system. TMMK financed
portions of the original automobile manufacturing plant, the Powertrain facility,
and the expanded manufacturing facility through Industrial Revenue Bonds. Since
property financed through bonds is exempt from property taxation, the school
system would usually not receive its share of property taxes on the financial
property until the bonds mature in 2008.
In 1988, Toyota agreed to make an annual payment to the Scott County Board
of Education to make up for the loss of tax payments. This year's check brings
the total amount paid to the school system to $27,457,136.00.
In 1994, TMMK agreed to accelerate a portion of the annual payments and make
a lump-sum payment of $8 million. In addition, TMMK also made its annual in-lieu-of
tax payment of over $1 million. These two payments enabled the Scott County
Board of Education to construct a new high school.
TMMK is Toyota's largest North American manufacturing operation employing about
7,000 team members with the capacity to produce 500,000 vehicles and engines
annually.
