Monsanto Drops Property Tax Proposal With County

Monsanto Co. yesterday sent a letter to Pima County stating that it has decided to withdraw its Foreign Trade Zone Payment in Lieu of Taxes Agreement proposal. The company still intends to build and operate a greenhouse near Marana on a 155-acre property it purchased last October. The foreign trade zone designation would have dropped the property's assessment ratio from 15 percent to 5 percent, saving Monsanto approximately $370,000 in county property taxes after investing $96 million in development.

The agreement faced public opposition in the form of written comments and speakers at the supervisors' meetings.

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