This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Coffeyville Resources Nitrogen Fertilizers Agrees To Partial Settlement Of Property Tax Dispute With Montgomery County

Stocks in this article: UAN

COFFEYVILLE, Kan., Feb. 26, 2013 /PRNewswire/ -- Coffeyville Resources Nitrogen Fertilizers, LLC, a subsidiary of CVR Partners, LP (NYSE: UAN), announced today that it has reached a partial settlement with Montgomery County, Kan., regarding property taxes paid under protest since 2008 for its fertilizer plant in Coffeyville, Kan.

(Logo: http://photos.prnewswire.com/prnh/20080226/CVRLOGO)

Under the agreement, the fertilizer plant will be appraised at a total value of $35 million for tax years 2013 to 2016, which will lower the fertilizer plant's property taxes by $10.5 million per year based on current mill levy rates. The settlement also states that the county will retain $48.4 million in taxes the company has paid under protest for tax years 2009 to 2012.

"This settlement is a step in the right direction," said Byron Kelley, chief executive officer of CVR Partners. "This agreement provides Montgomery County representatives with enough certainty to responsibly manage the county's finances. At the same time, it establishes a more reasonable property tax valuation for our fertilizer plant for the next four years."

Also under terms of the settlement, the county will not oppose the company's application for a statutory 10 year property tax exemption with the Kansas Court of Tax Appeals (COTA) for its urea ammonium nitrate plant expansion.

Additionally, the settlement states the company will continue its appeal of its 2008 property tax case and the county will make a payment to the company for the 2008 tax year upon the final conclusion of the appeal, with the amount of the payment based on the appeal's outcome.

"Although we have settled with the county for tax years 2009 through 2016, our 2008 property tax case remains on appeal with the Kansas Court of Appeals," Kelley said. "We will continue to pursue a favorable decision through the appeals process as this decision will have significant impact not only on our operations post 2016 but also for businesses across Kansas."

Coffeyville Resources Nitrogen Fertilizers first protested Montgomery County's property tax valuation of its fertilizer plant in 2008 after the county reassessed the plant's property following the conclusion of a 10 year property tax abatement the company received in connection with the construction of the nitrogen fertilizer plant. As a result of the reassessment, the county changed a majority of the plant's property classification from personal property to real property. The company did not agree with the county's classification and protested the classification and resulting valuation for each year since 2008 to COTA.

About CVR Partners, LP

Headquartered in Sugar Land, Texas, with manufacturing facilities located in Coffeyville, Kan., CVR Partners, LP is a Delaware limited partnership focused primarily on the manufacture of nitrogen fertilizers. The CVR Partners nitrogen fertilizer manufacturing facility is the only operation in North America that uses a petroleum coke gasification process to produce nitrogen fertilizer and includes a 1,225 ton-per-day ammonia unit, a 3,000 ton-per-day urea ammonium nitrate unit, and a dual-train gasifier complex having a capacity of 84 million standard cubic feet per day of hydrogen.

SOURCE CVR Partners, LP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.27 +421.40 2.43%
S&P 500 2,055.30 +42.41 2.11%
NASDAQ 4,740.6490 +96.3370 2.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs