Capital One Agrees to Pay Salinas Property Taxes Through 2019 - Central Coast News KION/KCBA

Capital One Agrees to Pay Salinas Property Taxes Through 2019

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SALINAS, Calif. -- Capital One has agreed to pay property taxes to the city of Salinas through 2019, after the company's lease expires at that time.

Officials with Capital One told Rep. Sam Farr this news at their Washington D.C. meeting, Tuesday, arranged to discuss what is being done for the employees and residents in Salinas.

Capital One announced one week ago that they were shutting down their Salinas operations by 2013, resulting in the layoffs of 850 employees.

Rep. Sam Farr's office says Farr is also planning on meeting with HSBC officials to determine what that bank can do for the city.

In addition to the property taxes, Capital One has agreed to pay 1.6 million dollars to the city, $600,000 of which would go to non-profits in the city.

The remaining amount would be going towards the city's economic development.

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