KORE - SUMMARY SUPPORT FOR AGENDA 04072023.DOCX

FOREIGN TRADE ZONE
REQUEST FOR NON-OBJECTION
KORE POWER
Greater Maricopa Foreign Trade Zone, Inc. No. 277 
Located at SEC 85 & Baseline Rd, Buckeye, 85326 parcels 401-01-030C, 401-87-010A, 401-01-029D, 401-
87-009C and owned by Project K LLC, whose principals are KORE Power, Inc.
Summary from the owner’s representative
KORE Power is applying for Foreign Trade Zone (FTZ) designation for the property SEC 85 & Baseline Rd, 
Buckeye, Arizona 85326, parcels 401-01-030C, 401-87-010A, 401-01-029D, 401-87-009C, to be included 
in the Greater Maricopa Foreign Trade Zone, Inc. No. 277.  FTZ designation will allow reclassification of 
this property from Class 2 with a tax assessment ratio of 15% to Class 6 with a tax assessment ratio of 5% 
under A.R.S. §42-12006.  
KORE Power is a leading U.S.-based developer of lithium-ion battery cells and manufacturer of integrated 
solutions for the e-mobility and energy storage sectors. The KORE’s facility in Phoenix is expected to have 
an initial annual production capacity of 6 GWh of high-density lithium-ion cells. Production is expected to 
expand to 12 GWh and beyond to meet expected market demand. KORE will also be among the first U.S. 
battery cell gigafactory built independently of an automotive OEM. This independence will allow KORE to 
supply batteries to a wide range of innovative e-mobility and energy storage customers.
KORE Power has plans to build a 1.03 million square feet building called KOREPlex that includes a new 
Manufacturing Hall and a two-story Administration Building used for the manufacturing of lithium-ion 
batteries. The Manufacturing portion of the project includes factory assembly functions, storage 
warehouses and support functions of offices, restrooms, breakrooms, mechanical and electrical rooms as 
well as support buildings for utilities and defective cell storage. The Administration portion of the building 
includes offices, kitchen and dining, conference rooms and a research & development lab, along with 
support functions of restrooms, electrical and mechanical rooms, gym with shower/locker rooms, and 
medical/health services. The Sustainable Valley, adjacent to the KOREPlex facility, will be utilized to attract 
green companies as well as KORE power suppliers. The project, combining the recent land deal with the 
existing KOREPlex property within the same area, stands at 500 acres. 
The project is estimated to become operational beginning the 4th quarter of 2024. The total capital 
investment planned for the facility is approximately $2.0 billion over three phases, which consists 
primarily of $1.1 billion for construction costs and building with an additional $873.0 million for 
equipment. KORE Power expects at the end of 10 years to create approximately 2,367 direct jobs with an 
annual payroll of $120.1 million.
Status of Taxing Jurisdiction Concurrence Letters
o
City of Buckeye – Received
o
Buckeye Elementary School District – Received
o
Buckeye Union High School District – Received
o
Western Maricopa Education Center (West-MEC) – Received
o
Maricopa County Community College District – Received
o
Maricopa County Special Health Care District (Valleywise Health) – Expected April 26th

o
Central Arizona Conservation District (CAP) – Received
o
Roosevelt Irrigation District – Received
Fiscal and Economic Impact
Economic Impact estimates are provided by Greater Phoenix Economic Council (GPEC).

KORE Power operations will create approximately 2,367 direct and 578 indirect jobs over the next 
10 years, with estimated annual payroll at the end of 10 years of $120.1 million.

Estimated $18.8 million in direct tax revenues and $704.7thousand in indirect tax revenues for a 
total of $19.5 million in tax revenue to Maricopa County over a 10-year period.

Estimated $1.1 billion of direct personal income and an additional $311.1 million of indirect 
personal income for a total of $1.4 billion to Maricopa County over a 10-year period.

Estimated $4.6 billion in direct economic output and an additional $921.3 million in indirect output 
for a total of $5.5 billion to Maricopa County over a 10-year period.
Property Tax Impact 

Property taxes currently collected for these parcels is approximately $461 annually for Maricopa 
County’s portion as a Class 2 property. When the project is completed, property taxes will grow 
to approximately $823,618 annually for Maricopa County’s portion as a Class 6 property.