Rutledge Shares Impact of Utica Shale Boom on Carroll County
From Columbus Business First:
Rutledge said some landowners have cashed in big time, pointing to an analysis by a couple banks in Carroll County that found about 200 property owners became instant millionaires from bonuses they received for signing lease agreements with oil and natural companies. That’s in a county with fewer than 30,000 people.
Many of the new millionaires are farmers who have been land rich but cash poor for much of their working lives.
“These are guys who have been scraping that ground and trying to turn it into something for years,” Rutledge said.
She also said Carroll County’s piggyback sales tax generated an additional $1 million in 2012 compared with the prior year, and it’s on pace for another increase of $500,000 this year. The county has used the extra cash to cover cuts in state and federal funding as well as provide funds to help the sheriff’s department handle more calls tied to traffic and noise from drilling operations.