County Board approves enterprise zone funds to support Joliet's industrial development

The Will County Finance Committee convened on April 1, 2025, to discuss key financial matters, including the appropriation of enterprise zone payments and updates on tax abatement projects in Channahon.

The meeting began with a discussion on the first payment related to the Joliet Arsenal Enterprise Zone, which is administered by the county. This enterprise zone allows companies to undertake projects while benefiting from sales tax exemption certificates for building materials. The county charges an administrative fee of up to $50,000 for this service, which is not derived from taxpayer dollars but rather from the companies benefiting from the exemptions. The committee emphasized that this fee supports the Land Use Department and community development efforts.

Committee members sought clarification on the geographical boundaries of the enterprise zone, which extends from the former Arsenal property into Bolingbrook and Plainfield. The discussion highlighted the zone's significance, noting it as one of the most successful in the state, contributing positively to the county's economic development.

Following this, Tom Durkin, the village administrator of Channahon, provided an update on tax abatement agreements established in 2015 and 2017. These agreements were designed to facilitate public improvements necessary for the development of the Channahon Corporate Center and Crossroads 55 Business Park. Durkin reported that the developments have led to significant industrial growth, housing major companies such as Amazon and Michelin, and resulting in a substantial increase in property tax revenue for the county.

The committee learned that once all buildings related to these agreements are fully operational, the county is expected to receive approximately $282,000 annually in property taxes, a stark contrast to the mere $800 to $1,000 that would have been generated had the land remained undeveloped.

The meeting concluded with a motion to approve the enterprise zone payment, which passed unanimously, reflecting the committee's commitment to supporting local economic development initiatives. Further discussions on the enterprise zone and tax abatement projects are anticipated in future meetings, as committee members expressed interest in exploring these topics in greater depth.