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Board renews annual tax abatement payment for Quad Plus (year 4 of 5)
Summary
The board approved the fourth of five annual 15% tax abatement payments for Quad Plus, approximately $15,000 this year; following the five‑year schedule the property will return to full assessment.
The Lincoln Way Board of Education approved the fourth annual payment under a 2019 agreement to provide Quad Plus a 15% tax abatement for five years. Staff said this is year four of the five‑year abatement and that the annual cost to the district is approximately $15,000.
Board members confirmed the arrangement is an annual action the district executes; staff clarified that after the five years the property will be taxed at 100% and the district will receive the full assessed revenue. A motion to approve the Quad Plus abatement as presented passed unanimously.
