Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Enterprise Zone Channahon topic
No spam. Unsubscribe anytime.
Officials say Channahon industrial projects will soon complete abatements; county to receive long‑term tax revenue
Summary
Village and county representatives reported that two enterprise‑zone tax‑abatement agreements tied to development in Channahon are maturing and will increase county property‑tax receipts by roughly $282,000 annually once all buildings complete their abatement schedules.
Village of Channahon officials briefed the Will County finance committee on two prior tax‑abatement/rebate agreements that supported public improvements and industrial development in the Channahon Corporate Center and the Crossroads 55 Business Park. Officials said the agreements have produced completed buildings, several high‑value employers and a steady increase in the county’s nonresidential tax base.
Tom Durkin, village administrator, and Heather Wagenblatt, Channahon finance director, told the committee the county and other taxing bodies voted to abate or rebate property taxes to help the village finance road and water main improvements needed for private development. Durkin said the 2015 Channahon Corporate Center required interchange work at I‑55 and Bluff Road and extension of a water main; the public cost at the time was roughly $4.2 million and the resulting development includes an Amazon sortation facility, IMC Trucking and Michelin. The Crossroads 55 Park (2017) included more extensive public improvements at an estimated $10.5 million and produced three buildings housing an Amazon fulfillment center, Scotts and Cardinal Health.
Durkin told the committee some abatement schedules are completing this year: one of the Crossroads buildings (Cardinal Health) and other early buildings will be satisfied this year or next, and as the abatements expire the county will begin to receive full property‑tax receipts from the developments. He said the projects raise the county’s expected annual receipts from these parcels to about $282,000 under current EAV and levy rates, versus roughly $800–$1,000 annually if the land had remained undeveloped farmland.
Channahon officials thanked the county for the earlier participation in the rebate/abatement agreements and described the projects as regional cooperation that attracted jobs and additional residential growth potential.
The committee accepted the update; no formal county financial action was required at the meeting on these completed or maturing abatements.
