JOLIET – The Forest Preserve District of Will County Board of Commissioners approved a tax abatement agreement that will push forward the development of an industrial complex in Channahon.
Other taxing bodies, such as the Will County Board, municipalities and school districts have approved or are expected to approve the agreement in the coming weeks. The Will County Board will vote next week on the agreement.
Venture One Real Estate plans to build a 4 million-square-foot industrial park on a 290-acre parcel over the next several years between Route 6 and Bluff Road east of Interstate 55.
The tax abatement agreement would reimburse Venture One, which has agreed to pay for extension of a water main and road improvements. It is estimated the cost of the road improvements will be $7.8 million and the cost of the water main extension will be $2.6 million, according to district documents.
The agreement will abate all of the district’s share of property taxes from the land for five years per each of the four or five proposed buildings. After five years, the property owners will pay the Forest Preserve District and other taxing bodies the full assessed value.
The maximum abatement allowed is $10,476,009 in total, plus $500,000 for traffic signalization and accrued interest not to exceed $2,388,000.
The board approved the lowest bid for the district’s annual crack seal and seal coating contract. Hastings Asphalt Services Inc. was awarded the contract for $32,085.42.
The district also released its 2017 first-quarter vandalism report. There has been a 21 percent decrease from the first quarter of 2016 in the total number of incidents and a 52 percent decrease from the first quarter of 2016 in the total cost of incidents.
New commissioner Debbie Militello, R-Channahon, was appointed to the district’s finance committee.