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Channahon OKs tax abatements for wind energy project
Credit: By Jeanne Millsap, Correspondent | November 28, 2012 | The Herald-News | heraldnews.suntimes.com ~~
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Translate: FROM English | TO English
A large construction project is one step closer to coming to Channahon, along with a few permanent jobs and some tax dollars, although most of the potential tax revenues will be lost for a couple of decades.
Village trustees last week approved a resolution supporting the Rock Island Clean Lines wind energy project and setting abatement terms.
The project involves developing a 500-mile, high-voltage direct current electric transmission line, connecting wind generation in Iowa and other Midwestern states with the Chicago area.
If the transmission line is approved by the Illinois Commerce Commission, the converter station will be constructed in Channahon off Bungalow Road – a site chosen for its proximity to the Collins Substation. Construction costs are estimated to be $300 million.
To overcome Grundy County’s unique Machine and Equipment Tax (M&E Tax), which taxes real property, Channahon approved a resolution for 100 percent abatement for school districts through the year 2032; 85 percent abatement for all other districts through 2032; 50 percent abatement for all districts from 2033-2042; and no abatements for 2043 and beyond.
The extended abatements are set up to give Grundy County a competitive tax footing with other Illinois counties that don’t have an M & E Tax.
The village of Channahon estimates its tax revenues in the first year of generation, with the 85 percent abatement, to be $89,000.
Construction of the converter station is also expected to create several hundred temporary jobs and some permanent positions.
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