The developers of a 76-acre site have received authorization for a 50 percent tax abatement for three years from Valley View 365-U.
The abatement is intended for Zenith Corp., which plans to construct a $100 million television tube manufacturing facility along the northern edge of the school district, south of Illinois Highway 53 in Woodridge.
The abatement amounts to $120,000 a year, totaling $360,000, and affects three of eight funds: education, transportation and building, and operations and maintenance. The remaining funds, including the Illinois Municipal Retirement Fund, will be taxed at the full rate.
Zoned agricultural, the property annually is expected to produce a minimum of $360,000 worth of property-tax receipts after three years for the schools, said board member John Prehn.
Despite the abatement of taxes, school officials agreed that the project is a plus financially. As it stands, only a minimal amount of property-tax receipts are collected from the vacant parcel, and once the property is developed, a steady stream of income is anticipated. It is worth the abatement to attract a revenue-producing project, added Prehn.
The Zenith development is expected to break ground in May and open in November.
Developers are negotiating abatement plans with officials from Will County and the Village of Woodridge as well.
