CHANNAHON – Troy School District 30-C will abate several million in tax dollars in the coming years as part of an intergovernmental agreement for a new warehouse development in Channahon.
The district’s school board approved the item unanimously at its Wednesday meeting, Superintendent Todd Koehl said Thursday. It is one of 12 taxing bodies involved in the agreement.
“We always want to be a good neighbor,” board President Mark Griglione said Thursday of the board’s action.
The development will be located on a property at the southeast corner of Route 6 and Interstate 55 behind the Pilot Travel Center, Koehl said.
He also said the land is about 287 acres and that the developer intends to construct about 4 million square feet
of warehouse storage space across
The district will abate 100 percent of its property taxes on the portion of the site that falls within district boundaries once work begins, which is expected to happen in June or July, Koehl said. The abatement will fund infrastructure needed by the developer, Crossroads 55 LLC, such as water lines and road improvements.
District abatements are estimated to total $2 million to $3 million through four to five years, Koehl said. Once the development is complete, the property is expected to generate about $1 million in annual tax revenue for the district.
In addition to its long-term financial impact, the project also will improve safety, Griglione said. Planned work includes the installation of a stoplight at the intersection of Route 6 and a new frontage road to be constructed near the Pilot center, which will benefit district buses traveling through the area after making stops in nearby subdivisions.