The Monmouth City Council approved a 10-year property tax abatement during their meeting Monday night in an effort to convince a potential business that Monmouth was the place to build.
The business will be located in Monmouth’s enterprise zone, but Director of Community Development Paul Schytema says the enterprise zone expires in 2015.
Schytema tells WGIL the idea behind the property tax abatement was to provide the company with the same tax breaks they’d get without the zone expiration.
“What we were trying to do to potentially recruit this business – which is also looking at another community not in Illinois, is look to see if we, locally could with the City and the other local and regional taxing bodies kind of bind together and offer that same incentive as the enterprise zone would offer if it was in place for that same time,” says Schuytema.
Schytema says it’s been a joint effort between several taxing bodies, including the County to attract the company.
At this time, the name of the business is being withheld.