Unit 5 finalizes first year of Brandt tax breaks

Money
Brandt Industries, located just north of Normal, will receive the first in a series of annual tax breaks from Unit 5 following school board action Wednesday night. (Photo courtesy Flickr/401K2012)

 

By Howard Packowitz

NORMAL – Canada’s Brandt Industries, which builds agricultural equipment just north of Normal, is receiving its first in a series of tax breaks from Unit 5.

The school board Wednesday night voted unanimously to abate all 2018 property taxes on two parcels of land and half of the taxes on three other parcels. That amounts to $39,383.77, according to the school district’s attorney Curt Richardson.

Brandt and local governments signed a development agreement in which the company receives a series of tax breaks over 10 years in return for meeting certain hiring objectives.

Brandt has exceeded those expectations, with 77 full-timers working at the factory earlier this year. Brandt pledged 50 full-time workers by now.

The Heartland Community College Board took similar action in Brandt’s favor earlier this month.

Howard Packowitz can be reached at howard.packowitz@cumulus.com

Blogs

WJBC Voices: Jay Bee, CEO

Much of the legal analysis in law school is taught via the hypothetical question, wherein the professor poses a set of facts embodying the issue studied, and asks students to predict the outcome, based on those facts. 

WJBC Voices: Understanding TIF investments

As we near another local election, understanding what a Tax Increment Financing (TIF) district is and its role in economic development seems unclear to many I talk to.

WJBC Voices: JB the CK

Based on the budget, Pritzker ought to change his initials from J.B. (whatever they stand for) to C.K. (Can Kicker).