JOLIET – Joliet Junior College has entered a three-year tax abatement for a Marriott hotel project in Minooka.
The college’s board unanimously approved a request last week from the Grundy Economic Development Council to participate in a tax abatement for Minooka Hotel Association, the developer of the TownePlace Suites by Marriott in the village. When the proposal from GEDC first was made in February, it drew a question from Trustee Maureen Broderick about why the college would want to give an abatement to a company as established as Marriott.
Broderick said the proposal met her approval because the college was assured it would not lose a significant amount of tax dollars, and she met with Nancy Norton, GEDC president and CEO, to learn more details about the project.
“There’s protections for us that made us feel safer in nature, and [the project] will bring more income in the area,” she said.
Broderick said she’s not a fan of tax abatements and she, along with Trustee Alicia Morales, previously voted, 6-2, against one for United States Cold Storage in Minooka.
The GEDC offers a three-year property tax abatement to qualifying companies, which receive an abatement of 75 percent in the first tax year, 50 percent in the second year and 25 percent in the third year. The same will be offered to Minooka Hotel Association.
The hotel is slated to have 87 guest rooms in a newly constructed building at 600 Bob Blair Road in Minooka, with a total investment estimated at
$10.1 million, according to the college’s summary of the proposal.
Energy center agreement
The board also approved authorizing an intergovernmental agreement with Grundy County, which has entered an agreement with Competitive Power Ventures for the development of a 1,100 megawatt natural gas-powered electric generating facility.
JJC is one of several taxing bodies affected by the development, which will be located in Goose Lake Township within Grundy County’s Economic Development Project Area No. 1.
EDPA zones in the county provide a mechanism for “significant tax relief” for new industrial investors and existing businesses, according to GEDC.
The intergovernmental agreement will call for tax payments by CPV to be declared surplus by EDPA No. 1 for distribution back to taxing bodies, including JJC.