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Coal City approves tax agreement with Exelon

Agreement to cover three years

COAL CITY – The Coal City Community Consolidated District 1 School Board aproved a three-year tax agreement with Exelon at its monthly meeting.

According to a news release from Superintendent Kent Bugg, the District 1 School Board approved a new three-year property tax agreement with Exelon’s Dresden Nuclear Power Station. In 2014, the seven affected taxing districts entered into the Dresden Power Station Real Property Tax Assessment Settlement Agreement.

That original agreement was extended for one year to account for the property taxes paid by Exelon on the Dresden Station for tax year 2018. This one-year extension resulted in an equalized assessment value of the Dresden Station of $490 million and $15,958,979 in property taxes paid to Coal City School District 1. The one-year extension expired at the conclusion of the 2018 tax year.

The seven impacted taxing districts approached Exelon officials with a tax agreement proposal that would extend the 2018 agreement for three subsequent tax years. After some negotiations, Exelon agreed to this proposal, which resulted in the current three-year property tax agreement that was approved by the District 1 School Board at their June 5 meeting.

This newly approved three year agreement calls for the EAV of the Dresden Station to be $490 million a year. It also requires that Exelon pay an annual total tax bill to the seven affected taxing districts of $24,244,285, of which $15,958,979 will be owed to District 1.

Given that the Dresden Station accounts for about 63% of the total EAV of the school district, reaching this agreement was important to the school board. This agreement not only provides three more years of fiscal stability, but it also allows the board to more accurately develop long-term financial plans and to maintain K-12 property tax rates that continue to be the lowest in Grundy County.

The school board is appreciative of the following taxing districts who worked cooperatively with them to reach this agreement: Grundy County, Coal City Fire District, Coal City Library District, Joliet Junior College, Goose Lake Township and Goose Lake Road District.

Board members expressed appreciation for Bugg for his negotiation of the agreement on their behalf and to Exelon for its willingness to reach a fair and equitable tax agreement.

In other business at the meeting, the board approved an agreement to renew its contract with Interquest Detection Canines from August 2019 through June 2020. During that time, Interquest will provide nine half-day visits, the cost of which is $320 a vist – the same as the previous contract.

“This is a little different from what the state police offer,” Bugg said. “We have found it to be effective, and it has worked out well for us. We are happy to have Interquest coming back.”

The school board also approved the recipients of scholarships for 2019. Recipients of the Ruth Kaplan Scholarship were Preston Johnson, Nolan O’Keefe, Alaina Sztapka, Dan Caruso, McKenzie Hennessy, Jessica Murphy Ryleigh Christensen, and Cole Garcia. Recipients of the Ed Raschke Scholarship were Cole Garcia and Lauren Phillips. Zach Smith received the Freeman Trotter Scholarship and McKenzie Christensen received the VFW Scholarship.

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