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IVCC withdraws from enterprise zone

Posted by wlpo on April 20, 2011

Enterprise Zones are created to lure businesses by offering tax breaks.  The Bureau/Putnam Enterprise Zone is home to an ethanol plant whose property taxes have led to a lawsuit against Putnam County.

Illinois Valley Community College is taking legal action against Putnam County over property taxes that have been abated for Marquis Energy, LLC.  Now college officials have decided to withdraw from the enterprise zone.

The board of trustees voted on the move Tuesday night.  College President Jerry Corcoran says the board agreed to participate in the enterprise zone with restrictions but that those restrictions were not followed.

College officials insist they never intended to abate property taxes for Marquis Energy.  Property taxes on for the plant have been abated since 2009.  The college estimates it’s costing them $140,000 a year.

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