Illinois

A quick article from today's Daily Southtown:

Bloom Township officials last week approved a Chicago Heights industrial company's tax abatement request that is expected to have little impact on township revenues.

The abatement for Vesuvius USA, a refractory supplier, will be minimal because the township's portion of the company's tax bill is less than 1 percent, Supervisor Thomas "TJ" Somer said.

The board approved a tax abatement of 60 percent for five years and a 30 percent abatement for the next five years.

The tax rebate applies to any tax dollars paid over its current rate based on improvements made to the site.

According to information from the township, Vesuvius paid about $111,000 in property taxes in 2005. Of that bill, the township received about $250.

Somer said the company is seeking to improve its production components, not its property or facility, so it likely will not see a large tax rate increase result.

"I don't think its (the abatement) is going to affect us at all," he said.

The board Tuesday considered a 100 percent and a 50 percent abatement for the company but decided to reduce the figure at the suggestion of Trustee Robert Rossi.

"This way we're helping them out, but we're telling homeowners we're not giving the house away," he said.

Trustee Theresa Brink said she was "not quite sure" about reducing the percentage and voted against the reduced rate.

"I would hate to lose any business for Bloom Township residents," she said.

Vesuvius is located at 333 State St.

1) It's good know that, in considering $250 in revenue, Rossi wants to make sure that he is not "giving the house away."

2) Can you imagine paying $111,000 in property taxes?